Gate Research Institute: Ethereum RWA Market Cap Surpasses $15 Billion | Gate Spot Market Share Remains Among the Top Three Globally

Cryptocurrency Market Overview

• BTC (+2.41% | Current price: 65,768 USDT): Bitcoin has experienced a significant rebound in the past 24 hours from its lows, rising from around $62,500 to above $65,700. The short-term trend shows a recovery, but overall it remains in the rebound phase after a previous decline. In terms of moving averages, MA5 has crossed above MA10 and is gradually approaching MA30, indicating short-term momentum is improving, but the mid-term trend has not fully reversed. MACD is below the zero line but forming a golden cross, with the red momentum bars continuing to grow, suggesting the rebound may persist. Resistance is expected between $66,800 and $68,700; if trading volume is insufficient, a pullback to test support at $64,500–$63,800 is possible.
• ETH (+3.18% | Current price: 1,910 USDT): Ethereum outperformed Bitcoin recently, rebounding quickly from around $1,800 and regaining above $1,900, indicating strong capital inflow. Moving averages show MA5 and MA10 have turned upward and are approaching MA30, signaling a shift from weakness to stability in the short term. MACD, after a golden cross below the zero line, continues to rise with increasing momentum bars, suggesting the upward move is still strong. If ETH can hold above $1,920, it may test the $1,980–$2,010 range; key support levels are at $1,850 and $1,800.
• Altcoins: The fear index has dropped to 11, remaining in the “Extreme Fear” zone, at low levels compared to last week and last month, reflecting that market sentiment has not stabilized yet. Selling is driven more by emotional and passive risk-off behavior.
• Macro: On February 24, the S&P 500 rose 0.77% to 6,890.07 points; the Dow Jones increased 0.76% to 49,174.50 points; the Nasdaq gained 1.04% to 22,863.68 points. As of 11:15 AM (UTC+8) on February 25, spot gold is priced at $5,184 per ounce, up 0.78% in 24 hours.

Hot Tokens to Watch

ENSO Enso (+41.01%, Market Cap: $56.01 million)

According to Gate data, ENSO is currently priced at $2.7841, up approximately 41.01% in 24 hours. Enso aims to be a cross-chain execution infrastructure, not creating a new blockchain but integrating operations across different chains and protocols into a single, secure execution layer through a unified, deterministic system.

Recently, Enso has collaborated with projects like Altura and LayerZero to launch Omnichain Deposits, allowing users to deposit stablecoins directly on multiple chains such as Ethereum and Arbitrum and receive target assets without traditional cross-chain bridges. This enhances its narrative as a “fragmentation-free execution layer.” The recent surge in ENSO’s price is driven by both narrative reinforcement and practical use cases.

ESP Espresso (+68.77%, Market Cap: $88.68 million)

Gate data shows ESP is currently priced at $0.17404, up 68.77% in 24 hours. Espresso focuses on “unified interaction and composable infrastructure,” aiming to build a low-friction, real-time collaborative execution and settlement layer across multiple applications, markets, and networks.

The sharp rise in ESP reflects market recognition of its infrastructure narrative and recent progress. Clear use cases like on-chain payroll and instant stablecoin settlement provide tangible scenarios for its “unified interaction layer.”

POWER Power Protocol (+30.62%, Market Cap: $145 million)

According to Gate data, POWER is now priced at $0.6858, up about 30.62% in 24 hours. Power Protocol centers on the “Web3 incentive layer / economic engine,” aiming to create a foundational economic system that connects user behavior, content consumption, and value distribution within crypto entertainment and on-chain applications.

The recent significant increase in POWER’s price is mainly driven by funding news and narrative strengthening. The project announced a new funding round led exclusively by BITKRAFT Ventures, with a single investment of $3 million, bringing total funding to approximately $15.4 million. This boosts market expectations for its long-term development in blockchain gaming and crypto entertainment sectors.

Alpha Insights

Ethereum RWA Market Cap Surpasses $15 Billion, On-Chain Real-World Assets Accelerate Growth

The total market cap of RWA (Real-World Assets) on Ethereum has exceeded $15 billion, up about 200% year-over-year, indicating a shift from native crypto assets to real-world financial assets. Growth mainly comes from tokenized government bonds, money market funds, on-chain lending, and structured notes—assets with stable income properties that attract institutional and risk-averse investors amid high interest rates and macro uncertainties.

Structurally, RWA expansion enhances Ethereum’s yield base and reinforces its role as a financial settlement layer. Traditional institutions are gradually entering through compliant issuance and custody solutions, rapidly increasing asset scale. Additionally, the integration of RWA with DeFi protocols continues to grow, making it a key source of on-chain liquidity and real cash flow. As regulatory clarity and infrastructure maturity improve, RWA is expected to become a major growth driver connecting traditional finance with on-chain financial services.

Ethereum Foundation Begins Staking Treasury Assets to Promote Long-Term Capital Management

On February 24, Ethereum Foundation announced it has started staking some of its treasury assets, implementing its previously disclosed treasury management policy. On-chain data shows the foundation deposited 2,016 ETH that day, with an expected total of around 70,000 ETH to be staked. The staking rewards will flow back into the foundation’s treasury to support long-term ecosystem development and operations.

The staking scheme uses open-source tools Dirk and Vouch developed by Attestant. Dirk, a distributed signing system, allows independent parties from different jurisdictions to jointly manage keys, reducing single points of failure. Vouch employs multi-client strategies to mitigate risks from client centralization. The foundation states its deployment covers minority client options, combined with custody infrastructure and multi-region self-managed hardware, to enhance system robustness and decentralization.

Gate Maintains Top Three Global Market Share in Spot Trading, Fourth in Derivatives

According to CoinDesk’s latest exchange review, Gate ranked third in global spot market share and fourth in derivatives in January. The month’s spot trading volume reached $74.4 billion, up 11.1% month-over-month, placing it among the top three among AA–A rated exchanges, accounting for about 50.2% of total trading volume with major platforms combined. In derivatives, Gate’s market share was 11.2%, with open interest in retail contracts ranking in the top three, accounting for 10.1%, reflecting ongoing strength in market activity and liquidity capacity.

Product and technology-wise, Gate’s TradFi trading volume exceeded $70 billion, with a peak over $10 billion in a single day. The platform has officially launched its web version after beta testing, supporting multi-device access. Users can trade forex, stocks, and precious metals with USDT margin under a unified account system, integrated with MT5 for cross-asset margin management. Additionally, Gate launched GateAI with natural language trading features, enabling users to execute spot and wealth management operations via conversational commands, further integrating AI analysis with multi-platform trading.

References:

• Gate, https://www.gate.com/trade/BTC_USDT
• Farside Investors, https://farside.co.uk/btc/
• Gate, https://www.gate.com/trade/ETH_USDT
• Farside Investors, https://farside.co.uk/eth/
• Gate, https://www.gate.com/crypto-market-data
• Investing, https://investing.com/indices/usa-indices
• Investing, https://investing.com/currencies/xau-usd
• X, https://x.com/ethereumfndn/status/2026218289928556625?s=20
• X, https://x.com/Cointelegraph/status/2026190532989386841?s=20

Gate 研究院 is a comprehensive blockchain and crypto research platform providing in-depth content, including technical analysis, hot topics, market reviews, industry research, trend forecasts, and macroeconomic policy analysis.

Disclaimer Cryptocurrency market investments involve high risks. Users are advised to conduct independent research and fully understand the assets and products before making any investment decisions. Gate is not responsible for any losses or damages resulting from such investment decisions.