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3.25 AI Daily Report Crypto Assets Industry Trends: Bitcoin Rebound, AI Going Mainstream, Regulatory Progress
1. Headlines
1. The slowdown in the Federal Reserve's balance sheet reduction has triggered a rebound in cryptocurrencies, with Bitcoin breaking through $88,000.
After the Federal Reserve announced a slowdown in tapering, Bitcoin rebounded from below $83,000 and briefly broke through $88,000. Analysts point out that a deceleration in tapering may enhance liquidity, benefiting cryptocurrencies and other risk assets. However, uncertainty in trade policies has been weighing on the stock market and the cryptocurrency market.
The recent trend of Bitcoin has remained highly consistent with the technology sector of the US stock market, primarily reflecting the market's reassessment of earnings expectations ahead of the first quarter earnings season and the negative impact of policy uncertainties. The 30-day actual correlation between BlackRock's Bitcoin spot ETF I and the Nasdaq is approaching 70%, a level that has only been seen twice in history, indicating that Bitcoin is currently being driven by the same macro factors as other risk assets.
However, historical data shows that such a high correlation is often unsustainable, indicating a possible divergence between Bitcoin and Nasdaq in the future. From a technical point of view, analysts believe that bitcoin may need to test $70,000 before resuming the rally. Overall, the slowdown in balance sheet reduction is good for risk assets, but the uncertainty of trade policy is still an important uncertaintie, and the market is concerned about the direction of subsequent policies.
2. Arrum DAO deliberates on withdrawing 225 million ARB gaming incentive plan, questioning poor management.
Arrum DAO is currently deliberating whether to withdraw the remaining funds of the "Gaming Catalyst Program(GCP)" set to launch in 2024. The program was originally allocated 225 million ARB(, which was approximately 215 million USD) at the time, to support the We gaming ecosystem over a period of three years.
The proposal points out that the project was overly optimistic at the time of approval, and issues such as insufficient transparency, management changes, and key supporters withdrawing have emerged. Members of the GCP council responded that 25 game chain projects are already using Arrum technology, but the community has doubts about project management and the use of funds.
Games are regarded as an important track for the mass application of blockchain, but they are still in the early stages, with varying quality and only a handful of works truly recognized by users. As a leading EVM scaling solution, the GCP plan aims to inject vitality into the ecosystem, but many management issues have been exposed during the execution process.
If the final withdrawal of funds occurs, it will have a certain impact on Arrum's development in the gaming sector. However, there are also viewpoints that timely loss mitigation is beneficial for the redistribution of funds, providing support for more promising gaming projects. The future development of the Arrum ecosystem is worth continuous attention.
3. Qwen released the 32B multimodal large model, outperforming the 72B version.
The Qwen team has officially open-sourced the Qwen2.5-VL-32B-Instruct multimodal large model, which has a parameter scale of 32B and demonstrates outstanding performance in tasks such as image understanding, mathematical reasoning, and text generation.
The model is further optimized through reinforcement learning, with responses that better align with human preferences, surpassing the previously released 72B version in multimodal evaluations. Compared to the previous Qwen2.5-VL series, the 32B model has improved in the following areas:
The breakthrough advancements of large models will provide strong momentum for the application of artificial intelligence in multiple fields. The Qwen team hopes to share their achievements with more researchers through open source, jointly promoting the development of artificial intelligence.
4. Movement Foundation: $38 million allocated for the repurchase of MOVE tokens.
The Movement Network Foundation issued a statement revealing issues related to a market maker and its solutions. On March 11, the Movement Network Foundation was notified that an investigation is being conducted into a market maker involved with multiple tokens, including MOVE(.
The investigation found that shortly after the MOVE token generation event in December 2024, the market maker sold a large amount of MOVE without completing meaningful buy orders, violating the agreement that required providing liquidity on both sides of the MOVE/USDT trading pair.
The Movement Network Foundation was completely unaware of this and immediately severed ties upon learning of it, notifying other trading platforms and assisting in the investigation. The foundation stated that it has recovered the relevant funds and plans to use the recovered $38 million to repurchase MOVE in the open market, establishing the "Movement Strategic Reserve".
The actions of market makers during the early stages of token issuance have attracted widespread attention in the market. The decisive response from the Movement Foundation helps stabilize market expectations and maintain the project's reputation. However, incidents of market maker violations have also led to reflections on the token issuance mechanism. How to prevent market makers from exploiting their advantages for profit while ensuring liquidity will be a challenging issue that needs to be addressed.
