Core Scientific Is Transitioning From Bitcoin To AI Data Centers

According to a press release, Core Scientific’s finance subsidiary is planning to offer $3.3 billion in senior secured notes in a private offering to institutional investors. Originally a Bitcoin miner, Core Scientific has been making a push into the high-density colocation (HDC) business, offering data centers to AI companies.

In March, the firm revealed that it sold $175 million in BTC and that it planned to monetize on its remaining Bitcoin holdings as well. Core Scientific also announced that it’s no longer anticipating entering into large-scale BTC mining purchase agreements, further indicating its shift away from the space.

The company currently operates ten facilities across the United States. Not all of them are part of Core Scientific’s HDC infrastructure, but the firm is in the process of repurposing the non-HDC facilities. Once the shift is finished, Core will have essentially exited the digital mining industry.

As of the end of 2025, the company’s Bitcoin mining computing power (known as Hashrate) amounts to 17.90 EH/s, making it the ninth largest public miner.

Though given the pivot that Core Scientific has been making, it’s possible that it has further decommissioned its Hashrate in these first few months of 2026, so its real ranking could be lower.

Core isn’t the only Bitcoin mining company that has been pivoting to the AI and high-performance computing (HPC) business. In fact, many of the big miners have announced a push into the space to some degree.

As reported by Bitcoinist, Capriole Investments founder Charles Edwards has estimated that BTC mining revenue for the major public miners will drop from a share of 90% to just 30% within the next 2-3 years, with AI making up for the majority of the income for these firms.

Bitcoin miners are making the move toward AI as they believe it could be more lucrative than digital asset mining. The CEO of Bitfarms, another company in the process of winding down its BTC mining business, provided a look into just how transformative the firm believes AI could be for its revenue, noting:

Despite being less than 1% of our total developable portfolio, we believe that the conversion of just our Washington site to GPU-as-a-Service could potentially produce more net operating income than we have ever generated with Bitcoin mining.

Since October 2025, the global Bitcoin mining Hashrate has observed a drawdown, but given that the drop has been of just 11%, it’s likely that the cause behind the miner pullback has been the decline in BTC’s price, rather than a migration from miners to the AI industry.

BTC Price

At the time of writing, Bitcoin is trading around $78,100, up more than 5% over the past week.

Crypto Protocol Umbra Takes Its Front End Offline

The privacy-focused crypto protocol announced Tuesday it had pulled its hosted website offline after reports surfaced that hackers had been using it to move stolen funds.

According to Umbra, roughly $800,000 in stolen assets passed through the protocol. The decision to go dark, the team said, was meant to avoid creating obstacles for ongoing recovery efforts.

The site would be brought back, they added, once investigators gave the all-clear.

The stolen funds are tied to a much larger breach. The Kelp protocol was hit for more than $280 million in what security researchers believe was carried out by North Korean hackers.

As has been reported, Umbra was used to move funds associated with recent, high profile hacks. In total, we are aware of 349 ETH (~$800K) of stolen funds moving through the protocol. Reports of much higher amounts are inaccurate. A few notes:

First, as a stealth address system,…

— Umbra (@UmbraCash) April 21, 2026

After the exploit, blockchain security firm PeckShield flagged Umbra as one of several protocols the attackers had been using to move funds from Ether to Bitcoin.

North Korean hacking groups operate under heavy US sanctions, which has pushed several crypto platforms to freeze or disrupt the hackers’ attempts to cash out.

A Warning From Someone Who Has Been There

Roman Storm knows what it looks like when prosecutors go after a privacy protocol. He was convicted last August of conspiring to run an unlicensed money transmitting business through Tornado Cash.

Storm fought the case partly on the argument that he had no real control over how the protocol was used. Prosecutors called that claim false.

Now Storm is watching Umbra’s situation unfold and sees the same playbook at work. He said authorities treated changing a front end as proof of full control over a protocol.

“If you can make changes to the user interface, including further updates through new builds on IPFS, then you are in full control,” Storm said.

He beat charges of conspiring to violate US sanctions but was convicted on the other counts.

His comments put Umbra in an uncomfortable position. By taking action, the protocol may have signaled to regulators that it had the ability — and therefore the responsibility — to intervene all along.

Umbra was direct about the limits of what it actually did. The team acknowledged that no one can stop anyone from using the protocol’s smart contracts directly.

A self-hosted or locally run version of its open-source front end is also beyond the team’s reach. Shutting the hosted site blocks casual users, not determined ones.

Featured image from Ironscales, chart from TradingView

LI.FI, the multichain liquidity aggregator that handles cross-chain bridging and swapping for a significant portion of DeFi’s active applications, has integrated TRON into its orchestration layer. The practical consequence is straightforward: developers building on LI.FI can now route through TRON’s liquidity without managing a separate bridge integration, and users of applications built on the protocol can bridge and swap stablecoins in and out of TRON directly within whatever interface they are already using.

That frictionless access matters because TRON’s stablecoin infrastructure has historically operated somewhat in parallel to the Ethereum-centric DeFi ecosystem rather than within it. The chain processes an enormous volume of real-world stablecoin transfers — remittances, payments, OTC settlement — but that activity has largely been invisible to the wallets, aggregators, and protocols that define most users’ DeFi experience.

The LI.FI integration does not change what TRON is. It changes who can reach it — and how easily.

What the Integration Actually Unlocks

The practical capabilities of the LI.FI integration falls into two distinct categories, and both matter for different reasons.

For developers, the change is primarily one of access without overhead. TRON has historically required separate bridge integrations to connect with other chains, a technical friction that pushed many builders toward ecosystems with simpler cross-chain tooling even when TRON’s liquidity and fee structure were objectively attractive.

That barrier is now removed. Applications building on LI.FI’s API can route through TRON’s deep USDT liquidity directly, accessing one of crypto’s largest stablecoin ecosystems through the same interface they already use for Ethereum, Arbitrum, or any other supported network.

For end users, the change is invisible in the best possible way. Stablecoin swaps and bridges involving TRON become available within the applications they already use, without requiring any knowledge of which underlying chain is handling the settlement. Improved pricing and liquidity access follow naturally from connecting TRON’s $85 billion USDT pool to a routing layer that optimizes across multiple venues simultaneously.

The use cases that benefit most immediately are the ones TRON already dominates in practice — remittances, cross-border payments, and on-chain settlement, where low fees and high throughput are the deciding factors. Connecting that infrastructure to LI.FI’s distribution does not create those use cases. It makes them accessible to a significantly larger audience without any additional complexity on either end.

TRX Holds Uptrend Structure as Price Tests Multi-Month Resistance

TRX is maintaining one of the cleaner uptrend structures in the market, with price currently pressing into the $0.33–$0.34 region — a level that has repeatedly acted as resistance since the late-2025 peak. The weekly chart shows a sequence of higher lows intact, supported by a steady climb above the 50-week and 100-week moving averages, both of which continue to slope upward.

The recent structure is constructive. After pulling back from the ~$0.36 local high, TRX found support near the $0.27–$0.29 range, consolidating above the 50-week moving average before pushing higher again. That base-building phase appears to have reset momentum without breaking the broader trend, which is typically a sign of strength rather than exhaustion.

However, the current test is not trivial. The $0.34 area marks a clear supply zone where prior rallies stalled, and the latest move into this region has not yet been accompanied by a meaningful expansion in volume. That raises the probability of at least short-term hesitation or another rejection before a clean breakout can occur.

If TRX can establish acceptance above $0.34, the next logical target sits near the $0.38–$0.40 range. Failure to break through keeps price rotating between $0.28 and $0.34, extending the consolidation phase within an otherwise intact uptrend.

Featured image from ChatGPT, chart from TradingView.com 

Now he has.

Justin Sun, the founder of the Tron blockchain and the single largest individual investor in World Liberty Financial, filed a lawsuit in a California federal court on Wednesday against the Trump-family-backed crypto project.

Sun says the project’s team froze his tokens and threatened to destroy them with no valid reason — a move he tried to resolve privately before turning to the courts.

“I have tried in good faith to resolve this situation with the World Liberty project team without resorting to litigation,” Sun wrote on social media. The project team refused his requests to unfreeze the tokens and restore his access, he said, leaving him no other option.

Is Justin Sun’s Claims Baseless?

World Liberty Financial had a pointed response when Sun first raised the threat of legal action earlier this month. The project team posted on X that Sun’s claims were baseless and said they had the contracts, the evidence, and the truth. “See you in court pal,” they wrote.

Today, I filed a lawsuit in California federal court against World Liberty Financial to protect my legal rights as a holder of $WLFI tokens.

I have always been—and remain—an ardent supporter of President Trump and his Administration’s efforts to make America crypto friendly.…

— H.E. Justin Sun (@justinsuntron) April 22, 2026

Now they’ll get their chance.

Governance Questions Had Been Building

Sun’s concerns about the project go beyond the token freeze. Reports indicate he had already accused World Liberty of running a governance vote that lacked transparency.

Does anyone still believe @justinsuntron ?

Justin’s favorite move is playing the victim while making baseless allegations to cover up his own misconduct.

Same playbook, different target. WLFI isn’t the first.

We have the contracts. We have the evidence. We have the truth.

See…

— WLFI (@worldlibertyfi) April 12, 2026

His main complaint: more than 76% of the voting tokens involved in a recent governance proposal came from just 10 wallets — a level of concentration that he said undermined the legitimacy of the outcome.

That vote had passed a proposal involving staking and lockup terms for WLFI, the project’s governance token. Sun had pushed back on those lockup periods, calling the terms excessive.

World Liberty Financial is closely tied to the Trump family and has attracted attention well beyond typical crypto circles. Sun’s decision to invest heavily in the project put him at the center of one of the more politically visible ventures in the crypto space.

Despite filing suit, Sun went out of his way to separate the legal dispute from his view of US President Donald Trump. He said the lawsuit has nothing to do with Trump or his administration’s efforts to build a friendlier regulatory environment for crypto in the US.

“Unfortunately, certain individuals on the World Liberty project team have been operating the project in a manner that goes against President Trump’s values,” Sun said.

It’s a careful line to walk — suing a project tied to the sitting president while simultaneously vouching for that president. Sun’s statement suggests he wants to keep political ties intact even as the legal battle heats up.

Featured image from Meta, chart from TradingView

Something in the volume data is beginning to shift. According to top analyst Darkfost, the consolidation phase the broader market is currently navigating is producing a behavioral change that is visible in how traders are allocating their attention to Binance. During range-bound periods, investors tend to reassess rather than simply hold — and those reassessments are showing up in the platform’s volume distribution.

Today, altcoins account for 51% of total trading volume on Binance — their largest share of the platform’s activity and the first time they have commanded a majority of volume in this cycle. The contrast with early March is striking. At that point, altcoin volumes had contracted sharply to just 31% of Binance’s total, as traders concentrated their activity in Bitcoin and Ethereum during the period of maximum uncertainty.

In six weeks, that share has grown by 20 percentage points. Whether that rotation is the beginning of a genuine altcoin recovery or a consolidation-phase anomaly is the question the data is now forcing.

Capital Is Rotating — and Ethereum Is Feeling It Most

The flip side of altcoins claiming 51% of Binance’s volume is that the capital flowing toward them has to come from somewhere. Bitcoin and Ethereum have both seen their share of platform activity decline, with BTC now standing at 30% and ETH at 17%. The numbers reflect a market that is not simply adding altcoin exposure — it is actively reallocating away from the assets that dominated trading through the most uncertain stretch of the year.

The ETH decline is the more striking of the two. As recently as April 11 — less than two weeks ago — Ethereum still commanded 27% of total trading activity on Binance. It has since shed ten percentage points of that share in less than a fortnight, a pace of rotation that suggests something more deliberate than gradual drift.

Darkfost frames the broader dynamic carefully. Despite the macro uncertainty that continues to define the market environment, a rotation of liquidity from leading assets toward the more speculative segments of the market is clearly underway. Traders appear to be using the range-bound price action not as a reason to reduce exposure, but as an opportunity to reposition toward higher-beta assets that have underperformed through the correction.

Whether that rotation reflects genuine conviction in an altcoin recovery or simply the restlessness of capital looking for movement during a quiet period is the distinction the coming weeks will resolve. For now, the volume data says traders have already made their choice.

Altcoin Market Cap Rebuilds After Structural Breakdown

The total crypto market cap excluding the top 10 assets (altcoins) is currently stabilizing near the $180–$190 billion range after a prolonged period of volatility and structural weakness. The chart highlights a clear cyclical pattern: explosive expansion phases followed by deep corrections, with the most recent drawdown from the 2025 peak near $440 billion cutting valuations by more than half.

Since the February lows, price action has shifted from capitulation to consolidation. The sharp spike in volume during the sell-off suggests forced liquidations and broad risk-off behavior, while the subsequent recovery has been more measured. The market has managed to reclaim the 200-week moving average, a level that is now acting as tentative support, indicating that long-term buyers are beginning to re-engage.

However, the broader structure remains fragile. The 50-week and 100-week moving averages are flattening and beginning to converge above the current price, creating a compression zone that often precedes a larger directional move. Previous cycles show similar phases where altcoins oscillated in wide ranges before either expanding aggressively or rolling over again.

The inability to reclaim the $220–$250 billion region keeps the market in a neutral-to-bearish posture. For a sustained recovery, altcoins must break above this resistance and confirm higher highs. Until then, this remains a rebuilding phase rather than a confirmed trend reversal.

Featured image from ChatGPT, chart from TradingView.com 

Hoskinson Backs Filecoin Move Into Cardano

Cardano developers using Blockfrost already rely on the API provider to avoid running their own infrastructure. Filecoin posted via X: “Blockfrost added a premium storage tier for Cardano developers backed by Filecoin. Distributed across independent providers, verifiable, with no infrastructure overhead. For data-driven apps on Cardano, that’s a reliability upgrade with no workflow changes required.”

Charles Hoskinson amplified the announcement with a short but pointed endorsement, calling Filecoin “one of the OGs” and welcoming it to the Cardano ecosystem. The comment was brief, but it gave the rollout added visibility across Cardano circles and framed the integration as more than a quiet backend feature.

Philip DiSarro, the founder and CEO of Anastasia Labs, a Cardano-focused smart contract development and security firm, added via X: “This is a beast of a collaboration / announcement.”

This is a beast of a collaboration / announcement. https://t.co/YforHLhW3y

— Phil (@phil_uplc) April 21, 2026

The older press release behind the announcement fills in what the product actually does. In December 2024, Filecoin Foundation and Blockfrost said they were collaborating to integrate Filecoin as a decentralized storage backup layer for apps built with Blockfrost. At the time, the framing centered on redundancy, quality assurance and decentralization. The new development is that those ideas now appear to have been packaged into a “premium storage tier” for developers rather than remaining a general infrastructure collaboration.

A premium tier implies a concrete service offering developers can select as part of their stack, with clearer user value: preserve data across a decentralized storage network, keep access seamless, and do it without forcing teams to rework their application flow.

