On-Chain Data

AI Payment Protocol x402 was launched on March 11, aiming to enable automatic payments between AI agents. Although its ecosystem is valued at $7 billion, it is currently in the testing phase, with low actual transaction volume, mostly driven by artificial activity. Analysts believe that the development speed may be overestimated in the next year, but its potential could be underestimated five years from now.

Written by: Cathy, Plain Language Blockchain Mining one Bitcoin costs $87,000. When sold, the market only pays you $67,000. For each Bitcoin mined, you net a loss of $20,000. It’s not just losing on fees or electricity fluctuations; it’s a solid loss—losing $20,000 for every Bitcoin produced. This is the reality in March 2026. Data from Glassnode and MacroMicro both point to the same conclusion: Bitcoin mining, at current prices, is a losing business. But miners aren’t just sitting around waiting to die. They’ve made a choice that the entire market didn’t expect—they’re stopping mining and selling electricity to AI. Specifically, it’s not “stopping mining,” but rather emptying the Bitcoin treasury and pouring all funds into AI data centers, relegating mining to a side gig. Since Bitcoin dropped from 126,000 in October 2025

BNB Chain is becoming the preferred public chain for retail users to trade stablecoins. In February, the number of independent stablecoin transfer addresses reached 15.1 million, a 133% year-over-year increase, ranking first among major public chains. Although it accounts for only 5% of the global stablecoin supply, its transaction volume accounts for 40%. Low transaction fees and strong DeFi protocols are driving this trend.

BNB Chain has become the public chain with the highest deployment volume of AI agents, surpassing Ethereum. Currently, there are approximately 122,033 smart agents on the chain, with 117,551 verified agents, 96% of which have completed ERC-8004 registration. The total on-chain interactions amount to 207,100.

Gate News reports that on March 11th, on-chain analyst @ai_9684xtpa detected that a new address withdrew 4,628 ETH from a certain CEX 15 minutes ago, worth $9.37 million, with a withdrawal price of $2,023.74.

Ethereum network activity hits a record high, but prices have not kept pace, with daily active addresses approaching 2 million. Capital flow has become the main driving force, with inflows to trading platforms surpassing Bitcoin. Although ETH accounts for 52% of stablecoin supply, the market remains focused on capital movement. It is expected that by 2026, ETH prices could rebound to $3,000.

On March 11th, the decentralized lending protocol Aave experienced a large-scale liquidation event due to a misconfiguration of the price oracle. Approximately 34 accounts were liquidated, involving $26 million. The issue stemmed from desynchronized CAPO mechanism settings, which caused a brief misjudgment of the wstETH price. Although some users were affected, the Aave protocol remained financially unaffected and will initiate a compensation mechanism. Following the incident, the market reaction was stable, and the AAVE price increased.

Bitcoin mining faces losses in 2026, prompting mining companies to pivot to AI to address market challenges. Many enterprises are liquidating Bitcoin assets and reallocating resources to AI data centers, as the profit potential of AI is highly regarded. Data shows that this shift could have a positive impact on Bitcoin's long-term supply structure, and market sentiment also indicates potential rebound signals. Although this transformation may temporarily affect hash rate growth, in the long run, it will enhance the resilience and security of the Bitcoin network.

Ripple plans to apply for a financial services license in Australia through the acquisition of BC Payments to expand its cross-border payment business. Fiona Murray stated that the Australian market is important, and obtaining the license will enhance business capabilities. Ripple already holds 75 licenses worldwide and predicts that the Asia-Pacific payment transaction volume will double. Meanwhile, retail investors dominate the demand in the XRP market, ETF asset management scale remains stable, and institutional investors participate less, forming a "dual-track development" pattern between institutions and retail investors.

Gate News reports that on March 11, according to Arkham monitoring, Circle has issued a net increase of over 8 billion USDC since early February and has added them to the circulating supply. This means that Circle has injected over 8 billion USDC stablecoins into the market in the past month.

Ethereum perpetual contract funding rates turn negative, indicating increased demand for shorts and a clear market bearish sentiment. Institutional demand remains weak, partly due to relatively low staking yields and a lack of sustained capital inflows. On-chain data and technical developments have failed to boost confidence, but Ethereum's DeFi ecosystem still maintains a strong moat. It is necessary to observe a rebound in funding rates and improvements in transaction fee revenue to determine the future market trend.

The Bhutanese government has recently transferred another 175 Bitcoins, worth approximately $11.85 million. Throughout the year, about $42.5 million has been transferred out. The total holdings remain at 5,400 Bitcoins, approximately $374 million. Compared to the large-scale transfers last year, this move is smaller, indicating that sovereign funds are adopting a more cautious selling strategy after the Bitcoin price decline.

Ethereum network activity reaches a new all-time high, with multiple indicators showing a significant increase in daily active addresses and smart contract calls. However, ETH price has fallen about 30% over the past six months, indicating a net capital outflow. Analysis suggests that capital flows have a greater impact on price. Despite Ethereum hosting a large amount of stablecoins, its value capture has not kept pace with the growth in network usage.

Ethereum network activity reaches a record high, but ETH prices have not risen accordingly, and on-chain transaction fee revenue has not significantly increased. Transaction data shows that the correlation between on-chain activity and price has weakened, with new demand not translating into higher ETH valuation, leading to net capital outflows from the market. Stablecoins still dominate the Ethereum ecosystem, but overall economic activity is dispersed across layer 2 networks, indicating a separation between network usage and asset value capture.

XRP is still about 61% below its peak at the end of 2025, but there are three major catalysts not yet fully reflected by the market: Ripple obtaining a financial license, XRP ETF steadily attracting funds, and a significant increase in XRP Ledger transaction volume. On the technical side, XRP is trading between the $1.50 resistance level and the $1.30 support level, indicating a possible breakout.

By February 2026, the monthly trading volume of stablecoins reached $1.8 trillion, with USDC surpassing USDT for the first time, indicating institutional preference for compliant dollar facilities. Circle used USDC to complete a rapid cross-border settlement of $68 million, and investment institutions are optimistic about its prospects, rating it as outperforming the market. Competitive pressure comes from Tether, PayPal, and Stripe.

Gate News Announcement: On March 11,, blockchain data analysis tool Bubblemaps announced added support for the Aptos chain, enabling the discovery of Aptos on-chain whales, insiders, and wallet clusters.

On March 11, Nvidia and Micron Technology stocks rose, with Micron up 3.54% to $403, and MU perpetual contracts also increased by 4.3% to $410.2. An address holds $14.6 million in semiconductor long positions, including $6.2 million in 7x leveraged MU positions, with unrealized gains of $400,000.

On March 11, the on-chain address 0x17c... continued to increase its WTI crude oil short positions, adding approximately 190,006 CL short contracts, valued at $15.6 million. Currently, the short position totals $24.3 million, with an unrealized profit of $150,000, making it the largest on-chain short holder. The address also holds $1.43 million in natural gas short contracts.