) 5. The "AI Idol Debut" competition will be announced, and AI agents are expected to make a real connection with humans.
The "Debut Battle" ### AI-DOL Superstar Competition, which integrates We AI and We elements, will conclude on March 27. Over 30 AI-related We projects are competing for the remaining 3 spots for listing on By spot.
Several We AI projects, including FREYA, AIMONICA, and VADER, are competing. Industry insiders predict that as AI agents achieve multi-agent coordination and improve their self-evolution capabilities, the We industry will usher in a new wave of innovation. By the end of 2025, AI agents are expected to establish real connections with humans.
The combination of AI and We is seen as the next big opportunity, attracting the attention of numerous entrepreneurs and capital. AI agents possess the ability to learn autonomously and evolve continuously, and may play an important role in areas such as social interaction, gaming, and art in the future, becoming intelligent assistants and partners for humans.
However, the development of AI agents also faces numerous ethical and technical challenges, such as how to ensure their safety and controllability, and to prevent misuse, all of which need to be addressed. In addition, how both parties can achieve understanding and trust in the process of AI agents establishing genuine connections with humans is also a topic worth paying attention to.
2. Industry Data
( 1. BTC Recent transaction price 86889.2000 USD, daily increase +3.1000%.
) 2. ETH Recent transaction price 2069.9900 USD, daily increase +3.1000%.
3. NIL
No relevant data.
4. PI
The recent trading price is $0.9379, with a daily decline of -7.3000%.
5. GT
Recent transaction price 23.5200 USD, intraday increase +2.1000%.
3. Industry News
1. Bitcoin briefly broke above $88,000 before pulling back, market sentiment is cautious.
Bitcoin briefly broke through the $88,000 mark on March 25 before experiencing a pullback. Analysts pointed out that Bitcoin's recent movements are highly correlated with the Nasdaq index, reflecting a reassessment of market earnings expectations ahead of the first quarter earnings season, as well as the negative impact of uncertainty surrounding the Trump administration's tariff policies.
According to the data, the actual correlation between Bitcoin ETFs and the Nasdaq over a 30-day period approaches 70%, a level that has only occurred twice in history. The high correlation indicates that Bitcoin is currently driven by macro factors and is trending similarly to other risk assets. However, historical data shows that such a high correlation is difficult to maintain, suggesting that Bitcoin and the Nasdaq may diverge in their trends in the future.
Analysts believe that Bitcoin may face profit-taking pressure in the short term. Well-known analyst Adler Jr. stated in a Substack article that once Bitcoin breaks through the critical peak level of $123,000, there may be a situation where seasoned investors take profits, thereby putting downward pressure on the price.
Overall, market sentiment is relatively cautious. Bitcoin has pulled back after breaking through the $88,000 mark, reflecting investors' uncertainty about future trends. The impact of macro factors such as tariff policies may continue, and investors need to closely monitor subsequent developments to assess potential risks and opportunities.
2. Ethereum returns above $2000, on-chain activity has increased.
The price of Ethereum broke through the $2100 mark again on March 25, with a 24-hour increase of 5.09%. Analysts pointed out that the on-chain activity of Ethereum has rebounded, which may be one of the driving forces behind the price increase.
According to the data, the number of active addresses on the Ethereum chain has increased in the past week, rising from around 500,000 active addresses to nearly 600,000. There are also signs of a recovery in on-chain transaction volume, with the average daily transaction volume rising from about 600,000 transactions to around 800,000 transactions.
Analysts say that the resurgence of on-chain activity may reflect increased investor confidence in the Ethereum ecosystem. With the continuous development of upper-layer applications on Ethereum, such as DeFi and NFTs, on-chain activity is expected to further increase, providing support for the price of Ethereum.
However, some analysts remain cautious about the long-term prospects of Ethereum. Adam McCarthy, a research analyst at Kaiko, believes that Ethereum is not interesting to most people. In comparison with Bitcoin, which has already established the narrative of digital gold, Ethereum has failed in its native domain, and the flow of ETFs also shows that it lacks broad appeal.
Overall, the price of Ethereum has returned above $2000, and on-chain activity has seen a rebound, but there is still uncertainty regarding the long-term outlook. Investors need to pay attention to the development trends of the Ethereum ecosystem and assess potential opportunities and risks.
3. The Meme sector continues to strengthen, and the AI sector has risen over 6%.
On March 25, the cryptocurrency market rose broadly, with the Meme sector leading gains for two consecutive days, and the AI sector also increasing by more than 6%, showing strong performance.