Filecoin’s wording around the launch was explicit: “For data-driven apps on Cardano, that’s a reliability upgrade with no workflow changes required.” That is the core pitch. Not a new chain, not a migration, not another middleware maze. Just a harder-to-break storage layer sitting behind the tools many builders already use.

The original release also made clear why Filecoin was the chosen layer. “By archiving its IPFS Gateway clusters on Filecoin, the world’s largest decentralized storage network, Blockfrost will introduce a new service tier for builders that includes both IPFS and Filecoin storage. This integration not only strengthens the resilience of future Cardano apps but also highlights a commitment to decentralization by prioritizing the coordination of two leading layer-1 blockchain ecosystems.”

At press time, ADA traded at $0.2555.

Security Architecture Behind The XRP Ledger’s Track Record

A recent discussion on X gained traction after the account @RippleXity noted that more than $15 billion has been lost to crypto exploits across the industry, while the XRP Ledger has recorded zero protocol-level hack losses. The comment triggered responses from several market participants who argued that the network’s architecture and operational approach explain the difference.

The security discussion quickly expanded when a crypto commentator responded to RippleXity’s post, arguing that XRP’s design has long prioritized reliability. According to the post, this level of safety is one reason the network has been integrated into the financial infrastructure used by banking institutions.

The commentator described the asset as significantly undervalued while emphasizing that its security framework operates at a level comparable to traditional financial systems. Supporters argue that XRP Ledger’s strong track record is tied to deliberate design choices that prioritize stability and predictable transaction finality over experimental features that could introduce vulnerabilities. They also note that, unlike many blockchain ecosystems that rely on complex bridges and interoperability tools, the XRP Ledger maintains a more controlled architecture, which they believe has helped reduce exposure to attack vectors responsible for major losses in decentralized finance.

How XRP Ledger’s Security Approach Compares With Others

The security debate intensified further after a separate post by XRP advocate @InvestWithD referenced comments from David Schwartz, the Chief Technology Officer at Ripple. Schwartz reportedly explained that when Ripple evaluated bridging systems for its stablecoin project RLUSD, the company focused primarily on risk management and security.

According to the post, many DeFi bridging systems include strong security tools, but some projects disable them to simplify operations or scale faster, a choice Schwartz suggested may have contributed to the KelpDAO exploit. The exploit reportedly involved about $292 million, where attackers manipulated a LayerZero-connected system using a 1-of-1 Decentralized Verifier Network instead of a multi-verifier setup, creating a single point of failure that enabled spoofed messages, fraudulent rsETH minting, and fund drainage. 

In contrast, Ripple’s RLUSD avoids risky bridges through native issuance on both the XRP Ledger and Ethereum, while expansion to Layer-2 networks like Optimism, Base, Ink, and Unichain uses Wormhole and its Native Token Transfers (NTT) standard.

That system allows Ripple to maintain direct control over token issuance while using multiple verification layers for cross-chain transfers. Supporters argue that this emphasis on controlled issuance and layered verification reflects the broader philosophy that has allowed the XRP Ledger to maintain its long-standing record without protocol-level exploit losses.

Shiba Inu Open Interest Surpasses BTC And XRP

Shiba Inu has recorded a sharp increase in derivatives market activity after its Open Interest surged by more than 20% on April 21. CoinGlass data shows that the metric climbed from approximately $56.27 million the previous day, reflecting a notable jump in trader participation and speculative positioning around the meme coin. 

The latest spike in Open Interest reflects a growing concentration of capital flowing into SHIB futures contracts, signaling heightened engagement among derivatives traders despite market volatility. This shift also indicates that market participants are increasingly opening new positions in SHIB futures, rather than closing existing ones. 

Notably, Shiba Inu’s Open Interest has now surpassed levels seen in major blue-chip assets such as Bitcoin and XRP during the same period. This surge suggests that traders may be shifting their focus away from larger cryptocurrencies to SHIB, highlighting renewed interest in meme coins. 

Importantly, Shiba Inu’s Open Interest closed around $61.1 million on April 21, indicating a more than 10% reversal from its earlier 20% surge. At the time of writing, the metric has increased again to $68.78 million, reflecting a more than 12.5% surge from the previous day. As Open Interest continues to rise, SHIB’s trading volume is also up by more than 95%, currently sitting at $205.78 million. 

SHIB’s Open Interest Surges As Price Increases

Shiba Inu is not only seeing a rise in its Open Interest but also in its price. Over the past week, the meme coin has rebounded by more than 6%, and in the last 24 hours, it is up by over 2.5%, according to CoinMarketCap data. Usually, when a cryptocurrency’s price climbs alongside a surge in Open Interest, market data typically points to strengthening bullish momentum supported by increased leverage. 

This combination suggests that new capital is actively entering the market, with traders possibly positioning for further upside through long contracts. As more traders open long positions, the short-term uptrend continues due to increased buying pressure. 

While this can be bullish and potentially support a future price reversal under favorable conditions, the same setup also carries risks. If too many traders are all betting on prices going up at the same time, the market becomes overcrowded. When this happens, even the smallest decline in price can trigger liquidations, forcing traders to close their positions and increasing the chance of a deeper pullback.

Industry Experts Set Their Targets

Bitcoin has pushed back above $78,000 this week, Spot ETF flows have turned positive again, and futures open interest is now back above $120 billion, showing that conviction is building again even as the crypto’s price is about 38% below the October 2025 all-time high of $126,080. 

The lower end of the prediction spectrum is occupied by names that, a few years ago, would not have been caught issuing a Bitcoin price target. Citigroup has set a base case target of around $126,000 for Bitcoin by the end of 2026. Analysts at CitiGroup based the prediction on the anticipated passage of the Digital Asset Market Clarity Act.

Other predictions on the lower end include $148,000 from Pantera Capital, $150,000, $170,000 from JPMorgan, $180,000 from VanEck, and $150,000 and $200,000 from Standard Chartered. More bullish predictions from industry names see Bitcoin trading above or near $200,000 by the end of the year. These include venture capitalists, fund managers, and financial commentators who have spent years building their credibility on Bitcoin calls. 

Tom Lee, one of the more closely followed Bitcoin bulls on Wall Street, has outlined a $189,000 target. Further up the range, Tim Draper sees $250,000; Ark Invest’s Cathie Wood points to $275,000; Robert Kiyosaki predicted $350,000; Anthony Scaramucci has floated $400,000, while both Chamath Palihapitiya and Mike Novogratz have put forward projections as high as $500,000. A move to $500,000 from current price levels would represent a gain of more than 550%

Forecast Range Shows Just How Divided The Market Still Is

The projections span a wide range of targets, and that range shows just how divided these industry voices are when it comes to Bitcoin’s upside this year, even though the broader sentiment is still bullish. Some expectations sit just above the current all-time high, while others point to a much larger repricing.

What makes the list interesting is that not all of these calls carry the same weight right now, and at least one major forecast has already been revised lower. Citigroup, for instance, cut its 12-month Bitcoin target to $112,000 in March 2026 from $143,000 previously, while keeping a bullish scenario of $165,000. 

Standard Chartered also cut its year-end 2026 target to $150,000 late last year from $300,000, even though it still kept a longer-term $500,000 view for 2030.

New Bitcoin Purchase Propels MicroStrategy

A crucial shift is taking place in Bitcoin accumulation among large firms across the sector. In the Bitcoin institutional race, Strategy formerly known as MicroStrategy has become a prodigy in BTC accumulation after years of acquiring the leading asset. 

According to a recent report from Darkfost, a market expert and verified author at CryptoQuant, the company founded by Michael Saylor, a prominent figure in the crypto space, has now surpassed BlackRock, the largest asset manager, in total BTC acquired.

This flip comes after Strategy’s most recent BTC purchase, which saw over 34,164 BTC being scooped up. The aggressive accumulation approach has strengthened MicroStrategy’s position as one of the biggest corporate holders in the market and once again demonstrated its steadfast dedication to the crypto king.

Following the latest acquisition, the company now holds over 815,061 BTC, while BlackRock’s IBIT now controls over 802,823 BTC as of April 17. This event indicates a wider trend of increasing corporate conviction in Bitcoin as a strategic asset, in addition to highlighting the growing competition among institutional participants in the crypto and finance space.

With its current stash, Strategy now holds more than 4% of BTC’s total supply. As a result, the company continues to move closer to its initial stated objective of holding around 5% to 7% of the total supply in circulation. 

Despite holding a huge amount of BTC, Strategy suffered notable losses as the asset’s price fell below the firm’s realized price of $75,527. However, after several market shifts, the price of Bitcoin has now moved back above Strategy’s realized price at the time of the post. Darkfost stated that this brings an end to the period of unrealized losses that started in early February this year. As of today, Strategy has once again projected profits of $242 million.

The BTC Bear Market Still Alive 

While Bitcoin’s price has slightly picked up pace following the market rebound, underlying signals continue to point to weakness in the broader trend. Such signals imply that BTC’s recent upward trend is likely to be temporary, and a decline is still heavily on the table.

After navigating multiple on-chain metrics, Alphractal, a data analytics platform, highlighted that BTC’s bear market is not over yet, suggesting impending bearish periods. Over time, the Short-Term Holder Realized Price vs the Long-Term Holder Realized Price has been a key indicator in determining whether the market is still in a bear or bull phase.

Alphractal noted that the bear market will only end when the STH Realized Price drops below the LTH Realized Price. The platform’s analysis is backed by historical trends where this setup signaled the end of the bear market phase. At this point, it is crucial to monitor this current reading to determine whether the same pattern holds in the ongoing cycle.

The numbers are still small, but the structure behind them points to something that could scale far more than what is reflected in the current price of the altcoin.

Institutional Capital Begins To Land On XRPL

Crypto commentator X Finance Bull recently drew attention to a detail that deserves more scrutiny than it has received. The post, which was made on the social media platform X, highlighted how several institutional-grade products tied to US Treasuries are already live on the XRP Ledger. The combined value sits above $300 million, spread across offerings linked to firms such as BlackRock-backed Ondo Finance, OpenEden, and Guggenheim.

Ondo Finance accounts for the largest share at $221.8 million, followed by the OpenEden T-Bill Vault with roughly $55 million, while Guggenheim Treasury Services has about $40 million worth of institutional products on the Ledger.

To that roster, abrdn (Aberdeen Group plc), a firm overseeing more than $600 billion in assets, has deployed a tokenized liquidity fund on the Ledger as well, currently worth $15.9 million. Together, these four products represent over $333 million in live institutional capital on a network that, until recently, was better known for cross-border payments.

Each of these deployments has a deeper meaning. For instance, Ondo’s OUSG token is backed by BlackRock’s USD Institutional Digital Liquidity Fund and allows qualified investors to mint and redeem tokens 24/7 using Ripple’s RLUSD stablecoin.

A Tiny Slice Of A $31 Trillion Market

Institutions entering tokenized Treasuries have a wide selection of blockchains to choose from, including Ethereum and other established networks. Therefore, the significance is not just the capital itself but how quickly XRPL has closed the gap from almost no footprint in treasury-backed products. 

In 2025, tokenized assets on the Ledger surged by 2,200%, increasing from $24.7 million in January to $567 million by year-end. Even with these developments, the scale of allocation is microscopic when compared to the US Treasury market, which holds a value above $30 trillion. The current allocation on XRPL barely scratches the surface, representing a fraction of a fraction of total issuance. That is exactly what is adding to the long-term outlook.

Tokenization of real-world assets, particularly government debt, has become one of the most closely watched trends across both crypto and traditional finance. The implication for the XRP price lies in how this activity scales and how much of it is tokenized on the XRP Ledger.

Bitwise Chief Investment Officer Matt Hougan recently projected that the tokenization market could expand from $26 billion today to $200 trillion, citing massive traditional markets including $110 trillion in stocks and $140 trillion in bonds. The implications for XRP’s price action would be significant if XRPL receives a notable share of that market as it scales.

That concern formed part of the backdrop when a four-star Navy admiral took a rare public stance on Bitcoin last Tuesday, telling a Senate committee it belongs in the same conversation as US military power.

Mining, Hardware, And The Supply Chain Problem

Admiral Samuel Paparo, commander of US Indo-Pacific Command, told the Senate Armed Services Committee that Bitcoin functions as a tool for “power projection.”

His remarks were prompted by a question from Senator Tommy Tuberville, who pointed out that China’s top monetary think tank has begun treating Bitcoin as a strategic asset and asked how Congress should respond.

Paparo didn’t answer that directly. What he did say was direct enough: “Bitcoin is a reality. It is a peer-to-peer zero-trust transfer of value. Anything that supports all instruments of national power for the United States of America is to the good.”

US Admiral Calls Bitcoin Key to Cybersecurity and Power Projection

Admiral Samuel Paparo sees Bitcoin as a strategic tool for U.S. cybersecurity and national power, emphasizing its proof-of-work advantages. (Read More)

➤ https://t.co/ik53cB163F#Power #Admiral #Bitcoin

— BTCN.it Short Crypto News (@bitcns) April 22, 2026

Beyond its role as a currency, Paparo argued that Bitcoin’s proof-of-work system carries real weight as a cybersecurity mechanism. The design of that system, he said, forces anyone trying to attack the network to spend enormous resources — making intrusions significantly more expensive.

“Outside of the economic formulation of it, it has got really important computer science applications for cybersecurity,” he told the committee.

Not The First Voice From The Military

Paparo is not the first person in uniform to make this case. In December 2023, US Space Force member Jason Lowery argued that proof-of-work technology could be applied well beyond finance — used to protect data, messages, and command signals from hostile actors.

Lowery said at the time that treating Bitcoin purely as a financial tool understates what it can do for national security. The difference now is the rank of the person making the argument.

The hearing covered a wide range of security threats, including China’s military buildup, the war in Ukraine, the conflict in the Middle East, and ongoing aggression from North Korea.

Cybercrime was woven through much of that discussion. North Korea’s Lazarus Group, for instance, has stolen billions in crypto over the past decade, with proceeds allegedly funneled into the country’s weapons program.

The US currently holds more Bitcoin than any other national government and controls the largest share of the global mining network. But that position comes with a vulnerability: the physical machines used to mine Bitcoin are largely manufactured overseas.

Featured image from Meta, chart from TradingView

Staking On Ethereum Expands Rapidly

Interest in Ethereum among institutional and retail investors is shifting to another level. A fresh milestone is reshaping the supply dynamics of Ethereum, as staking activity witnesses a sharp growth, breaking past previous peak levels.

Leon Waidmann, a market expert and head of research at Lisk, announced on the social media platform X that the ETH staking ratio just exceeded 32%, marking a new all-time high. A 32% staking ratio reading implies that 1 out of 3 ETH is now locked away in staking contracts across the network.

