Ethereum average gas fees drop 95% one year after the Dencun upgrade
The average Ethereum gas fee has dropped by 95% in the year following the Dencun upgrade, one of Ethereum’s most significant network improvements.On March 13, 2024, Ethereum’s Dencun upgrade was rolled out. The upgrade combined the Cancun upgrade on the execution layer and the Deneb upgrade on the consensus layer. It also introduced nine Ethereum Improvement Proposals (EIPs).The primary goal was to enhance Ethereum’s scalability and reduce transaction costs for layer-2 networks. According to YCharts data, Ethereum’s average gas fee has fallen from 72 gwei in 2024 to just 2.7 gwei as of March 12, 2025.Last year, an average swap cost users $86 in fees, while non-fungible token sales averaged $145 in gas fees. At the time of writing, Etherscan data showed that an average swap would cost $0.39, while an NFT sale would average $0.65. Ethereum average gas fee. Source: YCharts Ether price has dropped 53% since the Dencun UpgradeDespite the sharp drop in gas fees, Ether (ETH) price has declined by 53% since the Dencun upgrade.During the upgrade in March 2024, ETH was trading above $4,070. One year later, as of March 13, 2025, ETH was valued at around $1,891, according to CoinGecko data.Ether’s 1-year price chart. Source: CoinGeckoIn a statement sent to Cointelegraph, Dominik Harz, the co-founder of hybrid layer-2 Build on Bitcoin (BOB), said Ethereum has “underperformed” recently:“Monday’s price drop erased all DeFi TVL gains since Trump’s election. Between Solana’s memecoin frenzy and Ethereum’s fractured few months, it’s clear the industry is searching for a new, more sustainable and secure frontier for DeFi.” Related: More than 50% of validators signal to increase ETH gas limitUpcoming Pectra upgrade sees hiccupsOn March 5, Ethereum’s next major upgrade, Pectra, rolled out on its final testnet, Sepolia. However, the team started seeing error messages and empty blocks being mined.Ethereum developer Marius van der Wijden confirmed that a fix was deployed, but an unknown user later triggered the same error, leading to further issues. The development team has since managed to stabilize the testnet and successfully process transactions.Harz said that while these testnet issues are “disrupting the mainnet launch,” they are far from Ethereum’s biggest problems. The executive said that once Pectra goes live, it will double the available data space for layer-2s, reduce costs and increase execution capacity. “While that’s a step in the right direction, the reality is that Ethereum is quickly losing its position as the go-to chain for builders, and Pectra isn’t the fix-all solution to its deeper issues,” Harz said. Magazine: Crypto fans are obsessed with longevity and biohacking: Here’s why
US Bitcoin ETFs break outflow streak with $13.3M inflow
Over $1.67 billion exited US spot Bitcoin and Ether exchange-traded funds (ETFs) in March, but investors stopped the bleeding by bringing in $13.3 million on March 12 as the BTC market price inched closer to $85,000.As of March 12, spot Bitcoin ETFs had attracted $35.4 million worth of inflows spread across two days, according to Farside Investors data. On the other hand, spot Ether ETFs recorded inflows on just one occasion, bringing in $14.6 million on March 4.Spot Bitcoin ETF daily flow data. Source: Farside InvestorsBitcoin ETFs break outflow streak with $13.3 million inflowAccording to Sosovalue, the cumulative net inflows of BTC ETFs confirmed the recent $13.3 million inflow on March 12, signaling a pause in Bitcoin’s ETF outflows.The total value of the trades that day for Bitcoin ETFs amounted to $2.01 billion, its lowest daily value since Feb. 20. The inflows were contributed by three BTC funds: BlackRock’s iShares Bitcoin Trust (IBIT), the ARK 21Shares Bitcoin ETF (ARKB) and the Grayscale Bitcoin Mini Trust ETF (BTC).Daily flow of investments into spot Bitcoin ETFs. Source: SosovalueOn the Ethereum side, the one day of inflows saw contributions from the Fidelity Ethereum Fund (FETH), Bitwise Ethereum ETF (ETHW), Grayscale Ethereum Trust (ETHE) and the Grayscale Ethereum Mini Trust (ETH).Spot Ether ETF daily flow data. Source: Farside InvestorsMarket downturn and geopolitical tensions drive ETF outflowsThe broader market downturn and macroeconomic uncertainties have contributed to the ETF outflows, driven by geopolitical tensions, trade wars and bearish investor sentiment.Related: Crypto ETPs see 4th straight week of outflows, totaling $876M — CoinSharesAnalysts say that the lack of concrete implementation or unmet expectations regarding President Donald Trump’s Strategic Bitcoin Reserve plan has also exacerbated selling pressure.Despite Bitcoin maintaining levels above $80,000, market watchers warned that the upcoming European Union retaliatory tariffs could introduce greater volatility, further influencing Bitcoin’s price trajectory.Magazine: Crypto fans are obsessed with longevity and biohacking: Here’s why