Data shows that the Meme sector has increased by 7.18% in the last 24 hours, with representative coins Shiba Inu, Dogecoin, and Pepe rising by 6%, 8.24%, and 10.1% respectively. The AI sector increased by 6.15%, with tensor, Render, and Fetch.ai rising by 4.92%, 8.2%, and 7.21% respectively.
Analysts point out that the sustained strength of the Meme sector and the AI sector may be related to warming investor sentiment. After experiencing a prolonged bear market, investors are starting to look for new profit opportunities, and Meme coins and AI concept coins are favored for their unique attributes.
However, some analysts remain cautious about the long-term prospects of Meme coins and AI concept coins. They believe that these coins lack practical application scenarios and are primarily driven by speculation, thus posing higher risks.
Overall, the Meme sector and the AI sector are expected to maintain strong performance in the short term, but there is still uncertainty in the long-term trend. Investors need to carefully assess risks while closely monitoring market movements when participating.
4. Project News
1. Qwen releases the Qwen2.5-VL-32B multimodal model, outperforming the 72B large model.
The Qwen team recently released the Qwen2.5-VL-32B-Instruct multimodal model, which has a parameter scale of 32B and demonstrates excellent performance in tasks such as image understanding, mathematical reasoning, and text generation.
The Qwen2.5-VL-32B-Instruct model is further optimized through reinforcement learning, making responses more aligned with human preferences. In multimodal evaluations such as MMMU and MathVista, this model outperformed the previously released 72B model. Compared to the earlier Qwen2.5-VL series models, the 32B model has improvements in the following aspects:
The release of this model further promotes the application of large multimodal models in various fields. Industry insiders believe that as the scale and performance of models continue to improve, large multimodal models will play an important role in more areas, injecting new momentum into the development of artificial intelligence.
2. Arrum DAO proposal considers withdrawing 225 million ARB gaming incentive plan, questioning mismanagement.
Arrum DAO is currently deliberating whether to retract the remaining funds of the "Gaming Catalyst Program###GCP###" set to launch in 2024. The program was originally allocated 225 million ARB(, which was approximately 215 million USD) at that time, to support the We gaming ecosystem over three years.
The proposal points out that the project was overly optimistic at the time of approval, and now issues such as lack of transparency, changes in management, and the withdrawal of key supporters have emerged. The proposal states that the project "has not even established basic operations and transparency."
David Bolger, a member of the GCP committee, responded that Arrum has become an important hub for gaming projects, attracting over 25 game-related chains, including Ubisoft, Square Enix, and Tap Nation, to build on its technology stack.
GCP will launch to promote the development of the We game ecosystem on Arrum in March 2024, with plans to use most of the funds for game project financing over a three-year period. Currently, community governance discussions are still ongoing, and no clear consensus has been reached.
The proposal has sparked widespread discussion within the industry regarding the development direction of the Arrum ecosystem. Some analysts believe that Arrum should focus its resources on developing core technologies rather than over-investing in specific verticals; others argue that the gaming ecosystem may become an important entry point for Arrum to attract users. The entire industry is closely watching what decision the Arrum community will ultimately make.
( 3. The "Debut Competition" AI project contest is about to conclude, and AI agents are expected to establish a real connection with humans.
The "Debut Battle" ) AI-DOL Superstar Competition, which integrates We AI and We elements, will conclude on March 27. More than 30 AI-related We projects are competing for the remaining 3 spots for listing By spot trading, including several We AI projects such as FREYA, AIMONICA, and VADER.
Many industry insiders predict that as AI agents achieve multi-agent coordination and improve their self-evolution capabilities, the We industry will usher in a new wave of innovation. By the end of 2025, AI agents are expected to establish real connections with humans.
The event aims to explore the innovative integration of AI and We, providing a showcase for outstanding AI projects. The participating projects cover various fields including AI-assisted creation, AI virtual humans, and AI interactive assistants, demonstrating the broad application prospects of AI technology in We scenarios.
During the event, the participating project parties need to fully demonstrate the project's innovation, technical strength, and commercial potential, and accumulate popularity through community marketing and other methods, with the final winning project being decided by community voting. The winning project will receive support from By's resources and is expected to accelerate commercial implementation.
Industry insiders say that the combination of AI and We is an inevitable trend, and it may give rise to new business models and application scenarios in the future. This event has created a communication platform for innovative forces in the industry, which helps promote the development of the AI+We ecosystem.