The increase in locked Ethereum is a reflection of increased confidence among players as they commit more of their holdings to support the network and earn yield. Such a milestone is likely to strengthen ETH’s security and reduce the amount available on the open market for trading.

According to the data shared by Waidmann, this staking level took the leading network over 5 years to reach. As of January 2021, the staking ratio was sitting at 0%. With major achievements, staking is now unfolding as a crucial part of ETH, influencing the network’s structure and its entire market outlook.

Waidmann highlighted that staking operations recorded a 5% increase in the last 12 months. At the same time, Digital asset treasuries (DATs) continue to add more ETH to their crypto holdings, snatching up between 6.6 million and 7.4 million ETH, representing between 5.5% to 6.1% of the entire Ethereum supply in the market.

When combined, this rounds up to approximately 38% of ETH’s total supply, effectively leaving the market. “ The bottleneck for ETH isn’t demand, it’s available float,” Waidmann stated. Furthermore, the expert added that stakers do not unwind on drawdowns, and neither do corporate balance sheets sell their holdings on vibes. ETH’s supply locked in staking is a structural move, which is bullish for its near-term future.

ETH Whales Are Showing Cautious Behavior

Even though the price of Ethereum has undergone a brief upward move as the broader crypto market slowly recovers, investors’ sentiment appears to be shifting into a bearish state. This growing bearish sentiment among investors is observed in their recent positioning.

In a report, Joao Wedson, the founder of on-chain data analytics platform Alphractal, shared that ETH investors, especially large holders or whales, are leaning toward the short side. These investors are betting against the current upward momentum, as they steadily open short positions.

This trend is particularly evident among three leading trading platforms, such as Binance, OKX, and Gate. An interesting part of this trend is that these large holders are more interested in short positions on ETH than retail traders.

How XRP Has Outperformed Hedge Funds

In an X post, Vandell noted that XRP rose from its 2014 bottom of roughly $0.0028 to an all-time high (ATH) of $3.64 in 2025, representing roughly a 129,900% return. Additionally, the altcoin rose from a low of $0.11 in 2020 to the $3.64 high in 2025, marking a return of around 33x in just five years. 

The pundit stated that XRP has made the world’s top hedge funds look like “savings accounts,” having outperformed since its launch. He added that the bigger move for the altcoin is yet to come, suggesting the token could see astronomical gains. Vandell declared that utility and adoption are just “icing on the cake” for the token, creating more demand. 

He affirmed that the altcoin will appreciate regardless of utility as long as the money supply increases over time. Meanwhile, other pundits like X Finance Bull have highlighted that the passage of the CLARITY Act could serve as a catalyst for massive growth in XRP. Vandell also signaled that the crypto bill will boost it, with trillions of dollars flowing into the crypto industry. 

This came as he noted that trillions of deployable institutional capital remain constrained by regulatory clarity and macro conditions before meaningfully allocating to crypto. He added that the scale of inflows will be ‘historic’ once clarity improves and macro conditions align. On the macro side, there are currently inflation concerns, especially as the Iran war continues to drive oil prices higher. 

On Whether It Can Reach $1,000

In another X post, Vandell said that XRP can reach $1,000 overtime as long as the uptrend remains intact. He acknowledged that such a rally could take several years, or even decades, to reach this level. The pundit added that supply and demand will be key to determining when it can reach this level.

He noted that XRP has a limited supply, while the token has continued to see a sustained demand. Vandell explained that fiat debasement has contributed to this demand, while retail and institutional investors are also accumulating the token based on the token’s utility. The pundit concluded that it will likely continue to rise as long as it remains relevant in the crypto space and sustains this demand. As such, he believes market participants should be looking to position for this price surge rather than fixating on when exactly it will happen. 

At the time of writing, the XRP price is trading at around $1.44, up in the last 24 hours, according to data from CoinMarketCap.

The paper, published April 21 and authored by a group that includes Scott Aaronson, Dan Boneh, Justin Drake, Sreeram Kannan, Yehuda Lindell and Dahlia Malkhi, says it has “high confidence” that a large-scale fault-tolerant quantum computer will eventually be built.

Coinbase Puts Bitcoin And Ethereum Devs On Notice

At the same time, it stresses that breaking current public-key cryptography still requires a machine far beyond today’s devices, and that the threat remains an engineering challenge rather than an imminent market event. NIST’s recommendation that post-quantum migrations should be completed by 2035 features prominently in that framing, though the authors add that they are “not confident” cryptographically relevant quantum computers will not exist by then or later.

Still, the report pushes hard against complacency. “Waiting for it to be urgent is not a good idea,” the authors write. “The discussion regarding quantum computing often revolves around the timeline. However, we believe that this debate on timelines is largely irrelevant (beyond that it is not imminent) since migrations should be planned for and prepared now.”

The advisory board argues that post-quantum protection is needed at both the consensus layer, where validators sign blocks, and the execution layer, where users sign transactions. The catch is that the cleanest cryptographic replacements are often much heavier than the elliptic-curve systems chains use today, especially once signature size, verification cost and aggregation are taken into account.

For Bitcoin, the report draws a distinction between UTXOs whose public keys remain hidden behind hashes and outputs where the cleartext public key is already exposed on-chain. It cites an estimate from Project 11 that about 6.9 million BTC sit in UTXOs for which the cleartext public key is known, including roughly 1.7 million BTC in older pay-to-public-key outputs, among them the so-called Satoshi coins. Those are the coins that would be most vulnerable to a harvest-now, break-later style attack once a sufficiently capable quantum machine exists.

The Bitcoin section does not read like a call for panic. It notes that Grover’s algorithm is unlikely to hand quantum miners an edge over classical ASICs anytime soon, because the overhead of running the quantum search remains too high. But it does outline practical mitigation ideas, including a commit-reveal approach for spending pre-quantum UTXOs more safely and an “Hourglass” proposal that would cap spending of exposed P2PK outputs at 1 BTC per block, effectively turning dormant coins into a canary rather than an instant jackpot.

Ethereum’s path in the paper is more expansive. The authors say the network faces four quantum-sensitive surfaces: EOA transaction signing at the execution layer, BLS validator signatures at the consensus layer, pairing-based proof systems in the EVM, and KZG commitments in the data layer. The report says Ethereum’s current direction is to move to hash-based signatures for both consensus and execution, using leanXMSS for validators and leanSPHINCS for user-level execution, then compressing the resulting signature load through SNARK-based aggregation. In that design, the on-chain aggregate signature would be on the order of 128KB.

More broadly, the paper recommends staged migration rather than abrupt replacement. At the consensus layer, it proposes periodic post-quantum checkpoints that can anchor prior history even before a full switchover.

At the execution layer, it favors a “1-out-of-2” approach, where users can sign with either the current elliptic-curve scheme or a post-quantum scheme, allowing chains to keep today’s costs low while preserving the option to disable legacy signatures later. “We firmly believe that a large-scale fault-tolerant quantum computer will eventually be built,” the authors write. “This doesn’t mean that the threat is imminent… However, we believe that the time to begin preparing for it is now.”

At press time, Bitcoin traded at $77,974.

This shift among companies is moving faster than many expected, yet the traditional banks they use every day are struggling to keep up.

While these banks see that the market is changing, very few have actually launched products to meet this demand. Only about 19% of financial institutions currently provide a way for their clients to buy or hold these assets.

This massive gap between what clients want and what banks offer is creating a new kind of friction in the European financial sector.

Banks are facing an internal crisis of expertise rather than a lack of interest. Reports indicate that most institutions know digital assets are important. In fact, 80% of them recognize the growing weight of this asset class.

The problem is they lack the staff and the budget to build the necessary systems. Many banks have not set aside the funds needed to hire experts or update their technology. Even with clear rules now in place through the Markets in Crypto-Assets regulation, banks are hesitating. They are stalled by their own internal hurdles.

Source: Boerse Stuttgart Digital

Meanwhile, their customers are becoming restless. Many people would rather keep their money in one place. Reports show that 27% of investors want to manage crypto through their current bank. Only 14% say they prefer using a dedicated crypto exchange.

Traditional Institutions Risk Losing Loyal Customers

The lack of action from legacy banks is starting to have real consequences for customer loyalty.

A Boerse Stuttgart Digital survey released Tuesday found that 35% of European investors would consider switching banks if another institution offered better cryptocurrency investment options.

This suggests that digital assets are now influencing how customers choose where to keep their money. People are tired of moving money between different apps and accounts. They want simplicity.

If a bank cannot offer a way to buy Bitcoin or other tokens, the customer will find a competitor who can. This is not just about young retail traders. It affects high-net-worth individuals and large corporations too.

The revenue that banks could make from fees is currently going to crypto-native platforms instead.

The data suggests that the window for banks to act is closing. Investors are already active in the market, with or without their help. Large numbers of retail users have already set up accounts on external exchanges.

These users are getting used to those platforms. Once a customer leaves a traditional bank for a crypto-friendly one, it is very hard to get them back. The cost of winning a new customer is high. Losing one over a lack of basic services is a self-inflicted wound.

Some banks are starting to realize this. They see the potential for new income. However, the majority remain stuck in the planning stages.

Clear Regulations Fail To Spark Immediate Bank Action

European lawmakers have already done their part by creating the MiCA framework. This provides a legal map for how digital assets should be handled. Usually, banks wait for this kind of clarity before they move.

But even with the rules written down, the pace remains slow. Reports note that the struggle is purely operational. It takes time to train staff. It takes even longer to ensure that security measures are tight enough to hold digital keys.

While the banks move slowly, the market moves fast. Investors are not waiting for their local branch to catch up. They are taking their assets elsewhere today.

Featured image from Pexels, chart from TradingView

The exchange came during questioning from Sen. Tommy Tuberville, who framed US-China competition as a monetary contest as well as a military one. Tuberville said the Chinese Communist Party’s main monetary think tank had published research on BTC as a strategic asset last year, and he tied that backdrop to President Donald Trump’s move to establish a strategic reserve. He then asked Paparo how leadership in Bitcoin could affect “leverage, resilience, deterrence” for INDOPACOM against China, and whether such a reserve helps the US compete.

Bitcoin Enters The Defense Debate

Paparo’s answer was notable less for any market implication than for the language he used to describe BTC itself. Rather than focusing first on price, reserve composition, or financial policy, he approached it as a technical system with military relevance. “Our research into Bitcoin is as a computer science tool,” Paparo said. “It’s the combination of cryptography, a blockchain, and a proof of work. And Bitcoin shows incredible potential as a computer science tool that through the proof of work protocols, actually imposes more cost than just the algorithmic securing of networks and our ability to operate.”

That formulation matters. Paparo did not present BTC merely as a reserve asset or payment rail, but as a system whose architecture may have value in cybersecurity and power projection. He continued: “Bitcoin is a reality, it is a valuable computer science tool as a power projection. And outside of the economic formulation of it, it has got really important computer science applications for cybersecurity.”

Pressed by Tuberville on what Congress should do to help the US lead in “Bitcoin competition,” Paparo stopped short of offering immediate policy prescriptions in open session. But he did make clear that he sees the technology as strategically relevant. “I have to go deeper on that with you for the record,” he said. “But Bitcoin is a reality. It is a peer-to-peer, zero-trust transfer of value. Anything that supports all instruments of national power for the United States of America is to the good.”

The comments were quickly amplified by the BPI, whose executive team has been pushing the national-security case for BTC in Washington. Managing Director Conner Brown called the moment the point at which “Bitcoin was recognized as a strategic tool on the world stage,” while Galaxy lead researcher Alex Thorn underscored Paparo’s stature, noting that INDOPACOM is the largest geographic combatant command in the US military.

BREAKING: ADM Paparo, 4-star Admiral and Commander of U.S. Indo-Pacific Command, just testified before the Senate that “Bitcoin shows incredible potential” as a tool for U.S. national security. Watch the full exchange: pic.twitter.com/BnhOTEbJEM

— Bitcoin Policy Institute (@bitcoinpolicy) April 21, 2026

Thorn also pointed to an April 17 post from BPI executive director Grant McCarty, who said he had met with Tuberville and praised the senator’s understanding of “the strategic opportunity Bitcoin presents to advance US interests.”

The broader intellectual backdrop is difficult to ignore. Jason Lowery, the former US Space Force official and author of Softwar: A Novel Theory on Power Projection and the National Strategic Significance of Bitcoin, has argued that the proof-of-work system should be understood through a defense and deterrence lens, not just an economic one.

Lowery was appointed Special Assistant to the Commander at INDOPACOM in August 2025, though there’s no evidence which directly shows his role in Paparo’s testimony or the command’s current research. Via X, he just commented “Alea iacta est. ”.

At press time, BTC traded at $77,926.

DeFi Losses Far Outpace Bitcoin Losses

On-chain researcher @waleswoosh on X (formerly Twitter) pointed out a concerning trend with the DeFi activity as seen over the last few weeks. The charts shared showed that from top to bottom, money was moving out of DeFi protocols at an unprecedented rate.

This data is backed up by DeFiLlama, with the website showing that both large and small networks alike were suffering in this regard. According to the website, Ethereum, the leading protocol, has seen its Total Value Locked (TVL) decline by around 13.54%, and even this is modest compared to the volume recorded on other protocols.

In the same time period, Solana has seen a 15.15% change, and these percentages actually translate into billions of dollars in TV being lost. Protocols such as Hyperliquid and Near also suffered higher loss rates at 15.71% and 25.68%, respectively.

Interestingly, Bitcoin saw its TV jump around 73.60% during this time, and Iron saw a 23.42% increase. This trend highlights the move away from decentralized finance towards more ‘sustainable’ investment options at this time.

One major factor that has triggered the exodus from these DeFi protocols looks to be the endless hacks that have plagued the sector. The most recent hack of KelpDao saw the attacker(s) make away with almost $300 million in loot, leaving investors in a very bad spot.

Earning yield on locked funds, which was one of the major pulls of the DeFi sector, has quickly become a ‘joke’ among investors, with yield rates falling and the risks rising. Many have highlighted the low reward-to-risk ratio as the possibility of losing all of the invested funds grows higher by the day.

The TVL of the entire DeFi sector looks to be in free fall, with a 7% decline in the last 24 hours at the time of this report. It is currently sitting slightly above $122 billion, which is a long way from the $229 billion that was recorded in October of 2025.

New BOK Governor Pushes For CBDCs

In an inauguration speech on Tuesday, Bank of Korea’s new governor, Shin Hyun-song, began his term outlining the priorities the central bank will focus on over the next four years.

The BOK Governor, who is also a former head of the Monetary and Economic Department at the Bank for International Settlements (BIS), addressed the central bank’s role in a digitalized financial environment.

Shin affirmed that the BOK’s mission is to safeguard trust in money and the stability of payments and settlements, while preparing for digital financial innovation. He also shared that internationalizing the won is “an important task to establish a currency infrastructure befitting our economy’s status,” highlighting CBDCs and bank-issued deposit tokens as key pieces to boost the won.

