Gate Research: Ethereum RWA Market Cap Surpasses $15 Billion | Gate Spot Market Share Ranks Top Three Globally

Crypto Market Overview

• BTC (+2.41% | Price: 65,768 USDT): Over the past 24 hours, BTC has rebounded sharply from recent lows, recovering from the $62,500 area to above $65,700. The move reflects a short-term corrective rebound, while the broader structure remains a recovery phase following the prior decline. On the moving-average front, MA5 has crossed above MA10 and is gradually approaching MA30, signaling improving short-term momentum, though the medium-term trend has yet to fully reverse. MACD has formed a bullish crossover below the zero line, with expanding positive histogram bars suggesting continued rebound momentum. On the upside, resistance is seen in the $66,800–$68,700 range; failure to sustain volume may lead to a pullback toward the $64,500–$63,800 support zone.
• ETH (+3.18% | Price: 1,910 USDT): ETH has outperformed BTC, rebounding quickly from around $1,800 and reclaiming the $1,900 level, indicating relatively stronger capital inflows. MA5 and MA10 have both turned upward, with price approaching MA30, marking a shift from weak to stabilizing short-term structure. MACD continues to rise after a bullish crossover below the zero line, with expanding momentum bars suggesting the rebound is not yet exhausted. If ETH can hold above $1,920, it may challenge the $1,980–$2,010 resistance zone; key downside support lies at $1,850 and $1,800.
• Altcoins: The Fear Index has fallen to 11, remaining in the “extreme fear” zone and staying at depressed levels versus the prior week and month. This indicates market sentiment has yet to stabilize, with selling pressure largely driven by emotion and passive de-risking.
• Macro: On February 24, the S&P 500 rose 0.77% to 6,890.07, the Dow Jones Industrial Average gained 0.76% to 49,174.50, and the Nasdaq Composite advanced 1.04% to 22,863.68. As of February 25 at 02:15 AM (UTC), spot gold was trading at $5,184 per ounce, up 0.78% over the past 24 hours.

Trending Tokens

ENSO Enso (+41.01%, circulating market cap: $56.01M)

According to Gate market data, ENSO is currently trading at $2.7841, up approximately 41.01% over the past 24 hours. Enso is positioned as a cross-chain execution infrastructure, aiming not to build a new blockchain but to provide a unified and deterministic execution layer that aggregates operations across different blockchains and protocols into a single, secure execution flow.

Recently, Enso has collaborated with projects such as Altura and LayerZero to launch Omnichain Deposits, enabling users to deposit stablecoins directly on multiple chains—including Ethereum and Arbitrum—and receive target assets without relying on traditional cross-chain bridges. This reinforces its “non-fragmented execution layer” narrative. The sharp rally in ENSO appears to be driven by a combination of narrative strengthening and the showcasing of tangible use cases.

ESP Espresso (+68.77%, circulating market cap: $88.68M)

According to Gate market data, ESP is currently priced at $0.17404, up 68.77% in the past 24 hours. Espresso is positioned around a “unified interaction and composable infrastructure” thesis, with the core objective of building a low-friction, real-time coordinated execution and settlement layer across multiple applications, markets, and networks.

This surge in ESP largely reflects market repricing of its infrastructure narrative and near-term progress. Clear use cases such as on-chain payroll and instant stablecoin settlement provide tangible imagination space for the “unified interaction layer,” supporting the recent momentum.

POWER Power Protocol (+30.62%, circulating market cap: $145M)

According to Gate market data, POWER is currently trading at $0.6858, up approximately 30.62% over the past 24 hours. Power Protocol is positioned as a “Web3 incentive layer / economic engine,” aiming to build a foundational economic system that connects user behavior, content consumption, and value distribution within crypto entertainment and on-chain application ecosystems.

The strong rally in POWER appears to be driven primarily by funding-related news and narrative reinforcement. The project announced a new funding round led exclusively by BITKRAFT Ventures, with a single investment of $3M, bringing total ecosystem funding to approximately $15.4M and significantly boosting market expectations for its long-term positioning in the on-chain gaming and crypto entertainment sectors.

Alpha Insights

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

The total market capitalization of real-world assets (RWA) on Ethereum has surpassed $15 billion, representing approximately 200% year-over-year growth. This highlights a continued shift in on-chain asset composition from crypto-native instruments toward traditional financial assets. Growth has been driven primarily by low-volatility products such as tokenized treasuries, money market funds, on-chain credit, and structured notes. Their stable yield profiles have proven particularly attractive to institutional investors and lower-risk capital amid a high-interest-rate environment and heightened macro uncertainty.

From a structural perspective, the expansion of RWA not only strengthens Ethereum’s on-chain “yield base” but also reinforces its role as a financial settlement layer. On one hand, traditional institutions are increasingly entering the space via compliant issuance and custody solutions, rapidly scaling asset volumes; on the other, the integration of RWA with DeFi protocols continues to grow, making RWA an important source of on-chain liquidity and real cash flows. As regulatory clarity improves and infrastructure matures, RWA is expected to become a key growth engine connecting traditional finance with on-chain finance within the Ethereum ecosystem.

Ethereum Foundation Launches Treasury Staking to Advance Long-Term Capital Management

On February 24, the Ethereum Foundation announced that it has officially begun staking a portion of its treasury assets, implementing the treasury policy previously outlined. On-chain data shows that the Foundation deposited 2,016 ETH on the same day, with plans to stake approximately 70,000 ETH in total. Staking rewards will be reinvested back into the Foundation’s treasury to support long-term ecosystem development and operations.

From a technical and risk management standpoint, the staking setup leverages open-source tools Dirk and Vouch developed by Attestant. Dirk is a distributed signing system that enables independent participants across multiple jurisdictions to jointly manage keys, effectively reducing single points of failure. Vouch supports a multi-client strategy to mitigate client diversity risk. The Foundation noted that its deployment architecture incorporates minority clients and combines hosted infrastructure with self-managed hardware across multiple regions to enhance robustness and decentralization.

Gate Ranks Top Three Globally in Spot Market Share, Fourth in Derivatives

According to CoinDesk’s latest exchange review report, Gate delivered strong performance among global centralized exchanges in January, ranking third in spot market share and fourth in derivatives market share. Monthly spot trading volume reached $74.4 billion, up 11.1% month-over-month. Among AA–A rated exchanges, Gate ranked top three by spot volume and, together with leading platforms, accounted for approximately 50.2% of total market volume. In derivatives, Gate captured an 11.2% market share, while its open interest ranked among the top three retail-focused exchanges at 10.1%, reflecting sustained market activity and capital capacity.

On the product and technology front, Gate TradFi has surpassed $70 billion in cumulative trading volume, with daily peak volume exceeding $10 billion. The platform has officially exited beta and launched its web interface, achieving full multi-device coverage. Under a unified account system, users can trade global CFDs—including FX, equities, and precious metals—using USDT as margin, with execution via MT5 for unified cross-asset margin management. In parallel, Gate has launched GateAI with natural-language trading capabilities, enabling users to execute spot and wealth management orders via conversational commands and further integrating AI analytics with multi-platform trade execution.


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 Research is a comprehensive blockchain and cryptocurrency research platform that provides deep content for readers, including technical analysis, market insights, industry research, trend forecasting, and macroeconomic policy analysis.

Disclaimer
Investing in cryptocurrency markets involves high risk. Users are advised to conduct their own research and fully understand the nature of the assets and products before making any investment decisions. Gate is not responsible for any losses or damages arising from such decisions.