5. Economic Dynamics
1. The Federal Reserve maintains interest rates, inflation pressures persist.
Economic Background: The US economy experienced moderate growth in 2024, with an annual GDP growth rate of 2.1%, slightly lower than the previous year's 2.9%. The inflation rate rose to a high of 6.5% at the beginning of the year, then retreated but remained elevated, with a core inflation rate of 5.1% in February. The job market remained robust, with the unemployment rate staying at a low of 3.6%.
Important event: The Federal Reserve decided to keep the federal funds rate target range unchanged at 4.25% to 4.5% during its monetary policy meeting on March 21-22. This decision is largely in line with market expectations and reflects the Federal Reserve's cautious attitude towards the inflation situation. The meeting statement pointed out that despite the slowdown in economic activity, the labor market remains tight and inflationary pressures persist.
Market Reaction: U.S. stocks dipped slightly after the Federal Reserve's decision was announced, as investors' concerns about inflation prospects have not been fully alleviated. Analysts believe that the Federal Reserve is holding steady for now to observe the lagging effects of its interest rate policy. However, if inflation does not show significant signs of easing, the Federal Reserve may raise interest rates again within the year. The bond market's expectations for future rate hikes have warmed up.
Expert Opinion: Jeffrey Sachs, an economics professor at Columbia University, stated: "The Federal Reserve is weighing the dilemma of slowing economic growth versus an overheating job market. They hope to avoid a hard landing for the economy by pausing interest rate hikes, but at the same time, they are reluctant to ease their grip on inflation control." Jan Hatzius, chief economist at Goldman Sachs, believes that the Federal Reserve may raise interest rates again in June to ensure that the inflation rate returns to the target range of 2%.
( 2. China's GDP grew by 4.5% year-on-year in the first quarter, accelerating the pace of economic recovery.
Economic Background: In 2023, China's economic growth slowed down due to the impact of the pandemic, with the annual GDP growth rate only reaching 3%, the lowest level in recent years. In 2024, with the optimization of pandemic prevention policies and the introduction of a series of measures to stabilize growth, the economy had a good start, with the value added of industrial enterprises above designated size growing by 2.4% year-on-year in January and February.
Important event: On March 16, the National Bureau of Statistics announced that in the first quarter of 2025, China's GDP grew by 4.5% year-on-year and by 1.3% quarter-on-quarter, indicating an accelerated pace of economic recovery. Among them, the added value of the primary industry grew by 4.1% year-on-year, the secondary industry grew by 4.4%, and the tertiary industry grew by 4.7%.
Market reaction: GDP data exceeded market expectations, further boosting investors' confidence in China's economic outlook. The RMB against the US dollar rose slightly, with the offshore RMB spot exchange rate briefly breaking the 6.65 mark. The A-share market also showed a general upward trend, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index all recording gains of over 1%.
Expert Opinion: Liu Yuanchun, Dean of the Renmin University of China’s Chongyang Institute for Financial Studies, stated: "The GDP data for the first quarter reflects the continuous strengthening of the internal driving force of the Chinese economy, the impact of the pandemic is gradually weakening, and consumer and investment demand is expected to be further released." Mao Shengyong, spokesperson for the National Bureau of Statistics, pointed out that the Chinese economy is in a phase of restorative growth, and it is expected that the economic operation for the whole year will remain within a reasonable range.
) 3. The EU and the UK have reached a new "Windsor Framework" agreement.
Economic Background: The UK officially "brexited" in January 2020, but the "Northern Ireland Protocol" regarding the status of Northern Ireland has been a focal point of disagreement between both parties. The UK government has repeatedly stated that if a new agreement on the protocol cannot be reached, it will consider unilateral action. This has increased the risk of tension in UK-EU trade relations.
Important Event: After months of difficult negotiations, the EU and the UK reached a new agreement known as the "Windsor Framework" on February 27, revising the "Northern Ireland Protocol." The new agreement aims to simplify trade between Northern Ireland and other parts of the UK while ensuring the integrity of the EU Single Market.
Market reaction: The GBP/USD exchange rate rose slightly after the agreement was reached. The Financial Times 100 Stock Index increased by 0.3%. Analysts believe that the new agreement helps to eliminate the uncertainty faced by UK businesses and injects confidence into the development of the UK economy.
Expert Opinion: Anthony Venables, Director of the Oxford University Economic Policy Research Institute, believes that although the new agreement is not perfect, it is, overall, a pragmatic solution that will benefit the economic and trade relations between the UK and the EU to get back on track. He added, "This creates a more stable business environment for UK companies, which will help attract foreign investment."
