On March 12, among the top 100 cryptocurrencies by market cap, River (RIVER) had the highest gain at +22.15%; Midnight (NIGHT) had the largest decline at -8.18%. Additionally, tokens such as Pi, Sky, Bittensor, and Render also showed varied gains.

Circle's stock price has risen approximately 126% recently, significantly outperforming other cryptocurrency companies, reflecting the resilience of USDC's market share and its leading position in stablecoin infrastructure. Analysts believe stablecoins may become the dominant standard for cross-border payments.

On March 12, Bitcoin's ratio against gold displayed bullish divergence, indicating weakened selling pressure and potentially serving as a reference point for Bitcoin's long-term trend bottom. Bitcoin ETF net inflows reached approximately $906 million, while gold ETF experienced single-day outflows of $3 billion, forming a notable divergence. Despite ETF trading volume being lower than US equities, there remains significant room for institutional capital entry. Historically, Bitcoin has often rebounded following geopolitical turmoil.

Gate News reported that on March 12, Puffer has reached a partnership with Anchorage Digital to provide pufETH exposure to institutional investors. This collaboration aims to leverage Anchorage Digital's institutional-grade custody and infrastructure capabilities to enable institutions to access the Puffer ecosystem and its liquid staking products more conveniently.

Gate News reported that on March 12, Tether CEO Paolo Ardoino disclosed on the X platform that there are currently approximately 571 million Bitcoin on-chain users, with quarterly growth exceeding 10 million; USDT user numbers are slightly lower at approximately 550 million, but with quarterly new user additions exceeding 30 million. Paolo Ardoino stated that Tether has always been proud to follow in Bitcoin's developmental footsteps.

U.S. SEC Chair Paul S. Atkins stated at a conference that the Commission will issue guidance on equity security tokenization, believing it will help improve settlement efficiency and reduce risk. He disclosed that the SEC will consider an "innovation exemption" mechanism that would allow specific tokenized securities transactions, providing practical foundations for a long-term regulatory framework.

Gate News reported that on March 12, according to Arkham monitoring, Grayscale transferred approximately 296 Bitcoin through its Grayscale Bitcoin Trust to a CEX Prime address, valued at about $20.86 million. Additionally, Grayscale's Avalanche Trust fund transferred 27,731 Bitcoin to a certain independent address.

Iran's Supreme Leader announced that the Strait of Hormuz will remain closed, causing geopolitical tensions and raising international oil prices. U.S. oil stocks and crude oil ETFs surged significantly. Whale address neoyokio.eth opened a 4x leveraged long position on crude oil on the Hyperliquid platform, investing 5.2 million dollars, with current unrealized gains of 32,000 dollars.

Gate News reported that on March 12, Ethereum founder Vitalik Buterin published an article expounding on Ethereum's core value. He stated that Ethereum's most fundamental purpose is not smart contracts or payments, but rather serving as a "public bulletin board," providing a publicly readable and writable data availability layer for cryptographic protocols such as voting, certificate revocation, and version control. Additionally, he pointed out that ETH can serve as a payment tool against Sybil attacks, while smart contracts function as a shared programming layer and collateral enforcement tool.

Gate News reported on March 12 that according to on-chain analyst Ai Yi's monitoring, a whale shorting $34.74 million worth of crude oil currently holds 21,200 BRENTOIL (Brent crude oil token) and 15,200 CL (WTI crude oil token), with opening prices of $91.8 and $87.8 respectively, currently showing an unrealized loss of $1.84 million. The whale holds a cumulative total of 18 positions and remains in an overall profitable state.