The cryptocurrency market continues to evolve with pivotal developments across decentralized finance (DeFi), regulatory advancements, and institutional adoption. Recent data highlights significant milestones: Ondo Finance’s Total Value Locked (TVL) has crossed $1 billion, reinforcing its dominance in the tokenized real-world assets (RWA) space. Simultaneously, USDC has become the first USD-pegged stablecoin officially approved for use in Japan, marking a major regulatory breakthrough for digital assets in one of Asia’s most influential financial markets.
These events, alongside shifts in network activity, mining economics, and evolving U.S. regulatory sentiment, underscore a maturing crypto ecosystem where innovation meets compliance.
Market Overview: BTC and ETH Show Resilience Amid Broader Volatility
- Bitcoin (BTC) rose 4.32% over the past 24 hours to $87,733.40, rebounding from a support zone near $81,500. The price is currently consolidating between $86,000 and $88,000, reflecting short-term stability without a clear directional breakout. Converging moving averages suggest market equilibrium, indicating cautious investor sentiment despite bullish undercurrents.
- Ethereum (ETH) gained 5.35%, reaching $2,182.01. After finding support at the $2,000 level, ETH has shown signs of recovery. The MACD indicator displays a slight expansion of green histogram bars, signaling potential short-term bullish momentum. However, low trading volume suggests limited conviction behind the rally, leaving room for further consolidation before a decisive move.
- Spot ETF Flows: According to SoSoValue, U.S. Bitcoin spot ETFs recorded a net outflow of $80.89 million on March 4, while Ethereum spot ETFs saw a net inflow of $19.18 million—highlighting divergent institutional interest between the two leading digital assets.
Altcoin Sector Performance: Notable gains were observed in niche sectors:
- Stablecoin Protocol: +18.1%
- Directed Acyclic Graph (DAG): +7.4%
- Bitcoin Forks: +4.5%
Traditional Markets: On the same day, U.S. equity indices declined:
- S&P 500: -1.22%
- Dow Jones: -1.55%
- Nasdaq: -0.35%
- Gold & Sentiment: Spot gold dipped slightly to $2,910.50 per ounce. The Fear & Greed Index remains at 20, indicating “extreme fear” in the market—a typical sign of potential long-term buying opportunities.
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Top Gainers: PURR, RLC, and SFM Lead Altcoin Momentum
PURR (Purr) – Up 24.53%
With a market cap of $59.14 million, PURR is the native token of Hyperliquid L1—a decentralized derivatives exchange known for high-speed execution and capital efficiency.
Unlike traditional tokens with presales or fixed utility plans, PURR operates purely as an incentive mechanism distributed to active users and ecosystem contributors. Its value is directly tied to platform engagement.
Recent explosive growth in Hyperliquid’s trading volume and user base has fueled demand for PURR. As the ecosystem expands into new DeFi applications and enhances its technical infrastructure, increased participation drives token appreciation.
RLC (iExec) – Up 22.78%
Now valued at $89.24 million in circulation, RLC powers iExec—a decentralized cloud computing marketplace that connects idle computing resources with developers and enterprises.
The surge follows the release of iExec’s 2025 roadmap, which emphasizes strategic expansion in AI, DePIN (Decentralized Physical Infrastructure Networks), Trusted Execution Environments (TEE), GPU rentals, and decentralized storage solutions.
By forging partnerships across high-growth tech domains and enhancing RLC’s utility through improved staking mechanisms and service payments, iExec is positioning itself at the intersection of blockchain and next-generation computing—driving strong investor confidence.
SFM (SafeMoon) – Up 79.37%
Despite a smaller market cap of $33.56 million, SFM saw dramatic movement following the recent burn of 10 billion tokens—a move designed to enhance scarcity and strengthen deflationary mechanics.
As part of its broader mission to build a decentralized ecosystem integrating blockchain, NFTs, metaverse projects, and community-driven innovation, SafeMoon leverages token burns to signal long-term commitment and boost market psychology.