6. Regulation & Policy
1. The White House promotes the submission of stablecoin legislation to the Senate for review next month.
The White House is pushing to submit a comprehensive stablecoin regulatory bill to the Senate for review next month. The bill aims to establish a unified regulatory framework for stablecoin issuers, including capital requirements, audit regulations, and investor protection measures.
Policy Background: As the importance of stablecoins in the cryptocurrency ecosystem becomes increasingly prominent, regulators have expressed concerns about the lack of oversight. Currently, stablecoin issuers operate in a regulatory vacuum, leading to a series of risks such as lack of transparency and inadequate reserve backing. This legislation will fill the regulatory gap and set clear rules for stablecoin issuers.
Policy content: The bill will require stablecoin issuers to maintain a 100% reserve requirement and undergo regular audits. Additionally, issuers must comply with strict capital requirements and risk management regulations. Furthermore, the bill will outline the redemption procedures for stablecoins to protect investors' rights. The bill is expected to be submitted to the Senate for consideration in April and to take effect within this year.
Market reaction: Industry insiders generally believe that the bill will bring greater transparency and trust to the stablecoin market. However, some are concerned that overly strict regulation could stifle innovation. Some stablecoin issuers may seek to operate in overseas markets with more lenient regulations.
Expert Opinion: Cryptocurrency legal expert Jennifer Schultz stated, "This bill aims to establish a unified regulatory framework for stablecoins, which will help reduce systemic risk. However, it is also necessary to balance the relationship between innovation and regulation to avoid overly restricting industry development."
2. The Oklahoma House of Representatives voted to pass the Strategic Bitcoin Reserve Act.
The Oklahoma House of Representatives recently voted to pass a bill aimed at establishing a state-level Bitcoin reserve. The bill received overwhelming support and will be submitted to the Senate for review next month.
Policy Background: Oklahoma has been one of the most crypto-friendly states in the United States. The state recognized the legal status of virtual currencies like Bitcoin as early as 2018. The introduction of this bill aims to further leverage Bitcoin as an alternative reserve asset.
Policy Content: According to the bill, Oklahoma will establish a special trust fund for the purchase and holding of Bitcoin. The fund will be managed by the state treasury and will be subject to regular audits. The bill also stipulates the usage of the Bitcoin reserves, including payment of state government expenses, investments, and emergency expenditures.
Market response: The bill has received widespread support from the cryptocurrency community. Many believe this is an important milestone that will help drive the adoption of Bitcoin in the mainstream financial system. However, there are also concerns that state governments holding large amounts of Bitcoin may bring price volatility risks.
Expert Opinion: Cryptocurrency analyst Mark Vanderput believes that "Oklahoma's approach may inspire other states to follow suit. Bitcoin reserves can not only serve as a store of value but also promote state governments' adoption of cryptocurrency payments. However, corresponding risk management measures also need to be established."
3. SEC Commissioner Calls for Clear Boundaries on Cryptocurrency Regulatory Authority
The Commissioner of the U.S. Securities and Exchange Commission, Hester Peirce, recently called for clear and reasonable regulatory boundaries to be established for the cryptocurrency industry.
Policy Background: The SEC has always viewed cryptocurrencies as securities and has attempted to exercise regulatory power over them. However, the rapid development of the cryptocurrency ecosystem has made the existing regulatory framework seem inadequate. Industry insiders have long called for the SEC to clarify the scope of regulation in order to enhance the certainty and predictability of regulation.
Policy Content: In a public speech, Peirce stated that the SEC needs to collaborate with other regulatory agencies to jointly develop a regulatory framework for cryptocurrencies. She emphasized that regulation should clarify which crypto assets fall under the jurisdiction of the SEC and which belong to other agencies. At the same time, regulation should take into account the unique nature of cryptocurrencies, avoiding the simple equation of them with traditional financial products.
Market reaction: Pierce's speech has received widespread support from industry insiders. Cryptocurrency companies and investors have been hoping for clearer regulations to reduce compliance costs and regulatory risks. However, some are concerned that overly strict regulations may stifle innovation.
Expert Opinion: Cryptocurrency legal expert Jake Solowey believes, "Pierce's call is very timely and necessary. The uncertainty of cryptocurrency regulation has always been a stumbling block for the industry's development. A clear regulatory framework not only benefits businesses in compliance but also helps protect investors' rights."