Web3’s UX problem — and how to fix it, feat. Ponder One
The latest episode of Hashing It Out dives into one of Web3’s most persistent challenges: usability. Host Elisha Owusu Akyaw speaks with Moe El-Shibib and Selim Sezgin, co-founders of Ponder One, about the hurdles preventing mainstream adoption and the technologies that could make blockchain interactions seamless for everyday users.The UX RoadblockWeb3 continues to grow, but usability remains a major barrier. Many users struggle with onboarding, navigating DeFi platforms and managing assets across multiple chains. In the interview, Sezgin highlights that technical innovation has outpaced user experience, making blockchain interactions complex for newcomers.“While technical innovation has been a driving force, usability and accessibility remain pain points… Our whole goal is to simplify Web3 and make it as usable as possible.”To address this, the discussion explores AI-driven solutions that simplify blockchain transactions. AI can automate swaps, bridging and decision-making, reducing the need for technical knowledge. Related: Web3 businesses can outsmart crypto scams before they strike — Here’s howCrosschain functionality is also a key focus, ensuring users can interact seamlessly across blockchains without manually switching networks.Decentralization vs usability in governanceDecentralized governance also plays a significant role in shaping Web3 applications. The Ponder One team emphasizes the importance of community-driven decisions, allowing users to vote on integrations and protocol developments. However, governance structures must balance decentralization with efficiency to remain effective.Looking ahead, the industry is moving toward real-world assets (RWAs), AI-driven applications and enhanced accessibility to DeFi. As innovation progresses, broader adoption will hinge on simplifying blockchain technology for users.This episode touches on key insights into Web3’s current challenges and future developments, highlighting the need for a simplified and more accessible blockchain ecosystem.Listen to the full episode of Hashing It Out on Cointelegraph’s podcast page, Spotify, Apple Podcasts or your podcast platform of choice. And don’t forget to check out Cointelegraph’s full lineup of other shows.Magazine: Crypto fans are obsessed with longevity and biohacking: Here’s why
USDC, USDt stablecoins are ‘store of value’ in Latin America — Bitso
Stablecoin adoption in Latin America is increasing as more users turn to Circle’s USDC and Tether’s USDT for financial stability, according to a new report from cryptocurrency exchange Bitso.The USDC (USDC) and USDt (USDT) stablecoins have become a “store of value” in Latin America, accounting for 39% of total purchases on Bitso in 2024, the firm said in its third edition of the Latin America Crypto Landscape report issued on March 12.The report highlighted a significant increase in stablecoin adoption on the platform, with total stablecoin purchases surging 9% from 2023.“In Latin America, challenging macroeconomic conditions, characterized by high inflation and currency devaluations, drove increased cryptocurrency adoption — particularly stablecoins — as a reliable store of value,” Bitso stated in the report.USDC leads the race, Bitcoin followsWhile stablecoin purchases surged, Bitcoin (BTC) saw a notable decline in trading volume on Bitso in 2024, with its share dropping to 22% from 38% in the second half of 2023.According to Bitso, the decline in BTC purchases in Latin America indicates the growing trend of the hodl strategy, which implies buying and holding the cryptocurrency to profit from its long-term value appreciation.The drop in BTC purchases aligned with the bull market of 2024, with Bitcoin rallying past $100,000 for the first time in history in December.Top 10 purchased crypto assets on Bitso by share in 2024. Source: BitsoAs Bitso users held off on Bitcoin purchases in 2024, buying activity switched