Reduced supply often correlates with upward price pressure when demand remains steady or increases—making this event a key catalyst for the rally.
Ondo Finance Reaches $1 Billion TVL Milestone
Ondo Finance has officially surpassed $1 billion in Total Value Locked (TVL)—a landmark achievement that solidifies its position as the leading provider of tokenized U.S. Treasury instruments in DeFi.
With over 80% market share among institutional holders of tokenized bonds, Ondo leverages robust on-chain infrastructure to bring traditional finance-grade assets to decentralized platforms.
Its protocols are now integrated with more than 80 DeFi applications across major blockchains including Ethereum, Solana, Arbitrum, Aptos, Stellar, and Ripple. This multi-chain presence enables seamless usage of tokenized Treasuries in yield strategies, lending markets, payment rails, and derivatives trading.
Strategic partnerships with financial heavyweights such as BlackRock, PayPal, and Wellington Management further validate Ondo’s institutional credibility and expand its reach into mainstream capital markets.
As global interest grows in Real-World Asset (RWA) tokenization—projected to exceed $16 trillion by 2030—Ondo is well-positioned to lead the charge in bridging traditional finance with blockchain innovation.
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Morph Protocol TVL Jumps to $21.88 Million
Morph Protocol has seen explosive growth, with TVL surging from modest levels in late 2024 to $21.88 million by early 2025—an increase of nearly 300–400% within weeks.
As a Layer 2 blockchain focused on consumer-facing applications, Morph differentiates itself by prioritizing user experience over pure technical complexity.
Key drivers of adoption include:
- BulbaSwap, a DEX with over $25 million in monthly trading volume.
- bAI Fund, the world’s first AI-powered investment fund operating on-chain.
- Morph Pay, offering up to 30% APY on stablecoin deposits—drawing yield-seeking users.
This holistic ecosystem approach fosters retention and cross-application engagement, creating a self-reinforcing cycle of growth that distinguishes Morph from typical DeFi projects focused solely on yield farming or liquidity incentives.
Solana Network Fees Drop Sharply to $1.16 Million
After peaking at $35.53 million** in network fees around January 20, 2025—driven by intense memecoin speculation and NFT mints—Solana’s daily fees have since plummeted by **96.7%**, settling at just **$1.16 million.
This dramatic decline reflects cooling market enthusiasm and reduced congestion on the network. While high fees previously indicated strong user activity (albeit often speculative), the current low-fee environment suggests a return to baseline operations.
Historically, Solana experiences cyclical bursts of activity tied to viral trends. Should another wave of innovation—such as AI-integrated dApps or institutional RWA deployments—gain traction, fee revenue could rebound rapidly.
USDC Becomes First Regulated USD Stablecoin in Japan
In a landmark development for crypto regulation in Asia, USDC has been approved for issuance in Japan through SBI VC Trade—the cryptocurrency exchange subsidiary of Japanese financial giant SBI Holdings.
SBI VC Trade recently obtained an Electronic Payment Services Provider license under Japan’s updated payment regulations—the first institution to do so. This allows it to issue and manage USD Coin (USDC) starting with a test launch on March 12.
This milestone stems from a strategic partnership between Circle and SBI, announced in late 2023, aimed at expanding dollar-denominated stablecoins in Japan’s tightly regulated financial landscape.
Why This Matters:
- Regulatory Validation: Marks official recognition of stablecoins as legitimate financial instruments.
- Institutional Gateway: Opens doors for remittances, cross-border payments, and enterprise use cases.
- Asia Expansion: Strengthens USDC’s position against competitors like USDT in one of the region’s most sophisticated markets.
With Japan historically cautious about crypto innovation, this shift signals growing openness toward regulated digital asset integration—a trend likely to influence neighboring economies like South Korea and Singapore.