Through Phase 2 of Project Han River, we will increase the usability of CBDC and deposit tokens, and through international cooperation such as the Agora Project, we will enhance the won’s standing even in a digital payments environment.

However, he noted that the efforts to internationalize the won and innovate South Korea’s currency regime should not undermine the country’s financial stability. Therefore, the BOK must implement safeguards and a “macroprudential framework suited to the changed environment,” which it will discuss and develop.

Despite his pro-innovation stance, the new BOK governor failed to mention stablecoins during his inaugural speech, potentially signaling that the tokens could take a secondary role under his tenure.

Shin had previously addressed the topic, asserting that won-denominated stablecoins would play a role in the currency ‌ecosystem of the future and could co-exist with CBDCs and deposit tokens.

“I expect that central bank digital ​currencies and deposit tokens will be able to ​coexist with stablecoins in a manner that is ⁠supplementary and competitive to each other,” he said on April 14.

South Korea’s Stablecoin Legislation Stalls

It’s worth noting that stablecoins have been a crucial part of the country’s digital transformation and have dominated South Korea’s policy debates over the past year. Last year, lawmakers delayed the Second Phase of the Virtual Asset User Protection Act, known as the Digital Assets Act, due to a disagreement between the FSC and the BOK.

As reported by Bitcoinist, the highly anticipated legislation is expected to address the issuance and distribution of won-pegged tokens. However, the financial institutions couldn’t agree on the extent of banks’ role in the issuance of stablecoins, despite agreeing that financial institutions must be involved.

While the central bank pushed for a consortium of banks owning at least 51% of any stablecoin issuer seeking approval in the country, the FSC was concerned that giving banks a majority stake could reduce participation from tech firms and limit the market’s innovation.

Last week, South Korean lawmakers urged the government to prioritize stablecoin legislation. At a Korean Commercial Law Association conference in Seoul, Representative Kim Sang-hoon publicly asked the National Assembly to approve the Digital Asset Act.

The chairman of the Special Committee on Digital Assets and a key lawmaker from the ruling People Power Party (PPP) expressed concerns about the delay, warning that while politicians argue over governance structures, the market is moving without them.

“At a time when institutionalization is urgently needed, governance issues such as restrictions on major shareholders’ stakes have suddenly taken center stage in the discussion, while the essential discussions on market stability and support for innovation—which are the core of the bill—are being pushed to the sidelines,” he stated.

Bybit Returns With A Bigger Check

Bybit led an $8 million Series A round in Hata, a Kuala Lumpur-based digital asset exchange, with global family offices also putting money in.

It is not Bybit’s first bet on the company. The exchange previously led Hata’s $4.2 million seed round, making this a follow-on investment in a platform it already knows well.

According to the announcement, the new funds will go toward building liquidity, growing the user base, and adding more digital asset products.

Hata has been operating since 2023. In that time, it has signed up more than 209,000 registered users and processed roughly 1 billion Malaysian ringgit — about $225 million — in transaction volume this year alone.

For a licensed retail exchange still in its early years, those numbers show real momentum.

Two Licenses, One Platform

What sets Hata apart from many of its regional rivals is its regulatory standing. The platform holds licenses from both the Securities Commission Malaysia and the Labuan Financial Services Authority, which together allow it to offer trading and custody services for digital assets within the country.

That dual-licensed structure is uncommon and gives Hata a compliance foundation that unregistered offshore platforms cannot match.

Bybit CEO Ben Zhou pointed to Malaysia’s appeal directly. He called the country strategically important and cited its digitally engaged population and strong long-term appetite for digital asset adoption.

Bybit, reports indicate, ranks as the fifth-largest crypto exchange in the world by trading volume.

The investment lands at a moment when Malaysian regulators are actively shaping the rules of the road for digital assets.

Bank Negara Malaysia launched a Digital Asset Innovation Hub as a regulatory sandbox, opening it up to fintech and crypto firms to test use cases — among them ringgit-backed stablecoins, programmable payments, and supply chain financing, all under central bank oversight.

The central bank has also outlined a three-year roadmap for asset tokenization. Institutions including Standard Chartered, CIMB Group, and Maybank are taking part in three sandbox programs focused on tokenized bank deposits and cross-border settlement.

A Malaysian telecom company linked to Crown Prince Ismail Ibrahim separately launched a ringgit-backed stablecoin called RMJDT on the Zetrix blockchain under the same framework.

Featured image from Pexels, chart from TradingView

Greek maritime risk management firm MARISKS says it has received warnings about messages being sent to shipping operators whose vessels are currently stranded to the west of the waterway, offering “safe passage” through the strait in return for crypto payments.

Hormuz Ceasefire Push Meets Crypto Scam

During the same window of ceasefire talks, Iran—because it controls the chokepoint—has also proposed crypto toll arrangements for vessels seeking transit. 

The scam, according to Reuters, appears to mimic those discussions while steering targets toward fraudulent transfers rather than legitimate payment channels.

According to the warning, the scammers demand transit fees paid in Bitcoin (BTC) or in Tether’s USDT stablecoin, in exchange for what they describe as “clearance” to pass through the strait. 

MARISKS reports that the messages are not vague: they include a structured demand for crypto payments designed to pressure operators quickly and out of normal procedures.

Iran’s proposed legitimate system, as described through reporting and officials’ comments, could involve payments that start at roughly $1 per barrel—an amount that can translate into millions of dollars per voyage depending on the cargo and shipment size. 

Hamid Hosseini, a spokesperson for Iran’s Oil, Gas and Petrochemical Products Exporters’ Union, described an operational outline in which, after email documents from a ship are received, Iran completes an assessment and then gives vessels only seconds to make the payment in Bitcoin. 

The purpose, he said, is tied to sanctions risk: completing transactions rapidly is intended to help prevent payments from being traced or seized under sanctions-related enforcement regimes.

Alleged Firing On Vessels

These scams unfold against a broader backdrop of persistent tensions. Even while the US has kept its blockade of Iranian ports in place, Iran has reimposed its own blockade on the Strait of Hormuz. 

The strait remains a critical passageway: Reuters has noted that it carries about one-fifth of the world’s oil and liquid natural gas. That scale and importance help explain why operators under pressure may respond quickly to communications that appear to offer an end to delays.

On Saturday, attempts to move through the strait reportedly ran into violence. Reuters reported that ships tried to pass, and at least two vessels claimed Iranian boats fired at them. 

In its warning, MARISKS suggested that at least one of those vessels may have been a casualty of the crypto scam—raising the possibility that fraudulent “clearance” arrangements may be contributing to dangerous outcomes at sea, not just financial losses.

Bitcoin has retreated to $75,520 after starting above $77,000 on Tuesday. The cryptocurrency is consolidating between these levels as it has been unable to break above the immediate resistance at $78,500. 

Featured image from OpenArt, chart from TradingView.com 

A Council Under Pressure

Griff Green, a sitting member of the Arbitrum Security Council, said the group wrestled with the decision for hours. The debates covered technical, practical, ethical, and political ground before the vote was cast.

“We did not make this decision lightly,” Green posted on X. In the end, the council moved 30,766 Ether — worth roughly $71.2 million — out of a wallet linked to the Kelp protocol exploit and into what Arbitrum described as “an intermediary frozen wallet.”

I’m a member of the Security Council & I can tell you we did not make this decision lightly, there were countless hours of debates, technical, practical, ethical and political.

But all it takes for evil to triumph is for good men to do nothing, so today, we decided to do… https://t.co/tArbmXwZKN

— Griff Green – griff.eth (@griffgreen) April 21, 2026

The funds cannot be touched by the address that originally held them. Only a further action by Arbitrum governance can move them now.

Law enforcement was part of the conversation. Arbitrum confirmed the council worked with authorities before acting, a detail that sets this incident apart from the usual back-and-forth that follows a DeFi hack.

The Arbitrum Security Council has taken emergency action to freeze the 30,766 ETH being held in the address on Arbitrum One that is connected to the KelpDAO exploit. The Security Council acted with input from law enforcement as to the exploiter’s identity, and, at all times,…

— Arbitrum (@arbitrum) April 21, 2026

The Hack That Started It All

The chain of events began Saturday, when Kelp — a liquid restaking protocol — was hit through its LayerZero-powered bridge. Reports indicate the theft totaled at least $293 million.

LayerZero, the cross-chain messaging protocol involved, publicly pointed the finger at North Korea as the group behind the attack.

The damage did not stop at Kelp. Whoever carried out the exploit used stolen Kelp tokens to borrow other cryptocurrencies on Aave, the lending platform.

That move left Aave holding what risk managers described as bad debt — losses that spread through the broader crypto lending market because of how tightly connected these protocols are to one another.

so a council can just freeze 30k eth and we’re still calling this decentralized?

— Sandy.ETH (@david_lee2085) April 21, 2026

Not everyone welcomed Arbitrum’s response. On X, several users pushed back hard, arguing that a blockchain capable of freezing funds on council orders cannot honestly call itself decentralized.

The criticism cuts at a long-standing tension in the crypto world: security measures that protect users can also be the same tools that override them.

Arbitrum said the council weighed its responsibilities carefully, taking care not to affect other users or running applications on the network.

Whether that assurance satisfies critics remains an open question. What is clear is that 30,000-plus ETH is now sitting in limbo, and the next move belongs to Arbitrum governance.

Featured image from Unsplash, chart from TradingView

The analysis tracks three distinct address categories on Binance — accumulating addresses, stable whale addresses, and user deposit addresses — and the current alignment between them is unusually constructive. Accumulating addresses now number 2,434, having crossed above stable whale addresses at 2,410.

That crossover matters because it signals a behavioral migration: institutional participants who were previously holding stablecoins in a waiting posture are now actively executing — buying ETH and moving it into cold custody rather than keeping capital on the sidelines.

The deposit side of the equation completes the picture. Binance user deposit addresses — the metric that reflects how many addresses are sending ETH to the exchange with the intention to sell — stand at just 2,314, the lowest of the three figures. For every address positioning to sell, there are many more institutions either actively accumulating or positioned with capital ready to absorb any supply that does arrive.

Two Buyers for Every Seller — and the Clock Is Already Running

The ratio at the center of the GugaOnChain analysis is the number that reframes everything else. Combined buying pressure — active accumulation plus stablecoin-ready institutional capital — currently surpasses potential selling pressure at a ratio of 2.1 to 1. In practical terms, for every address sending ETH to Binance to sell, two institutional addresses are either actively buying or positioned to buy the moment supply appears.

The analysis describes the current $2,332 level as an armored glass floor — a price zone where the structural weight of institutional demand has become dense enough to absorb selling without giving ground.

The forward assessment the report makes is specific and confident. With the convergence index above 2.0, GugaOnChain assigns a 92% probability to a breakout scenario — citing historical precedent that when deposit addresses fall below accumulation addresses at this ratio, price expansion has consistently followed within 72 to 120 hours. The institutional market, as the report frames it, is actively draining Binance’s available ETH liquidity. When that process reaches its natural conclusion, the supply available to resist upward price movement simply runs out.

The risk scenario that would invalidate the setup is equally specific. A spike in Binance user deposit addresses above 2,600 — crossing above the stable whale line — would signal mass profit-taking and trigger a reversal alert. That threshold has not been approached.

What the data describes, taken in full, is a supply shock already in motion. The accumulation is real, the stablecoin positioning is real, and the selling pressure is outnumbered. The 72 to 120-hour window the analysis references has already started.

The market is consolidating. But underneath it, the balance of intent is shifting.

Ethereum Tests Long-Term Support as Market Rebuilds Structure

Ethereum is trading near the $2,300 level on the weekly timeframe, a zone that now sits at the intersection of multiple structural signals. After the sharp rejection from the $4,800 cycle high, ETH entered a sustained downtrend that culminated in a capitulation move toward the $1,600–$1,800 range earlier this year. Since then, price has staged a recovery, but the broader structure remains in transition rather than fully bullish.

The most relevant development is Ethereum reclaiming the 200-week moving average, which had briefly acted as resistance during the recovery. Holding above this level suggests that long-term support is being re-established, even as shorter-term moving averages remain compressed and directionless. The 50-week and 100-week averages are flattening, reflecting a market that is no longer trending decisively but instead building a base.

Price action reinforces this interpretation. The recent higher low relative to the February bottom indicates that sellers are losing control at the margin, but the inability to break above the $2,600–$3,000 region shows that demand has not yet reached expansion phase levels.

Volume has normalized after the capitulation spike, pointing to reduced forced selling. For Ethereum, the current structure is less about momentum and more about stabilization ahead of a potential larger move.

Featured image from ChatGPT, chart from TradingView.com 

In Hoskinson’s telling, the April 18 attack exposed what he sees as the most fragile part of modern DeFi: not necessarily application-level smart contracts, but the verification layers and interdependencies that sit between protocols. He said the exploit, which involved about 116,500 rsETH drained from KelpDAO’s Ethereum escrow, should force a wider industry conversation about bridge trust assumptions, verifier design, and the speed at which bad collateral can spread through lending markets.

Cardano Founder Warns Of Dangerous Flaw At The Heart Of Ethereum DeFi

Rather than deliver a standard postmortem, Hoskinson said he took internal incident-report material and used AI to turn it into a website that walked viewers through the mechanics of the exploit. That structure framed his larger point: the failure, as he described it, did not begin with broken contract math inside KelpDAO itself, nor with an obvious accounting flaw at LayerZero. Instead, he said it centered on a forged cross-chain message that was accepted as legitimate and allowed funds to be released on Ethereum.

“So, this was not a smart contract issue with Kelp and this was not a smart contract issue with LayerZero, but this was a cross-chain message forgery,” Hoskinson said. “So this was something new and different.”

The Cardano founder repeatedly returned to one design choice in particular: the reported use of a one-of-one verifier configuration. In his explanation, best practice would be a multi-verifier model such as three-of-five, but KelpDAO’s setup relied on a single active DVN. That, he argued, created an unacceptable single point of failure in a system already layered with staking wrappers, restaking protocols, bridges, and lending venues.

“The failure was in the verification logic, not the application logic,” he said. “Kelp did everything right from their contracts. They’re audited. They’re working well. The application’s working well. It’s the bridge configuration.” Hoskinson also emphasized that the industry still lacks a settled account of exactly where responsibility lies.

According to his summary, three separate root-cause analyses emerged after the exploit: one from LayerZero, one from KelpDAO, and one tied to LlamaRisk and Aave governance discussions but none fully agree. That leaves open whether the break occurred in the messaging layer, verifier setup, KelpDAO’s acceptance logic, or in the seams between them.

What made the event especially significant, in his view, was not only the theft itself but what happened next. Instead of dumping the stolen rsETH on decentralized exchanges, the attacker allegedly used it as collateral in lending markets to borrow more liquid assets. That turned an exploit into a balance-sheet problem for other protocols, leaving what Hoskinson described as poisoned collateral behind.