to stablecoins like USDC and USDT, with the former leading the race at 24%.Related: Brazil fintech unicorn Meliuz adopts Bitcoin treasury strategyUSDT purchases accounted for 15% of total cryptocurrencies acquired on Bitso in 2024.Argentina is the top USDt market with a 50% shareA more detailed analysis of geographical preferences among Latin American countries showed a massive trend for USDT use in Argentina, which is known for its high stablecoin adoption due to inflation rates surpassing 100%.According to the report, Bitso users in Argentina mostly favored purchases of USDT and USDC in 2024, accounting for 50% and 22% of all crypto purchases in the country, respectively.Top 10 purchased crypto assets on Bitso in Argentina, Brazil, Colombia and Mexico. Source: BitsoOn the other hand, the share of Bitcoin purchases in Argentina accounted for just 8% of crypto purchases last year on Bitso, the lowest share among other analyzed countries.Brazilian and Mexican Bitso users still continued to favor Bitcoin as the most purchased crypto asset last year, with the BTC buying percentages accounting for 22% and 25%, respectively.Magazine: Crypto fans are obsessed with longevity and biohacking: Here’s why
Turkey tightens crypto regulations with new rules for exchanges, investors
Turkey is taking a major step forward in regulating the cryptocurrency industry with the introduction of new rules for crypto asset service providers (CASPs). These regulations, published by the Capital Markets Board (CMB) of Türkiye on March 13, aim to ensure compliance with national and international standards for CASPs, including crypto exchanges, custodians, and wallet service providers.
The framework, which can be found on the CMB’s website, gives the board full oversight of crypto platforms and sets standards and requirements for establishing and providing crypto asset services in Turkey. This includes criteria such as establishment capital, executive history, and shareholder rules.
These stricter requirements for CASPs may pose challenges for them to adapt to the new regulatory environment. They will also be required to invest in compliance infrastructure and adhere to stringent reporting requirements, providing the CMB with timely and accurate information about their operations.
The new regulations align with global standards and follow regulatory approaches set by Europe’s Markets in Crypto-Assets Regulation (MiCA) and the US Securities and Exchange Commission. They also address potential stablecoin restrictions and the decentralized finance (DeFi) market in Turkey.
These developments come as no surprise, as countries around the world are increasingly recognizing the need for clear and comprehensive regulations for the cryptocurrency industry. This is a positive step towards mainstream adoption and legitimacy for cryptocurrencies.
However, these regulations may also have an impact on Turkish investors, as they introduce stricter trading requirements and potential restrictions on stablecoins. It is important for investors to stay informed and comply with these regulations to avoid any potential legal issues.
This is a developing story, and further information will be added as it becomes available. In the meantime, readers can also check out our magazine article on how crypto laws are changing across the world in 2025 for a deeper understanding of the evolving regulatory landscape.
As the cryptocurrency industry continues to grow and evolve, it is crucial for regulators to keep up with the pace and ensure a safe and transparent environment for all stakeholders. These new regulations in Turkey are a step in the right direction and will likely serve as a model for other countries looking to regulate the industry.
Bybit CEO on ‘brutal’ $4M Hyperliquid loss: Lower leverage as positions grow
The recent $4 million loss suffered by decentralized exchange (DEX) Hyperliquid has sparked a conversation about the risks and challenges faced by both centralized and decentralized exchanges. The incident, which involved an Ether whale’s high-leverage trade, highlights the need for risk management measures in the crypto industry.
On March 12, a crypto investor used 50x leverage on the Hyperliquid DEX to turn $10 million into a $270 million ETH long position. However, when the trader tried to exit the position, they were unable to do so without tanking their own position. As a result, the Hyperliquidity Pool (HLP) was left to bear a $4 million loss.