Bitcoin Mining Sector Faces Profitability Crisis
February was brutal for public Bitcoin miners: 14 listed mining companies saw their combined market value drop by 22%, according to JPMorgan analysis.
Key metrics reveal worsening economics:
- Average revenue per exahash (EH/s): Down 5% YoY to $54,300/day
- Gross profit per EH/s: Fell 9% YoY to $29,500
- Network hashrate: Up 3% YoY to 810 EH/s
- Mining difficulty: Increased by 2%
Despite rising network security and hashpower growth—indicating long-term network health—miners face mounting pressures:
Contributing Factors:
- Declining BTC Price: Reduced flexibility in managing inventory; forced selling at lower prices.
- High Energy Costs: Winter spikes in natural gas prices raised electricity costs, especially in North America.
- Aging Hardware: Older ASIC models struggle with efficiency amid rising difficulty.
- High Interest Rates: Increased borrowing costs exacerbate debt burdens for leveraged miners.
This confluence of factors has triggered capital flight from mining equities, highlighting vulnerabilities in highly leveraged business models during bearish cycles.
White House Backs DeFi Regulatory Relief
In a surprising policy reversal, the White House Office of Management and Budget (OMB) voiced support for S.J. Res. 3, a congressional resolution aiming to repeal the IRS’s controversial "crypto broker rule."
The original rule would have expanded the definition of “broker” to include certain DeFi protocol developers and require them to report users’ total gains and personal information—an impractical burden given DeFi’s non-custodial nature.
The OMB argues the rule could stifle innovation and compromise user privacy. Its endorsement may reflect political strategy ahead of key elections, aiming to win favor with crypto-friendly voters in swing states like Texas and California.
While this offers DeFi projects a potential 12–18 month regulatory reprieve, broader oversight via SEC enforcement or Treasury-led transaction monitoring remains possible.
Recent Funding Highlights: Over $244M Raised Across Key Projects
Three notable projects secured significant funding in the past 24 hours:
Flowdesk – $102M
A French-based crypto market maker expanding into credit services and preparing for EU MiCA compliance.
Metaplanet – $87M
A Japanese firm transforming its business model around Bitcoin accumulation as corporate treasury reserves.
Across Protocol – $41M
A Paradigm-backed interoperability protocol simplifying cross-chain transactions via intent-centric design.
These investments signal continued institutional appetite for infrastructure plays in trading, asset management, and multichain connectivity.
FAQ Section
Q: What does Ondo Finance do?
A: Ondo Finance offers tokenized U.S. Treasury bonds and other real-world assets on blockchain platforms, enabling institutions and retail investors to earn yield securely within DeFi ecosystems.
Q: Why is USDC’s approval in Japan significant?
A: It marks the first time a USD-backed stablecoin has received formal regulatory approval in Japan—validating stablecoins as compliant financial tools and paving the way for wider adoption across Asia.
Q: Is DeFi regulation easing in the U.S.?
A: The White House’s support for repealing the IRS broker rule signals temporary relief for DeFi innovators, though broader regulatory scrutiny from agencies like the SEC remains likely.
Q: How did Morph Protocol grow so fast?
A: Through a user-centric ecosystem featuring high-yield products like Morph Pay (30% APY), AI-driven funds (bAI Fund), and active DEX trading on BulbaSwap—all built on an accessible Layer 2 platform.
Q: Are Bitcoin miners still profitable?
A: Margins are under severe pressure due to falling BTC prices, rising energy costs, and increasing mining difficulty—leading many operators to sell reserves or restructure debt.
Q: Where can I track real-time crypto market data?
A: Reliable platforms offer live charts, ETF flows, TVL metrics, and macroeconomic indicators essential for informed decision-making in fast-moving markets.
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Core Keywords:
- Ondo Finance TVL
- USDC Japan approval
- DeFi regulation
- Bitcoin mining profitability
- Tokenized real-world assets
- Stablecoin adoption
- Layer 2 blockchain
- Cryptocurrency ETF flows