He called that dynamic the real novelty of the incident. “It wasn’t just a bridge hack. It spread to lending which then created bad debt contagion inside these lending protocols. It created a bank run and we saw $13 billion of TVL pulled in a very short period of time for a $290 million hack.”

The Cardano founder said the broader DeFi liquidity shock reached far beyond KelpDAO itself. Citing public reporting referenced in his walkthrough, he pointed to at least nine directly affected protocols and said Aave alone saw between $6.6 billion and $8.45 billion in losses, while rsETH traded in a volatile range between about $1,600 and $2,500 during the 24 hours following the attack.

He also raised the possibility of Lazarus involvement, though he acknowledged attribution remains unconfirmed. “There’s a lot of evidence here that there’s Lazarus connections,” he said, before adding that no independent forensics firms had definitively proven it.

At press time, Cardano (ADA) traded at $0.2504.

The incident began when an unknown attacker exploited a vulnerability in Kelp DAO’s LayerZero-powered bridge, draining 116,500 rsETH — approximately $292 million and roughly 18% of the token’s entire circulating supply. The scale of the theft triggered an emergency pause of Kelp DAO’s core contracts, but by then the damage was already done.

The stolen rsETH was subsequently deposited as collateral on Aave V3, where it was used to borrow approximately $196 million in wrapped ether, leaving Aave carrying bad debt it had no role in creating and setting off the confidence crisis that has defined the past week in DeFi.

Arbitrum’s Security Council acted by freezing 30,766 ETH — worth approximately $71 million at current prices — and moving the funds into a governance-controlled wallet. It was a meaningful intervention, executed quickly by blockchain standards.

The attacker did not wait to see what came next. Within hours of Arbitrum’s move, the hacker began reacting — a development that suggests the stolen funds are already in motion and that the window for on-chain recovery may be narrowing faster than the response can keep pace with.

$175 Million Is Already Moving — and the Debate It Leaves Behind Is Just Beginning

Arkham data confirms what many feared once Arbitrum acted. The Kelp DAO hacker has already moved all 75,701 ETH — approximately $175 million — on Ethereum and has begun laundering the funds. The Arbitrum freeze succeeded in capturing $71 million. The remaining $175 million, the larger share by a considerable margin, is now in motion and being actively obscured.

The arithmetic is stark. A coordinated intervention by one of DeFi’s most capable security councils froze less than 30% of the stolen funds. The rest left anyway.

That outcome has ignited a debate that extends well beyond Kelp DAO and Aave. Arbitrum’s ability to freeze wallet addresses — even in response to a clear theft — has prompted immediate questions about what blockchain immutability actually means in practice, and who holds the authority to override it. For some, the freeze represents responsible crisis response from a mature ecosystem defending its users. For others, it represents precisely the kind of centralized intervention that decentralized infrastructure was designed to prevent.

Both arguments are being made loudly, and neither is entirely wrong.

What is not in dispute is the damage this attack has inflicted on DeFi’s broader credibility. The Kelp DAO exploit exposed collateral risk in lending protocols, triggered an $8.45 billion deposit exodus from Aave, sent AAVE down nearly 20%, and has now produced a philosophical confrontation about the limits of decentralization at the worst possible moment — when the ecosystem most needs to project confidence.

rsETH Market Cap Reflects Instability in Kelp DAO’s Restaking Layer

The market cap of rsETH — the liquid restaking token issued by Kelp DAO — is currently hovering near $1.3 billion after a sharp contraction that disrupted its prior recovery structure. The chart shows that rsETH reached peaks above $2 billion during earlier phases, but has since entered a volatile, downward-adjusting range, reflecting stress within the restaking ecosystem rather than organic market cycles.

The most recent move is particularly notable. After a brief recovery toward the $1.6 billion region, the market cap was rejected and fell aggressively back toward the $1.3 billion level. This type of rapid expansion followed by equally sharp contraction typically signals forced unwinds rather than discretionary capital rotation. In this context, that aligns with the exploit involving Kelp DAO’s rsETH bridge, which introduced systemic uncertainty around the asset.

From a structural perspective, rsETH is now trading below its key moving averages, with the 200-day trend flattening and beginning to roll over. That suggests the growth phase that defined its earlier expansion has stalled, at least temporarily.

Because rsETH represents collateral within broader DeFi systems — including lending protocols — its market cap is not just a valuation metric, but a proxy for trust. The current compression indicates that confidence has weakened, and until stability returns, the restaking layer remains vulnerable to further volatility.

Featured image from ChatGPT, chart from TradingView.com 

The increase in activity is playing out alongside rising transaction counts, expanding wallet activity, and growing institutional involvement in 2026, hinting that something more structural may be taking shape.

New Numbers On The XRP Ledger

What was once a rarely used function has now turned into one of the fastest-growing transaction categories on the ledger, with activity going on a huge vertical spike in 2026. Recent data shows that XRPL AccountSet transactions recently spiked to an all-time high, marking a break in years of muted activity and flat movement.

To understand why this matters, it is important to know what AccountSet transactions actually do, as they are not ordinary transfers or trades. They are used to configure an account’s settings on the XRP Ledger. This includes permissions, setting operational flags, linking identity domains, and preparing accounts for features.

Because of that, spikes in AccountSet transactions are a reflection of backend activity. They show that accounts are being set up, adjusted, or prepared for more advanced use cases. In practical terms, it points to infrastructure being built, not just coins being moved.

In this instance, AccountSet transactions climbed past 120,000, and this is a scale of activity that normal users cannot produce.

The Broader Transaction Surge: Nearly Three Million Daily

The AccountSet spike is part of a wider explosion in ledger activity that the numbers make difficult to dismiss. Daily transaction volume on the XRP Ledger recently surged to almost 3 million, a near-tripling of the approximately 1 million transactions recorded per day in mid-2025, according to data published by Evernorth, the largest public XRP treasury company. 

The trajectory of that growth was not a straight line upward. Monthly average transactions fluctuated between 800,000 and 950,000 from May through August 2025, before declining to lows around 700,000. However, monthly averages moved past 1 million early in 2026 and continued rising, and consistent high-volume days above 3 million are now the norm.

Furthermore, the ledger’s total wallet count recently breached a threshold not seen in its 13-year existence, as non-empty addresses have now crossed above 7.7 million.  

There is a disconnect between all of this activity and the XRP token price, which is well below its 2025 peak of $3.65. That disconnect has become a key point of focus among many crypto market participants. According to Zach Pandl, Head of Research at Grayscale Investments, regulatory clarity, specifically the passage of the CLARITY Act, could be the factor that leads to the anticipated repricing of XRP.

Real-World Assets Sharp Growth On The XRP Ledger

Tokenization is picking up pace at a significant rate across the cryptocurrency space. Currently, a notable shift is taking place in the race for real-world asset (RWA) dominance. This shift is particularly evident between the XRP Ledger and the Solana blockchain.

In terms of global rankings on RWAs, the Ledger has moved ahead of Solana, underscoring its growth in the tokenization space, where blockchain infrastructure is being integrated with traditional assets. The development highlights the growing need for platforms that are efficient, affordable, and scalable, in addition to signaling shifting competition dynamics across large networks.

As the RWA sector continues to expand, the Ledger now holds nearly $1.9 billion in tokenized assets, which marks a key moment in blockchain adoption. In a recent interview, featuring Hugo Philion, the co-founder of Flare Networks, the expert stated that the RWAs that are issued on the Ledger can be utilized in Flare’s compute layer with privacy and compliance.

Philion also made reference to the new escrow feature (TokenEscrow) created on the Ledger, expressing his excitement about the amendment. What makes this shift notable is that the XRP Ledger does not have the same kind of programmability as Solana, nor does it offer the same privacy as Canton does.

This achievement is likely to spark a fresh wave of utility for XRP in the near future. According to BankXRP, the Ledger flipping Solana is a massive real institutional momentum rather than speculative hype. Sharing insights into the new TokenEscrow amendment on the Ledger, the expert has called it a game-changer for cleanly holding and releasing tokenized assets.

When combining the governed settlement with the programmable and private computer layer of the Flare Networks, it leads to a future of compliance and yield-generating RWAs.

Ripple’s Plan To Make The Ledger Quantum-Ready

As the XRP Ledger secures more global coverage, Ripple Labs has recently announced a multi-phase plan to prepare the network for a post-quantum future, with a target for full readiness by 2028. Research from Google Quantum AI revealed that blockchain’s cryptography today, such as safe algorithms for wallets, is at risk of being broken by sufficiently advanced quantum computers.

The Ripple’s Quantum-ready plan for the Ledger is being executed in 4 different phases. These include the Post-quantum recovery, the Proactive planning and experimentation, the Exploration of post-quantum primitives, and the Full transition for PQ signatures.

Ripple’s team has been working ahead of this curve. With the multi-phased strategy, the firm is carefully migrating a live, global financial infrastructure without compromising the value of digital assets covered by the Ledger.

Bitcoin Halving Will Occur At Block Height 1,050,000

The “Halving” is a predetermined event on the Bitcoin network that slashes the cryptocurrency’s block subsidy exactly in half. It’s periodic in nature, occurring every 210,000 blocks or about every four years. The last such event took place in 2024.

Why did Satoshi write this feature into the blockchain’s code? The answer to that lies in the role played by the block subsidy on the network. The block subsidy is the BTC compensation that miners receive whenever they add a new block to the chain. It happens to be the only way more of the cryptocurrency enters circulation, so it can be equated to the production of the asset.

If this reward remains constant, miners will keep flooding the same number of coins into the market, which can have a negative effect on the asset’s value over time. With the Halving in place, however, the production rate of the cryptocurrency keeps shrinking, thus making new tokens scarcer. This is the reason why Satoshi implemented the feature: the pseudonymous creator wanted to mitigate the inflation of the asset.

As mentioned earlier, the Halving occurs every 210,000 blocks. The next event, which will be the fifth Halving on the network, will occur at block height 1,050,000. As the countdown from NiceHash shows, Bitcoin is sitting at around 946,000 blocks right now, meaning that it’s over halfway through the 210,000-block journey to the next event.

Initially, Bitcoin started out with a block subsidy of 50 BTC. After four Halving events, the reward’s value stands at 3.125 BTC today. The next Halving event, which is currently estimated to occur in November 2028, will further slash the block subsidy to 1.5625 BTC.

While the Halving is periodic, there won’t be an infinite number of instances of this event. This is due to the fact that Satoshi also put a cap on the cryptocurrency’s supply. Once miners have introduced 21 million tokens into circulation, they won’t be handed out block subsidies anymore. Past that point, Halvings would naturally lose all meaning.

The fact that there is a supply cap is a troublesome fact for miners, as they earn the majority of their income via the block subsidy. With each Halving that occurs en route to this endpoint, miners’ BTC revenue shrinks, and they have to count on the cryptocurrency’s price going up over time to sustain their USD income.

While this has worked so far, in the long run, miners will have to hope for transaction fees to grow in size enough to provide them with sufficient income on their own. For now, they are still very much dependent on the block subsidy.

BTC Price

At the time of writing, Bitcoin is floating around $76,800, up more than 3% in the last seven days.

Bitcoin Historical Cycle Patterns Signal Ongoing Reset Phase

In an X post, Merlijn The Trader urged investors and traders to pay close attention to Bitcoin’s monthly MACD, which is currently emerging on its price chart. Despite past appearances leading to a parabolic surge, the analyst believes this MACD may not trigger an instant pump but could shift momentum, gradually driving a sustained price rally. 

According to Merlijn The Trader, Bitcoin is in a momentum reset phase that has occurred three times in its history, and a massive bull run followed each previous instance. The analyst shared a chart, divided by four vertical green lines at 2015, 2019, 2023, and 2026. Each of these lines represents areas where bearish momentum peaked and began exhausting itself. 

Additionally, the analyst marked several triangle formations in each cycle, in which the price made lower highs while support held, leading to a breakout. In every past cycle highlighted on the chart, a breakout from this symmetrical triangle pattern led to an explosive upside that took Bitcoin’s price to new highs.   

For instance, during the 2023 cycle, Bitcoin declined to below $20,000 as its price remained compressed within the triangle pattern. However, after a breakout, it skyrocketed above $100,000 in 2025, underscoring a sustained, gradual rally. The same trend is seen during the 2015 and 2019 cycles, with a triangle breakout determining Bitcoin’s upside move.

The monthly MACD plays a key role in this historical pattern, as the indicator had flipped into positive territory before each bull rally. At the time, Bitcoin’s MACD had moved from deep red into a light pink territory halfway through the price bottom. Merlijn The Trader noted that this single change was a key signal of an upcoming Bitcoin bull run. 

BTC’s Current MACD And ATH Outlook

For this current cycle, Merlijn The Trader argues that Bitcoin has not yet reached its true market bottom. He noted that the price action is closely mirroring the patterns from 2015, 2019, and 2023. The cryptocurrency has already developed a similar long-term triangle pattern on its chart, where price has been compressing and trending lower for months. 

Based on historical behavior, Bitcoin typically forms a complete bottom after the monthly MACD flips pink. Merlijn The Trader has confirmed that the indicator has already flipped pink, suggesting it’s only a matter of time before BTC reaches a final price floor. 

Once this bottoming phase is complete, the analyst believes BTC could begin its highly anticipated bull run. However, he stresses that this move would likely only begin after the cryptocurrency breaks out of its bearish triangle structure. If this scenario plays out, his chart projection points to a potential all-time high rally toward $209,596 by 2027, with a possible extended move reaching as high as $283,500.

Renewed Bitcoin And Ethereum Exchange Inflows

A resurgence in exchange activity is emerging across the cryptocurrency market, particularly with Bitcoin and Ethereum, the two leading digital assets. Binance and Coinbase are experiencing a sharp wave of BTC and ETH inflows, reaching levels not seen in months.

In a research, Arab Chain, a data analyst and author at CryptoQuant, revealed that inflows of Bitcoin and Ethereum have climbed back to levels last seen in February on Binance and Coinbase. As prices gain momentum, the uptick indicates that more holders are moving their coins to these exchanges, possibly with the aim of selling to secure gains.

Following a period of relative calm, this return to earlier activity levels suggests a significant change in flow dynamics. Should this trend continue, it may trigger renewed selling pressure, which could translate into volatility or play a role in shaping the market’s next direction.

Arab Chain stated that the ETH and BTC flow data to trading platforms indicates a substantial shift in liquidity behavior in recent periods. This reflects a steady return of activity to the market after a relative decline phase. With exchange inflows now at their highest level since February, it is clear that assets are being moved toward trading platforms once again.

Data shows that inflows on Binance have reached approximately $7.49 billion, while on Coinbase, they are valued at nearly $7.60 billion in the latest readings. Arab Chain highlighted that this move is often associated with heightened trading intent or readiness to sell, especially during significant price movements or periods of uncertainty.

As investors’ behavior shifts, some are currently opting to move their assets to exchanges to capitalize on higher liquidity or to execute short-term trading strategies. Furthermore, the fact that inflows have hit their highest points since February suggests that trading activity in the market is picking up speed in comparison to earlier periods.

