On-Chain Data

Six Ethereum spot ETFs in the U.S. have accumulated about 4.7% of the circulating ETH supply, reflecting growing institutional demand. With assets under management at approximately $11.3 billion, their increasing holdings signal a positive long-term outlook for Ethereum.

Gate News Report, March 9th, Token Terminal data shows that Ethereum transaction costs have plummeted 99% from the all-time high in November 2021, currently averaging only $0.016.

President Trump of the United States has, for the first time in the "National Cybersecurity Strategy," included cryptocurrencies and blockchain technology within the scope of protection, emphasizing the need to establish secure supply chains to protect user privacy. Additionally, the government has committed to promoting post-quantum cryptography to address potential quantum computing threats. However, despite the friendly policies, the number of addresses holding over $1 million in Bitcoin has still significantly decreased, indicating that market response has not met expectations.

Due to the escalation of the Middle East conflict, WTI crude oil prices surged 19% this week, breaking through $100 per barrel, with market concerns intensifying. Bitcoin fell to 66K, ETF funds outflowed $570 million, and gold and US stocks were also affected, with the US dollar strengthening.

On March 8, 2026, from 22:00 to 22:15 (UTC), BTC rapidly declined within the range of 65,682.6 to 67,017.0 USDT, recording a -1.40% return with an amplitude of 1.99%. Short-term trading volume significantly increased, indicating intensified capital speculation, continued market attention, and rising fear sentiment, which further elevated volatility. The main driving forces behind this anomaly are the increased outflows of funds from on-chain and ETF markets, as well as technical sell-offs following the breach of key support levels. During the reporting period, the trading volume of large whale transactions in BTC plummeted by 72% over two weeks, and long-term on-chain holders

From 19:00 to 19:15 (UTC) on March 8, 2026, the price of ETH increased by 0.87% within 15 minutes. The candlestick price range was 1928.05 to 1950.21 USDT, with a volatility of 1.15%. During this fluctuation, market volatility intensified, mainstream investors' attention increased, and short-term trading activity on-chain and in the spot market became active. The main driving forces behind this fluctuation stem from macro liquidity easing and continuous allocation of institutional funds. The Federal Reserve cut interest rates by 100 basis points in Q1 2026, combined with sustained net inflows of institutional and ETF funds, with institutional holdings of ETH exceeding 1

Gate News Report, March 8 — According to Coinglass data, centralized exchanges have experienced a total net outflow of 44,371.46 BTC over the past 7 days. Among them, the top three exchanges by outflow are: a CEX with 27,955.02 BTC outflow, a CEX with 7,087.13 BTC outflow, and a CEX with 5,097.56 BTC outflow.

The demand of real-world assets based on blockchain technology is still growing within the crypto industry. According to recent statistics, the volume of Tether XAUT Solana transfer is increasing dramatically, which suggests that the interest in the commodities being tokenized is increasing. In

The trading volume of tokenized gold has reached a record high amid escalating tensions between the US and Iran recently. According to reports, this figure has increased by 290% compared to the previous record. This indicates that asset tokenization could become one of the biggest trends driving the industry.

Gate News Report, March 8 — Data from RWA.xyz shows that excluding stablecoins, the total on-chain value of tokenized real-world assets (RWA) has surpassed $25 billion, nearly quadrupling from approximately $6.4 billion a year ago. Currently, six types of assets have on-chain scales exceeding $1 billion, including U.S. Treasuries, commodities, private credit, institutional alternative investment funds, corporate bonds, and non-U.S. government debt. The data also indicates that only 12% of RWA-backed stablecoin supply has entered DeFi protocols.

March 8, 2026, 12:00 to March 8, 2026, 12:15 (UTC), BTC returns recorded -0.70%, with prices rapidly falling back from 67,000.0 to 67,648.9 USDT, and a 15-minute volatility of 0.96%. Short-term fluctuations have attracted market attention, with overall sentiment turning cautious, and trading activity remaining at a relatively low level. The main driver of this anomaly is the concentrated inflow of whale funds onto exchanges, significantly increasing short-term selling pressure. According to Glassnode data, large addresses holding over 1,000 BTC are...

Gate News Report, March 8 — Canton co-founder Yuval Rooz stated that most smart contract networks lack sufficient activity and revenue to support their multi-billion dollar valuations. Rooz believes that stablecoins can only truly achieve product-market fit when more than half of their usage is unrelated to cryptocurrency trading.

On March 8th, analyst Darkfost pointed out that macroeconomic headwinds continue to impact the crypto market, with the Federal Reserve facing a complex situation, stubborn inflation, and rising unemployment. Liquidity shortages are affecting large institutions, resulting in a negative net inflow of stablecoins in the crypto market, with significant outflows. Bitcoin is seeking stability.

2026-03-08 11:00 to 2026-03-08 11:15 (UTC), ETH fluctuated within the range of 1952.51 to 1974.42 USDT, with an amplitude of 1.11%. The final 15-minute return was -0.92%. Trading volume briefly increased during this period, on-chain active addresses rose, and market attention intensified, leading to significant short-term volatility during the session. The main driver of this movement was the US February non-farm payrolls data falling short of expectations, with the unemployment rate rising to 4.2%, which stimulated global risk aversion sentiment and caused capital to flow into dollar assets. Major US stock markets

Gate News Announcement, March 8th, Solana's official statement: In February, the Solana network's stablecoin trading volume reached $650 billion, surpassing any other network and more than double the previous record.

Gate News reports that on March 8th, according to data from the Allium website, the number of stablecoin transactions in February reached 1.8 trillion, setting a new monthly record. Among them, USDC transactions accounted for 70% of the total market data, approximately 1.26 trillion, about twice the number of USDT transactions; USDT transactions were approximately 514 billion.

Gate News Report, March 8 — Circle Global Market Head Peter Schroeder cited Enterprise Onchain data showing that over the past nine months, AI agents have completed 140 million payments with a total transaction volume of $43 million. Among these, 98.6% of transactions were settled in USDC, with an average transaction amount of $0.31. Currently, the number of AI agents with purchasing power has exceeded 400,000.

Ethereum is about to undergo a major upgrade, and the market is highly focused on it. However, short-selling firm Culper Research believes that the Ethereum economic model is failing and warns of a potential "death spiral." They point out that a significant drop in transaction fees and shrinking staking rewards will impact network security. The report also mentions Vitalik Buterin selling Ethereum and questions the market fundamentals, suggesting that Ethereum is facing a new reality.

On March 7th, Bitcoin spot ETFs experienced a total net outflow of $349 million, with none of the twelve ETFs showing net inflows. Fidelity FBTC and BlackRock IBIT had net outflows of $159 million and $143 million respectively. Currently, the total net asset value of Bitcoin spot ETFs is $87.075 billion.