Hyperliquid clarified that this was not a protocol exploit or a hack, but rather a result of the trader withdrawing collateral and offloading assets without triggering a self-inflicted price drop. Smart contract auditor Three Sigma described the trade as a “brutal game of liquidity mechanics.”
In response to the incident, Hyperliquid has lowered its leverage trading for Bitcoin and Ethereum, increasing the maintenance margin requirements for larger positions. Bybit CEO Ben Zhou commented on the trade, noting that centralized exchanges also face similar challenges and that their liquidation engine takes over whale positions when they get liquidated.
Zhou suggested a more dynamic risk limit mechanism that reduces the overall leverage as the position grows. He also emphasized the need for risk management measures such as surveillance and monitoring to spot market manipulators on the same level as a centralized exchange.
The incident has also had a significant impact on Hyperliquid’s assets under management, with a net outflow of $166 million on the day of the trade. This highlights the importance of risk management and the potential consequences of high-leverage trading.
The incident serves as a reminder that while decentralized exchanges offer many benefits, they also come with their own set of risks. As the crypto industry continues to grow and evolve, it is crucial for both centralized and decentralized exchanges to implement effective risk management measures to protect their users and assets.
Will Bitcoin price reclaim $95K before the end of March?
Bitcoin’s price was up 3% after constant drawdowns since the end of January. The top cryptocurrency managed to rebound above $80,000 after a brief decline below the range on March 11. Bitcoin weekly chart. Source: Cointelegraph/TradingViewAfter the US core Consumer Price Index (CPI) came in lower than expected at 3.1% on March 12, Bitcoin’s market structure now sees the possibility of a quick bullish turnaround. Bitcoin liquidity clusters at $84K-$85KAfter Bitcoin’s (BTC) price tumbled on March 9, it rebounded to test the overhead resistance zone between $84,000 and $85,000 three times, spurring traders to aggressively build short positions in this range.The liquidation heatmap data suggested that more than $300 million in short positions were piled in this price region, which would be liquidated if the price moved above the $85,000 resistance. Bitcoin 1-week liquidation heatmap. Source: CoinGlassWith a lack of downside liquidity below $77,000, the probability of BTC moving toward upside liquidity increased. Moreover, triggering liquidations above $85,000 could fuel further bullish momentum, allowing Bitcoin to form a higher high and turn this level into new support. A CME Bitcoin futures gap from the previous weekend also remained unfilled between $85,000 and $86,000. With a 100% record of six gaps filled in the past four months, this setup further increased the chances of flipping the overhead resistance into support at $85,000. Bitcoin 4-hour chart. Source: Cointelegraph/TradingViewIf this happens, the next major resistance lies at $90,000, which could liquidate over $1.6 billion in short positions for a retest of the $95,000 resistance level above, i.e., a 12% jump from the current price. Related: Bitcoin must secure weekly close above $89K to confirm bottom has passedBitcoin analyst Mark Cullen underlined a similar outlook for Bitcoin but warned that the price continues to move “correctively,” implying further sideways movement before a short squeeze. On the contrary, Valeria, a crypto analyst and funded trader, said that BTC was showing signs of distribution near the $85,000 range, which is short-term bearish. The trader highlighted that the BTC price might thread lower below $80,000 before a bullish breakout occurs.Coinbase, Binance diverge on orderbook trendsSpot traders on Binance have been aggressively selling over the past few days, according to data from Aggr.trade, with selling pressure peaking during the local lows at $76,650. Conversely, Coinbase spot buyers placed bids here, leading to BTC’s rebound above $80,000. Binance, Coinbase orderbooks. Source: Aggr.tradeOn March 12, a similar discrepancy was observed, with Binance spot traders selling near the $85,000 resistance, as Coinbase traders defended the price at $81,000 during the early US trading session, avoiding further downside. Related: Crypto trading volume slumps, signaling market exhaustion: AnalysisWhile Coinbase has led BTC’s rally in the past, an opposing stance between the two leading exchanges might slow BTC’s momentum to move swiftly through the resistance levels. Thus, for Bitcoin to reclaim higher highs at $85,000, $90,000 and $95,000 over the next couple of weeks, spot trading activity between the two major exchanges may need more collective direction.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