On the other hand, Arab Chain asserted that this signal is not entirely negative as it sometimes reflects stronger overall market activity rather than a phase of pure selling pressure. In many cases, higher inflows precede increased trading volumes and improved liquidity, a trend that is capable of supporting market stability in the short term.

BTC Shifting Price Dynamics

In the bullish period, the Bitcoin price is set to undergo a crucial shift that could influence its market dynamics. Onchainmind on X shared that BTC’s floor is climbing, which is the real macro story. Currently, the Realized Price of Long-term BTC holders is positioned at $45,000. However, the expert claims that the price is projected to move higher toward the $50,000 mark over the next 90 days. 

When the cost basis for long-term conviction rises this aggressively as top buyers pivot from STHs to LTHs, it demonstrates that the most committed holders are anchoring the market at higher levels. It is worth noting that this trend can be seen as a sign of underlying resilience and potential for a sustained uptrend.

Speaking on Ripple’s Onchain Economy series in an episode published April 20, Arrington argued that Ripple and XRP have been “completely misunderstood” over the past decade, and said the company’s recent push across stablecoins, prime brokerage, acquisitions and product development could help pull more startups and institutional participants into the ecosystem.

Why XRP Is Becoming Crypto’s Infrastructure Standard

Arrington tied that view directly to what he sees as Ripple’s growing role as an infrastructure provider. “A lot of the things that Ripple is doing around XRP, particularly the stablecoin, I think makes it inevitable that we’re going to see an increasing number of these startups focusing on building on that ecosystem as well,” he said. “I think we’ll be there to invest in that evolution.”

That framing matters because Arrington was not pitching token primarily as a speculative asset. Instead, he described Ripple’s strategy as an attempt to build foundational market structure for crypto firms and institutions that still lack the tooling available in traditional finance. He said hedge funds operating in digital assets need more robust infrastructure, “not just for compliance,” but for basic market function, custody and execution.

Arrington also pointed to Ripple’s acquisition of Hidden Road, which he referred to as being rebranded as Ripple Prime, as a concrete example of that thesis. “It’s just a prime broker at its essentially. Seems so simple and prime brokers are a dime a dozen in the real world, but in crypto, we’ve never found one that’s very good,” he said. “So it’s going to be a huge business and like a backbone of what Ripple and XRP become. And we need that infrastructure like super badly.”

The remarks fit with a broader point Arrington made throughout the interview: that Ripple’s differentiation was visible early, even in the more chaotic phases of crypto’s first major venture cycle. Looking back on 2017, he recalled an ICO market flooded with projects, many of which later failed despite the burst of activity. He said that period helped push him from a traditional Silicon Valley venture fund into crypto full time, and added that he first bought XRP in 2017 when it was trading in the 3-cent to 5-cent range.

History will tell the story of XRP and Ripple as a fundamental part of our ecosystem.” Great insight from Michael Arrington on why the institutional focus and mission-driven approach of Ripple matters more than ever. It’s about building the infrastructure for the future. pic.twitter.com/M2zgkQv3Ry

— ????????????????XRP (@BankXRP) April 20, 2026

He also argued that the public image lagged behind what Ripple was actually building. “Ripple and XRP have been completely misunderstood in the last decade,” Arrington said. “Skeptics of XRP would call it either corporate coin, the banking coin, and I think history will tell a story about XRP and Ripple that’s it’s a fundamental part of our ecosystem.”

For Arrington, that misreading has obscured what he described as a mission-driven company that has stayed unusually consistent over time. “If Ripple, which is very mission-focused, has shown that over at least the last decade, can continue to hyperfocus on what their mission is and then execute on that, there is no upper limit on the value of that ecosystem in general,” he said.

At press time, XRP traded at $1.44.

XRP Pundit Gives Key Updates On CLARITY Act

In an X post, X Finance Bull alluded to statements by key political figures indicating progress on the CLARITY Act. This includes White House crypto advisor Patrick Witt, who said that a compromise between the banks and the crypto industry on the stablecoin yield text. Witt also mentioned that they are looking to close out the remaining issues. 

The XRP pundit further highlighted Senator Mark Warner’s statement about how they have made more progress in four days than in four months. Senator Cynthia Lummis also said that the clash on stablecoin rewards was 99% resolved. 

Meanwhile, Senator Bill Hagerty and Coinbase’s Chief Policy Officer (CPO) Faryar Shirzad both expect the CLARITY Act’s markup to happen this month, although that is looking unlikely. The XRP pundit alleged that the crypto provisions are in good shape and that what remains is political negotiation over community bank deregulation, housing packages, and ethics provisions regarding U.S. President Donald Trump’s involvement in crypto. 

X Finance Bull also claimed that issues around DeFi and commodity classifications have been settled, which is a positive for the CLARITY Act’s advancement. The XRP pundit highlighted that time is of the essence. He alluded to Galaxy Research’s statement that the crypto bill must pass within weeks. 

At the same time, Senator Lummis has warned that failing to pass the bill now will mean they will need to wait until 2030. The XRP pundit noted how the advancement of the CLARITY Act could serve as a tailwind for every crypto asset under a regulatory cloud. 

CLARITY Act Markup May Be Delayed

According to a Punchbowl report, Senator Thom Tillis has told the Senate Banking Committee Chair Tim Scott that the panel should not plan to advance the CLARITY Act this month. Senator Tillis, alongside Senator Angela Alsobrooks, has been mediating between the banks and the crypto industry to resolve the clash over stablecoin rewards. 

Senator Tillis said that the negotiators need more time to finalize a compromise between the banks and the crypto industry on stablecoin yield. The senator suggested that they could now look to a May markup for the crypto bill rather than an April markup. Amid this potential delay for the crypto bill, X Finance Bull has stated that the crypto bill could serve as a bullish catalyst for XRP. He declared that those who bought early and did not get shaken out are going to “eat good.”

The action, brought on Tuesday, accuses the crypto companies of violating state law by allegedly operating prediction markets in a way that falls under New York’s rules for illegal gambling.

Coinbase And Gemini Lawsuit

According to complaints filed in Manhattan state court and reviewed by Reuters, James says both Coinbase (COIN) and Gemini (GEMI) failed to obtain the necessary licenses from the New York State Gaming Commission to run their prediction markets. 

James’ argument hinges on New York’s legal definition of gambling. She claims the outcomes in these markets are either outside the control of those placing bets or resemble games of chance, which, in her view, means they should be regulated as gambling rather than treated as a legitimate market activity. 

The attorney general also alleges that the platforms are accessible to users younger than the legal age limit. Her complaint says Coinbase and Gemini permitted 18- to 20-year-olds to use their platforms, even though New York law sets 21 as the minimum age for mobile sports betting.

James also framed the case as a matter of regulation, not branding. “Gambling by another name is still gambling, and it is not exempt from regulation under our state laws and Constitution,” she said in a statement.

COIN And GEMI Fall After New York Filing

The lawsuit seeks several forms of relief. The attorney general is asking the court to require repayment of profits deemed illegal, along with civil penalties equal to triple those profits and restitution to customers. 

James also wants the court to block Coinbase and Gemini from allowing anyone under 21 to place wagers. In addition, she is seeking restrictions on how the companies market their platforms, including a request to bar them from promoting the services on college campuses.

As of the time of writing, no additional details about the case had been disclosed, and no official statements had been issued publicly by Coinbase or Gemini executives. 

Instead, the companies’ exposure to the news was reflected in market reaction. COIN fell about 10%, trading around the $200 level, while GEMI dropped roughly 4%, moving below $5.

Featured image from OpenArt, chart from TradingView.com 

Major Developments That Strengthen XRP’s Buy Case

In an X post this week, crypto market analyst Iso Ledger shared a detailed overview of XRP and Ripple’s recent milestones, highlighting the asset’s strengths across regulation, finance, and blockchain infrastructure. His remarks framed XRP as an increasingly established digital asset with expanding relevance and adoption across global financial markets and the crypto space. 

According to Iso Ledger, one of the most significant developments occurred on March 17, 2026, when the US Securities and Exchange Commission (SEC) named XRP a digital commodity in joint guidance with the Commodity Futures Trading Commission (CFTC). The designation officially confirmed that the altcoin was not a security, marking a major regulatory development after over seven years of legal debate surrounding the asset.

The analyst also pointed to Ripple receiving conditional approval from the Office of the Comptroller of the Currency (OCC) for a national trust bank charter, as part of a group of 11 companies seeking federal banking licenses. On April 1, 2026, the OCC’s new rule expanding trust bank activities took effect, moving Ripple closer to full operational status. Notably, the crypto company was listed alongside recognized digital finance firms, including Circle, Fidelity Digital Assets, Paxos, and BitGo. 

Outlining more positive developments, Iso Ledger cited Ripple Prime, formerly known as Hidden Road before Ripple’s $1.25 billion acquisition and rebrand in 2025. Iso Ledger noted that Ripple Prime went live on March 2, 2026, describing it as a $3 trillion annual clearing platform now positioned within Wall Street’s post-trade infrastructure. He also highlighted a Goldman Sachs filing that reportedly disclosed a $153 million stake in XRP, underscoring the cryptocurrency’s growing adoption among institutional investors. 

In addition to these achievements, the analyst added that seven XRP Spot ETFs are already live, with combined assets under management (AUM) exceeding $1.5 billion. He noted that more than 771 million XRP were locked in those investment products, highlighting sustained institutional demand and a significant reduction in its circulating supply. 

More Ripple Achievements

In his post, Iso Ledger also outlined several banking moves achieved by Ripple. He noted that Deutsche Bank now uses Ripple for cross-border payments and foreign exchange. Additionally, Aviva Investors became the first European asset manager to tokenize funds on the XRP Ledger (XRPL), while the Société Générale EURCV euro stablecoin is now live on the ledger.

What’s more, Convera, a B2B fintech company handling over $190 billion yearly across 200 countries, is using Ripple’s network and stablecoin settlement. In Asia, Rakuten Wallet also added the altcoin, linking it to 44 million users and 5 million merchants. Furthermore, Kyoto Life Insurance, a top Korean insurer, started tokenizing government bonds through Ripple Custody.

At the 2026 XRP Tokyo conference, speakers showed that the cryptocurrency offers up to 60% cost savings versus SWIFT and adds 12 new currency pairs. Moreover, multinational banks such as BBVA, BNP Paribas, and Citi currently support the SWIFT blockchain ledger and are clients of Ripple Custody. 

Iso Ledger also noted that Ripple has applied for a Federal Reserve Master Account, and is expected in Q2 or Q3 2026. On the security side, the highly anticipated XLS-66d proposal is currently in validator voting on the ledger. If activated, it could introduce native on-chain lending on the blockchain. Notably, the analyst also outlines several additional developments, focusing on XRP’s transaction speed compared to SWIFT’s and other key milestones. 

Maritime risk firm Marisks flagged the possibility in a warning issued Monday, though it stopped short of confirming the link.

The warning describes a scam targeting ship owners whose vessels are stuck west of the strait. Unknown groups have been sending messages to these companies, claiming to represent Iranian security services and offering safe passage in exchange for transit fees paid in Bitcoin or Tether (USDT).

Fake Officials, Real Consequences

Marisks was direct: the messages are fraudulent. They do not come from Iranian authorities, the firm said.

Tehran has not publicly addressed the situation.

The scam follows a pattern designed to look credible. Recipients are told to submit documents for review. Once verified, they are assigned a fee in cryptocurrency. Pay it, the messages say, and safe transit will be arranged at an agreed time.

It is a structured process — one built to look official enough that desperate ship owners might believe it.

The timing is no accident. The Strait of Hormuz has been largely closed since conflict escalated in the Middle East. Before hostilities, the waterway carried roughly 20% of the world’s oil and liquefied natural gas.

Ships have been stranded for days, some under threat of armed intervention. That pressure creates exactly the kind of desperation scammers rely on.

Reports earlier this month indicated that Iran itself had been weighing a real Bitcoin-denominated toll on vessels passing through the strait — charging around $1 per barrel for loaded tankers while letting empty ships through free.

The scam appears to have grown directly out of that reporting, borrowing its credibility from a policy that was already in the news.

Sanctions Risk Adds To The Danger

For shipping companies tempted to pay, the financial and legal exposure goes beyond losing money to criminals.

According to Chainalysis senior intelligence analyst Kaitlin Martin, any cryptocurrency transfer tied to Iranian-controlled waterways could be classified as material support — a designation that puts companies in potential violation of US and international sanctions.

Entities linked to the Islamic Revolutionary Guard Corps fall under some of the strictest sanctions in force.

That means victims of the scam could face legal scrutiny even after being defrauded. Paying what appears to be a ransom to free a stranded vessel could trigger the same sanctions mechanisms designed to punish deliberate violators.

Featured image from Unsplash, chart from TradingView

In a post published April 20, Narula said Bitcoin does not need “100% of the answers immediately” before taking meaningful action. Instead, she argued for a staged approach: deploy a post-quantum-safe output type and signature scheme through a soft fork, coordinate wallet and application support around it, and push users toward migration well before any true quantum emergency arrives.

Bitcoin Needs Low-Risk Quantum Defenses Now

Her core thesis is straightforward. “We should make the low-harm, low-risk, high-benefit, safety-critical mitigations NOW, and save the high-harm, high-risk mitigations for LATER, when we know with more certainty a CRQC is close,” she wrote, using CRQC to refer to a cryptographically relevant quantum computer.

The proposal Narula favors centers on P2MR, described in BIP 360, combined with a new post-quantum signature opcode and cryptographic agility. In her framing, that combination would allow Bitcoin users to move funds into an output type that remains safe against a quantum attacker, provided they do not reveal a non-post-quantum public key through address reuse or similar behavior.

“If this is done, it gives Bitcoin users the ability to move their coins to a safe output type immediately, having confidence their coins are safe even if a powerful CRQC appears, without worrying about future softforks,” she wrote. “The best candidate for this I have seen so far is P2MR (BIP 360) in conjunction with a new PQ signature opcode and cryptographic agility.”

Narula’s case is not that this solves everything. It does not. She draws a clear distinction between protecting individual users who migrate early and protecting Bitcoin as a system if a large share of coins remains vulnerable. That unresolved portion, which she labels X, is central to the longer-term debate. If only a negligible amount of bitcoin remains exposed, she suggests the network could likely absorb the risk. If the number is large, the situation could become far more destabilizing.

“At the very least I’d say it depends on exact numbers,” she wrote. “If only 0.0001% of coins are insecure, I think Bitcoin will be fine. If 20% of coins are insecure, I think things would probably get pretty chaotic if a CRQC would appear.”

Still, Narula argues that uncertainty over X should not delay the first step. A migration path would generate real on-chain data about adoption and give Bitcoin time to reduce the vulnerable share before the network is forced into more contentious decisions. In her telling, the difficult debate over whether old, inactive or lost coins should eventually be frozen can wait.

“Most importantly, we do not have to decide what to do with people who are unlikely to show up to do anything at all (Satoshi’s coins) right now in order to make progress,” she wrote. “Eventually, if a CRQC seems close, we will have to make a decision one way or the other… But resolving that conversation is not needed to make useful, meaningful progress.”

Narula also pushed back on ideas she sees as distractions or inferior near-term solutions. She dismissed the notion that research proof-of-concept approaches, such as manually constructing post-quantum verification in script or relying on expensive escape-hatch mechanisms, should anchor Bitcoin’s main response. Those ideas may be technically possible, she said, but not operationally suitable for broad deployment.

She also acknowledged the tradeoffs. P2MR would reduce one of Taproot’s efficient privacy properties by eliminating the key spend path, and it depends on wallets handling address reuse correctly. She flagged those as real downsides, but not enough to outweigh the benefit of giving users a way to protect funds without waiting for a second, more politically fraught soft fork.

The roadmap Narula sketched leaves Bitcoin’s hardest governance questions unresolved. That is the point. Her argument is that the network should stop treating perfect alignment as a prerequisite for obvious preparation.

At press time, Bitcoin traded at $75,802.

At its peak, the RAVE trajectory drew attention and backlash from the community when it was found out that around 90% of the total supply was being controlled by insider wallets. This allowed for the manipulation, and popular on-chain investigator ZachXBT got on the case.

ZachXBT exposed the scheme, calling on crypto exchanges Binance, Bitget, and Gate to actually investigate the coin. In addition, the on-chain investigation shared a bounty for any information on the insiders behind the token’s price manipulation, offering up to $25,000 in crypto in return. This move quickly toppled the whole scheme like a house made of straws, and in a matter of hours, the RAVE price fell by over 90% in one day.

During the course of the investigation, representatives from exchanges such as Bitget, Binance, and Gate had agreed to investigate the price action. So, ZachXBT took this time to call out other cryptocurrencies that have actually followed the same trajectory in recent times.

Other Cryptos That Have Performed Similarly To RAVE

Prior to the RAVE market manipulation, other cryptocurrencies have come before it, where there have been clear signs of market manipulation. One of the most popular of these is the RIVER move, which saw the price go from around $1 to almost $90 at its peak. Just like RAVE, this move happened in the course of weeks as market makers squeezed the price upwards.

Other examples of such a move include PIPPIN, a meme coin that seemingly came out of obscurity to rise by over 2,000%. Similar manipulations were also noted with other crypto coins such as SIREN, MYX, COAI, and MemeCore (M). One thing that all of these crypto coins have in common is that they all rose rapidly in a matter of weeks without a clear catalyst.

Given this, ZachXBT has called on crypto exchanges to intervene faster in cases of market manipulation. This is because any delay would cause unfathomable losses to traders while the crypto exchanges collect on the fees. “While it’s good the exchanges responded, I find it unlikely this activity wasn’t spotted internally before I raised it publicly,” the investigator said.

For now, ZachXBT says that the $25,000 bounty is still open as there hasn’t been any verifiable information provided in regard to the actors behind the RAVE manipulation. Thus, he continues to urge anyone with solid information behind the scheme to come forward.

Bears And Bulls Divided Over Altcoin Timing

Crypto analyst Michael van de Poppe believes a brutal clearing out is coming for the altcoin market, but he does not see it as a collapse. He sees it as cleanup.

According to van de Poppe, roughly 99% of all altcoins are headed to zero — and he thinks that outcome is fair.

He draws a parallel to the early internet era, when hundreds of companies launched, burned through investor money, and vanished. What remained built the modern web.

Despite that stark forecast, van de Poppe says he has rarely been more optimistic about where crypto is heading. Reports indicate he described this as one of the most bullish periods he has seen for the asset class overall, even as most individual tokens face extinction.

I think that it’s fully deserved that 99% of the #Altcoins are going to zero.

It’s not like all of the internet companies from the https://t.co/GoodB359DI bubble survived.

However, during that bubble phase, there’s a lot of money made and coming out of the bubble phase, there’s…

— Michaël van de Poppe (@CryptoMichNL) April 19, 2026

His focus has narrowed to a handful of projects he believes can survive the shakeout — Bitcoin, Ethereum, and select decentralized finance platforms like Aave. Short-term pain in DeFi, he says, stems from the KelpDAO hack. But he views that as temporary turbulence, not a structural break.

Arbitrum Flagged As A Buy-The-Dip Opportunity

Van de Poppe is equally tracking Arbitrum. According to accounts of his latest analysis, there could be a possibility of buying the token when it falls to the $0.16 mark.

Currently, the analyst sees a similarity in the market with what happened during the early months of 2020. The characteristics include increased trading volumes, reclamation of critical price marks, and technical indications before a breakout.

His assessment on Bitcoin is that more upside remains. He is eyeing new highs near $77,000. Ethereum, he says, is still in a bull trend and worth buying on dips, provided it holds above certain key support levels.

Analyst group Our Crypto Talk says the market has not yet earned a bullish call. Their framework requires price to move above the 20-day simple moving average, and for that average to cross above the 50-day.

Neither condition has been met. With Bitcoin still trading below those averages and dominance sitting at 57%, they call this a red zone — a period where markets are more likely to bleed than rally.

Is it the right time to buy Altcoins?

The simple answer is “NO”

Because there is no Altseason right now

You just need 2 conditions on this chart to confirm

Price > 20 SMA 20 SMA > 50 SMA

2021: Altseason printed generational wealth. 2024: Rotations worked in 2-3… pic.twitter.com/NfYYqDMgNP

— Our Crypto Talk (@ourcryptotalk) April 17, 2026

Other analysts flagged rising Bitcoin dominance as a warning sign for altcoins. When Bitcoin’s share of the total market climbs, it typically means money is flowing into Bitcoin and out of smaller tokens — a pattern that has historically preceded extended weakness across the altcoin space.

Van de Poppe, for his part, acknowledges the market is still building a base following the Q4 2025 selloff. That basing phase, he estimates, typically runs two to four months before a breakout takes hold.

Bitcoin has been consolidating for roughly two and a half months, which he says puts the market close to a potential turning point.

Featured image from Unsplash, chart from TradingView

Strategy Has Just Completed A Mega Bitcoin Buy

In a new post on X, Strategy co-founder and chairman Michael Saylor has shared the details related to the company’s latest Monday Bitcoin acquisition. In total, this buy has added 34,164 BTC to the firm’s reserves, bought for a whopping $2.54 billion. Not only is the buy the largest for the year, it’s in fact the biggest purchase made by Strategy since November 2024.

According to the filing with the US Securities and Exchange Commission (SEC), the mega purchase was fueled using sales of the company’s STRC and MSTR at-the-market (ATM) stock offerings.

Overall, this acquisition is the third-largest that the company has ever made, in both BTC and USD terms. The two bigger purchases both occurred back-to-back in November 2024 and involved 51,780 and 55,500 tokens.

The latest large buy has come a week after Strategy made another billion-dollar purchase. Saylor hinted at this week’s buy being larger in his usual Sunday foreshadowing post, this time sharing the company’s Bitcoin portfolio tracker with the caption, “Think Even ₿igger.”

Strategy’s holdings have now grown to 815,061 BTC, equivalent to 4.07% of the cryptocurrency’s entire supply in circulation. The treasury company spent a total of $61.56 billion to assemble this stack, putting the average cost basis per token at $75,527. Earlier, the firm went into a state of net unrealized loss due to the bearish price action, but the latest recovery has meant that its holdings are now at about break-even.

The bearish market shift has meant that most of the treasury companies have stopped buying or started distributing. But as Strategy has continued its aggressive accumulation, it has only solidified its standing as the largest corporate holder of Bitcoin.

In the wider sector, another digital asset treasury company has also maintained a regular buying schedule regardless of the recent market conditions: Bitmine. Originally a Bitcoin-mining focused firm, Bitmine is a relatively new player in the space, pivoting to an Ethereum treasury strategy just in mid-2025. Despite its age, though, the firm’s treasury has already established itself as the second-largest in the cryptocurrency sector behind Strategy.

In the past week, Bitmine has furthered its ETH accumulation, according to a Monday press release. In total, the firm added 101,627 ETH inside this window, making it the largest weekly acquisition for the company since December 2025. “Bitmine has maintained the increased pace of ETH buys in each of the past four weeks, as our base case ETH is in the final stages of the ‘mini-crypto winter,'” noted Thomas “Tom” Lee, the firm’s chairman.

After this purchase, Bitmine’s Ethereum holdings have grown to 4.976 million, equal to a supply share of 4.12%.

BTC Price

At the time of writing, Bitcoin is floating around $75,000, up more than 5% in the last seven days.

The most recent chapter made things worse before they got better. According to analyst Darkfost, the October 2025 cycle top triggered another significant leg down for the altcoin sector. Total 3 — the combined market capitalization of altcoins excluding Bitcoin, Ethereum, and stablecoins — lost nearly $460 billion from that peak, a decline of roughly 38%. That is not a routine pullback. It is a wipeout that, for many tokens, extended losses that had never been recovered from 2022 in the first place.

Since February, however, the picture has started shifting. Total 3 has recovered approximately $90 billion — a meaningful rebound accomplished against a backdrop of ongoing geopolitical tension and a macroeconomic environment that continues to restrict the liquidity flows that altcoins depend on to move.

The recovery is real. Whether it is the beginning of something larger or another false start is the question the data is now building toward.

The Numbers Are Improving, But The Landscape Has Never Been More Crowded

The technical picture adds a layer of context to the $90 billion recovery. Darkfost points to the percentage of altcoins on Binance trading below their weekly 50-period moving average — a level that functions as a meaningful dividing line between assets in technical distress and those beginning to show genuine strength. In early February, 89% of altcoins on Binance sat below that threshold. Today, that figure has dropped to 67%.

The direction is encouraging. A 22-percentage-point improvement in the share of altcoins recovering above a key technical level reflects something real happening beneath the surface — not a broad market explosion, but a gradual return of selective interest after a period of widespread capitulation.

The caution, however, is structural and significant. Liquidity conditions remain constrained, which means the capital available to drive altcoin recoveries is not abundant. And the number of assets competing for that limited capital has reached a scale that is difficult to fully absorb. There are now approximately 49 million cryptocurrencies in existence — more than 22 million on Solana alone, 19 million on Base, and nearly 5 million on BNB Smart Chain.

That number reframes the recovery entirely. When $90 billion must be spread across 49 million assets, the average token receives almost nothing. The improvement in the moving average data is real, but it is concentrated. In a market this fragmented, the difference between the tokens that recover and the ones that do not will come down to selection — and the margin for error has never been smaller.

Altcoins Attempt Recovery Within a Fragile Structure

The total crypto market cap, excluding the top 10 assets, is attempting to stabilize near the $180 billion level after a prolonged period of weakness that followed the 2025 peak. The broader structure remains mixed. While the sharp decline from the $300B–$320B region has slowed, price has not yet established a convincing uptrend.

From a structural perspective, the market is still operating below the 200-week moving average, which continues to slope downward and act as a macro resistance level. This is a critical detail. Historically, sustained altcoin expansions tend to occur only after reclaiming and holding above this level, which has not yet happened.

The recent bounce from the sub-$150B region shows early signs of demand returning, but the recovery remains modest relative to the prior drawdown. The current range between roughly $170B and $220B reflects a consolidation phase rather than a confirmed reversal.

Volume trends reinforce the cautious outlook. While there was a notable spike during the sell-off phase, recent activity has declined, indicating reduced participation and limited conviction behind the rebound.

For a more constructive outlook, the market would need to break above the $220B–$240B zone and sustain momentum. Until then, the current recovery appears fragile, with the structure still vulnerable to renewed downside pressure.

Featured image from ChatGPT, chart from TradingView.com 

Of the nearly 5 million ETH it now holds, 3.33 million is actively staked through its validator platform, generating more than $200 million in annualized staking revenue.

For a company built around accumulating a single digital asset, that income stream turns what might look like a speculative bet into something closer to an operating business.

The purchase that pushed those numbers higher came during the week of April 13 to April 19. Bitmine acquired 101,627 ETH in that period, its largest single-week buy since December 2025.

The transaction was disclosed Monday through a press release and a Form 8-K filing with the US Securities and Exchange Commission.

Closing In On Target

Following the purchase, Bitmine held 4,976,485 ETH — valued at roughly $11.5 billion based on a reference price of $2,301 per toke`n. That puts the company’s ownership at about 4.12% of total Ether in circulation.

Its stated target is 5%, a goal the company refers to internally as the “alchemy of 5%.” At the current pace, it is around 80% of the way there.

Chairman Tom Lee said the company has kept up an increased buying pace for four straight weeks. “Our base case ETH is in the final stages of the mini-crypto winter,” he said. Lee made similar remarks at Paris Blockchain Week 2026, where he predicted Ether could eventually top $60,000.

Beyond its ETH position, Bitmine also holds 199 Bitcoin, a $200 million stake in Beast Industries, a $107 million stake in Eightco Holdings, and $1.12 billion in cash. Total crypto and cash holdings stand at close to $13 billion.

NYSE Uplisting Came Before The Push

The buying acceleration follows a significant corporate move. Bitmine recently uplisted from the NYSE American to the New York Stock Exchange and expanded its share buyback program.

The NYSE listing gives the company broader visibility among institutional investors at a time when crypto balance sheet strategies are spreading across public markets.

No other public company comes close to Bitmine’s total ETH exposure, according to data from CoinGecko, which tracks corporate Ethereum treasuries.

The gap between Bitmine and the next-largest holders has continued to grow with each successive purchase.

Featured image from Consensys, chart from TradingView

Throughout this entire cycle, Ethereum’s derivatives markets have been unusually hostile to bulls. Net taker volume — the measure of how aggressively buyers versus sellers are hitting the market — remained almost consistently negative.

The clearest example came in December 2024, when ETH was pushing toward a new all-time high above $4,000. Rather than buyers chasing the breakout, net taker volume collapsed to -$511 million. It got worse from there. When Ethereum printed its cycle high just below $5,000, the sell-side dominance reached -$568 million. Sellers were not just present at the top — they were overwhelming it.

That pattern defined the entire rally and made every move higher feel contested, expensive, and ultimately unsustainable.

Today, Darkfost notes, the dynamic looks very different. For the first time in this cycle, the picture on derivatives markets appears to be shifting — and what is replacing that persistent sell pressure is worth understanding.

The Sellers Who Defined This Cycle Just Lost the Upper Hand

Since March, the dynamic that defined Ethereum’s entire derivatives market has quietly reversed. Buy-side volumes have taken control, with net taker volume reaching +$102 million today. After months of sellers dominating at every key price level — including the all-time high — buyers are now the ones hitting the market aggressively.