3 reasons why Ethereum can outperform its rivals after crashing to 17-month lows
Ether (ETH) fell 13% between March 8 and March 11 as investors moved to short-term fixed-income and cash positions, seeking safety amid a global tariff war and rising fears of an economic downturn. ETH price needs 29% gains to reclaim $2.5KMarket concerns escalated after the United States responded to Canada’s electricity surcharge with retaliatory measures.S&P 500 futures (left, magenta) vs. Ether/USD (blue). Source: TradingView/CointelegraphTypically, traders tend to overreact, increasing the likelihood that Ether will rebound faster than other assets once market sentiment improves. While some argue that risk assets are driven by inflation and economic growth data, others believe gains depend on stimulus measures and monetary expansion.Regardless of the catalyst for the next bull run, Ether price must climb 29% from its current $1,940 level to reclaim $2,500. This move will likely require increased demand from leveraged buyers, whose activity is now at its lowest point in five months.ETH 2-month futures annualized premium. Source: Laevitas.ch/CointelegraphTraders want higher prices to compensate for longer settlement periods, making a 5% to 10% annualized premium (basis rate) expected in neutral markets. When rates fall below this range—such as the current 4.5%—it signals weak bullish conviction.Excessive optimism played a role in Ether’s recent correction, as $235 million in leveraged long positions were liquidated between March 10 and March 11.The panic selling drove ETH to a low of $1,744, its lowest level since October 2023. However, several indicators suggest a potential recovery, as ETH derivatives and onchain metrics show resilience.Ethereum L2 network growsEther is trading 60% below its $4,868 all-time high from November 2021. This decline is largely due to increased competition in the smart contract sector and waning demand for applications such as non-fungible tokens (NFTs), gaming, collectibles, metaverse projects, social networks, and Web3 infrastructure.However, this perspective overlooks a key factor. In late 2021, the average transaction fee exceeded $50, while activity on Ethereum’s layer-2 ecosystem was 97% lower than it is today. For context, a token swap on Ethereum’s base layer cost $1.70 on March 11 despite the number of daily average operations per second growing, highlighting notable progress in network efficiency.Ethereum layer-2 daily average operations per second. Source: L2beatEven if bots generate 80% of layer-2 transactions, the remaining 20% of activity on Base, Arbitrum, Optimism, ZKsync, and Blast is still roughly three times higher than Ethereum’s base layer. However, critics have a valid argument: despite the surge in network activity, validators are earning significantly less compared to late 2021.Ethereum regains DEX top-spot, TVL grows Ethereum has reinforced its position as the second-most popular option for institutional investors in traditional finance, supported by $8.9 billion in spot exchange-traded funds (ETFs). Meanwhile, competitors such as Solana still await regulatory approval for similar ETF products. Even if they gain approval, they cannot match the first-mover advantage of the Grayscale Ethereum Trust, which began public trading on over-the-counter markets in June 2019.Moreover, Ethereum smart contract deposits, measured by total value locked (TVL), reached their highest level since July 2022 in ETH terms on March 11, marking a 10% increase over the past two weeks.Related: The strategic crypto reserve will fuel ecosystem growthEthereum network TVL, ETH. Source: DefiLlamaAt 24 million ETH, Ethereum’s TVL has been driven by the growth of liquid staking, lending, yield farming, and real-world asset tokenization. The network recently reclaimed its leading position in decentralized exchange volumes, reaching $20.5 billion over seven days and surpassing Solana’s $13.9 billion, according to DefiLlama data.This provided a bullish outlook for ETH’s price, driven by layer-2 transactions nearing all-time highs, reclaiming of the top spot in DEX volume, and rising TVL deposits. Ultimately, Ether’s trend reversal remains highly dependent on macroeconomic improvements, but once stabilized, ETH is well-positioned to regain $2,500 as a key support level in the coming weeks.This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.