The historical context Darkfost provides is what gives this shift its real weight. The last time Ethereum’s derivatives market showed buying pressure of this magnitude was in 2022 — when ETH was trading around $1,000, near the depths of the previous bear market. That was the last time buyers stepped in with this kind of conviction. What followed from that period is not lost on anyone who has watched Ethereum across multiple cycles.

The implications, if the trend holds, are material. This cycle was defined by a specific and unusual pattern: sellers dominated not just during weakness, but at every attempt at strength. Every rally was met with aggressive supply. That pressure is what made each Ethereum recovery feel fragile and short-lived.

If buyers are now consistently absorbing that supply rather than stepping aside, the structural backdrop for Ethereum is changing. It is early — one data point does not confirm a new regime. But the shift from -$568 million at the peak to +$102 million today is not a small move. It is the kind of reversal that, if sustained, tends to precede something more meaningful than a temporary bounce.

Ethereum Tests Resistance as Recovery Structure Builds

Ethereum is attempting to stabilize above the $2,300 level after recovering from the sharp February capitulation that briefly pushed price below $1,800. The rebound has been constructive in the short term, with price forming a sequence of higher lows since early March. However, the broader structure remains unresolved.

The key technical feature in the current chart is the interaction with the 200-day moving average, which is trending downward and now sits just above price. This level has acted as dynamic resistance, rejecting multiple recovery attempts. The recent move into the $2,350–$2,400 zone was again met with selling pressure, reinforcing that sellers are still defending higher levels.

Volume dynamics add nuance to the picture. The capitulation event in February was accompanied by a clear spike in volume, signaling forced selling and potential exhaustion. Since then, volume has normalized during the recovery, suggesting a more controlled, organic bid rather than aggressive momentum chasing.

Short-term momentum is improving, but Ethereum has yet to confirm a structural shift. A clean break and hold above the 200-day moving average would be required to transition from recovery to trend reversal. Until that happens, the current move appears to be a developing range with resistance overhead and cautious buyers stepping in on dips.

Featured image from ChatGPT, chart from TradingView.com 

Banks And Crypto In A Legislative Standoff

The Digital Asset Market Clarity Act of 2025 — known as the CLARITY Act — was drafted to establish rules for how crypto assets are classified and overseen in the US. But the bill hit a wall after Coinbase and other crypto companies publicly opposed earlier versions of it.

Among their objections: the bill would ban yield-bearing stablecoins. Banks, for their part, have pushed hard to keep that ban in place.

Senator Thom Tillis of North Carolina has been working on a revised draft aimed at satisfying both sides, but reports say it has already drawn pushback and has yet to be released publicly.

The standoff reflects a deeper anxiety in the banking industry — one that a senior Moody’s analyst says may be premature, at least for now.

Analyst from Moody’s agency states that stablecoins do not pose a threat to banks in the near future. #stablecoin#crypto pic.twitter.com/jP8aB5uN1r

— CryptOpus (@ImCryptOpus) April 20, 2026

Near-Term Risk Remains Low, Analyst Says

Abhi Srivastava, associate vice president at Moody’s Investors Service Digital Economy Group, said that the threat stablecoins pose to traditional banks is limited at this point in the adoption cycle.

The US already has payment systems that are fast, low-cost, and trusted, he said, which reduces the appeal of stablecoin-based alternatives for everyday transactions.

According to Srivastava, the current legal prohibition on stablecoins paying yield is a key reason they are unlikely to pull deposits away from banks at any meaningful scale in the near term.

Still, stablecoin use is not standing still. Data shows the total market cap for stablecoins crossed $300 billion by the end of last year — a figure that reflects growing use in payments, cross-border commerce, and onchain finance.

Tokenized real-world assets, which represent physical or traditional financial assets on a blockchain, are also expanding alongside them.

Srivastava acknowledged that the picture could shift over time. As both stablecoins and tokenized assets grow in size and use, banks could begin to feel the pressure — through deposit outflows and reduced capacity to lend.

That is not happening today, but it is the scenario the banking lobby appears to be preparing for.

Some voices in the crypto industry are warning that failure to pass the CLARITY Act could leave the sector exposed to crackdowns from less-friendly regulators down the road.

That adds urgency to negotiations that have so far produced little progress. Both sides say they want a deal.

Getting there is another matter.

Featured image from Pexels, chart from TradingView

The Ripple angle was pushed into focus by XRP community commentator Eri, who wrote on X: “XRP Scoop: Tottori Bank & SBI Remit start international money transfer services, April 20. This marks the 26th Bank|FI SBI Remit partner, which actively uses Ripple’s DLT for low-cost, 24/7 remittances. Where XRP liquidity is ample, XRP can serve as an optional bridge.”

XRP ScoopTottori Bank & @SBIRemit start international money transfer services, April 20. This marks the 26th Bank|FI SBI Remit partner, which actively uses @Ripple’s DLT for low-cost, 24/7 remittances. Where $XRP liquidity is ample, XRP can serve as an optional bridge.… pic.twitter.com/Qp7I77nHo6

— Eri ~ Carpe Diem (@sentosumosaba) April 19, 2026

Ripple Remittance Network In Japan Expands To 26 Banks

That framing goes somewhat further than SBI Remit’s own press release, which highlights Ripple’s technology directly but does not explicitly say XRP will be used in this rollout. Still, the company did state that, since its founding in 2010, it has “actively incorporates the latest financial technologies, such as Ripple’s distributed ledger technology” as part of its effort to offer secure, low-cost and fast international remittances.

In practical terms, the new partnership is aimed at a growing foreign workforce in Tottori Prefecture and the financial institutions serving it. SBI Remit said both the number of foreign workers and the number of businesses employing them have risen to record highs in the prefecture, making access to reliable cross-border payments more important for workers sending money home and for local employers trying to support them.

The company described a market that increasingly demands speed, convenience and always-on access. “Foreign customers now require services that are fast, low-cost, available 24/7, and can be initiated via apps, as well as services that support diversified receiving methods, such as the expansion of e-wallets in the recipient country,” SBI Remit said.

“Meanwhile, with the increase in foreign workers, regional financial institutions are facing increased requests from companies to open salary deposit accounts. Furthermore, after providing accounts, they are required to handle new customer management tasks, including residence permit expiration dates and return information.”

That helps explain why Ripple-linked infrastructure keeps appearing through SBI-affiliated channels in Japan: the pitch is less about crypto branding than about solving remittance and compliance bottlenecks for banks and end users. SBI Remit said it now offers an integrated service combining “remittances to hometown” and “salary deposit accounts” for foreign residents, backed by multilingual support in 12 languages.

Eri also suggested the Tottori deal fits a broader regional-bank strategy inside Japan. Replying to another X user, she wrote in full: “No doubt. Japan has 200+ banks, which include foreign banks, trusts, and various tiers of regional banks. The 3 mega banks and Japan Post dominate. Mr. Kitao has been focused on bringing the regional banks into the fold. I also think you’ll see expansion into S. Korea with the same technology via SBI initiatives.”

At press time, XRP traded at $1.42.

Agents With Personality

Coinbase has rolled out a pair of AI agents built to assist staff with everyday work tasks, accessible directly through Slack and email.

One is called Fred, named after company co-founder Fred Ehrsam. Fred operates as a “strategic executive agent,” helping workers think through priorities and get feedback on decisions.

The other is Balaji — a nod to former Coinbase chief technology officer Balaji Srinivasan — whose role is to push back on ideas and help employees think differently.

Both agents are live and being tested across the organization.

CEO Brian Armstrong announced the move on X over the weekend, describing the deployments as an early step in a much larger shift.

According to Armstrong, the goal is to eventually make it easy for any employee to spin up their own agent — or build one for their team.

Coinbase is testing AI agents that show up in slack/email at work, just like any human teammate. To start we’re shipping two which are modeled after legendary former Coinbase employees, @FEhrsam and @balajis. (Who brutally frame mogged who in this matchup?)

Soon, it will be easy… pic.twitter.com/1bxfh8Dg9q

— Brian Armstrong (@brian_armstrong) April 18, 2026

More Agents Than Employees

Armstrong went further than most executives typically do when talking about AI in the workplace.

Reports indicate he believes Coinbase could one day have more AI agents on its roster than human workers.

That prediction lands at a time when tech companies across the industry have been cutting staff while leaning harder on AI tools to fill the gaps.

Coinbase has been moving in this direction for a while. Based on earlier reports, Armstrong set a target for AI to write more than 50% of the company’s code.

Separately, the company announced a push to turn its workforce of over 4,000 people into what it called “AI-Natives.”

The two new agents are the most visible sign yet of that internal push playing out in practice.

The workplace rollout connects to a bigger story unfolding across the crypto industry. Armstrong has publicly predicted that AI agents will be transacting online more often than humans in the near future.

Circle CEO Jeremy Allaire made a similar call earlier this year, saying billions of AI agents could be moving money onchain within three to five years.

Former Binance CEO Changpeng Zhao has described crypto as the natural currency for AI-driven transactions — the kind that happen without a credit card or a human in the loop.

Coinbase has already built infrastructure to support that vision. The company launched a protocol called x402 last year, designed to handle payments made by AI agents across both crypto and traditional financial rails.

With Fred and Balaji now live inside the company’s own tools, Coinbase is testing the concept where it can watch it most closely — from the inside.

Featured image from Pexels, chart from TradingView

Stablecoins Remain A “Niche” Payment Instrument

Pablo Hernández de Cos, General Manager at the Bank for International Settlements (BIS), spoke on the topic of stablecoins at a Bank of Japan seminar in Tokyo on Monday. The BIS is an international financial institution that serves as a bank for central banks. It’s owned by constituent central banks, of which there are 63 in total at the moment. The institution has been vocal about its concerns regarding stablecoins in the past.

Stablecoins are cryptocurrencies that have their price tied to a fiat currency. In recent years, these tokens have gained popularity, inviting regulation from major economic hubs.

Since stables run on blockchain technology, they naturally offer relatively cheap 24/7 transactions. This has made their main use, besides being a store of value, as a mode of payments.

Stablecoins try to mimic fiat currencies, but do they count as “money”? de Cos has discussed the two features that decide the “moneyness” of an instrument: singleness and interoperability.

First, singleness is the idea that different forms of money should be perfectly substitutable at par across financial intermediaries and platforms. In fiat economics, this is facilitated by central banks. For the decentralized stablecoins, there is no such central settlement so deviations can emerge.

Though, these differences tend to be relatively modest. “Yet confidence shocks can widen discounts abruptly and, when they do, users may refuse to accept certain stablecoins, as seen on several occasions in the past,” said de Cos.

The other property, interoperability, means that users can send and receive funds seamlessly across platforms and networks. Today, stablecoins are distributed across a wide range of blockchains, so even versions of the same token that run on different blockchains aren’t interoperable by default.

The BIS General Manager explained:

Together, these features undermine the network effects that are key to money – the use of money begets its acceptance, and acceptance begets wider use. It is therefore conceivable that under current designs stablecoins remain a “niche” instrument.

While current stablecoin systems may fall short of the requirements of a widely accepted payment instrument, de Cos noted that they have the potential to significantly enhance cross-border payments. But the opportunities provided by fiat-tied cryptocurrencies don’t come without challenges; the BIS head cautioned that these assets can affect credit supply, financial stability, and monetary and fiscal policy.

The wider digital asset sector has faced bearish winds since Q4 2025, but the stablecoin market has managed to hold up relatively well as its market cap has seen a slight uptrend in this period, according to data from DefiLlama.

Currently, the fiat-pegged coins have a combined valuation of over $320 billion, which is a new all-time high.

Bitcoin Price

At the time of writing, Bitcoin is trading around $75,000, up more than 6% over the past week.

After clearing the $78,000 level for the first time in more than two months last Friday, BTC has since traded with noticeable turbulence, slipping back to just above $76,000 by Monday amid renewed geopolitical uncertainty.

Why BTC’s Direction Hinges On Wednesday

In his latest analysis, market expert Sam Daodu points to a rapidly shifting situation in the Middle East—one that has been driving risk sentiment in short bursts and amplifying volatility in crypto markets. 

According to the report, Iran closed the Strait of Hormuz again, less than 24 hours after reopening it, then walked away from the second round of peace talks in Islamabad, as one of the main reasons behind Sunday’s drop to around $73,000. 

The timing now centers on Wednesday. The ceasefire expires on April 22, and at the moment, there’s no replacement deal in sight. In Daodu’s view, that makes Wednesday essentially the decisive day for Bitcoin’s direction for the rest of April.

He lays out two main pathways. If the ceasefire is extended or new talks are announced, he expects oil prices to fall toward $90. 

In that scenario, Daodu argues Bitcoin could work its way back toward $78,000. He also adds that if the CLARITY Act markup gets scheduled before the end of the month, a move toward $80,000 would be realistic by April’s close.

On the other hand, if fighting resumes and oil prices push above $100 again, the whole market could absorb renewed pressure. 

May Looks Stronger For Bitcoin

While Bitcoin has held the $70,000 level through previous escalations, Daodu warns that this time could be different because traders would be facing both a broken ceasefire and collapsed talks at the same time. In that case, he says Bitcoin could drop to around $65,000.

Even with the uncertainty in the near term, Daodu’s analysis also includes a longer-term counterpoint. He argues the $78,000 rally is losing momentum and that BTC is unlikely to reclaim those highs before April ends unless the ceasefire is extended. 

Still, he emphasizes that zooming out, Bitcoin’s broader position looks quietly bullish. The biggest Bitcoin wallets reportedly accumulated about 270,000 BTC over the past 30 days—the largest monthly buying spree since 2013.  At the same time, exchange reserves have reportedly fallen to a seven-year low.

Together, those signals suggest retail may be reacting with panic to every ceasefire update, while larger holders use that volatility to add more BTC.

In short, Daodu concludes that April’s upside looks more like a squeeze that is now cooling off, but the underlying setup heading into May may be stronger than at many other points this year. 

Featured image from OpenArt, chart from TradingView.com 

Unclear Cardano Leadership Raises Concerns In The Ecosystem

Recently, a fresh debate has been raised around the Cardano network, particularly involving its leadership state. A crypto pundit and ADA enthusiast, Cardano Yoda, argues that the leading network is lacking clear leadership. Once again, the focus is on how Cardano strikes a compromise between decentralization and the requirement for unified leadership.

The pundit stated that in the past, the network was centered around the IOGs, the Cardano Foundation, and EMURGO, and its founder, Charles Hoskinson, was considered the leader. However, after the introduction of on-chain governance, the model evolved, breaking into two parts. These include DReps (governance decision-making) and Pentad (leadership and execution), which go hand-in-hand to produce a unified platform.

While DReps decide on Treasury spending, they also grant legitimacy to the strategy that Pentad offers because DReps are not coordinated.  Since they cannot define the strategy and prioritize, on-chain governance is still dependent on the founding entities, indicating that the network remains strongly centralized in leadership and execution. These entities can offer their experience, knowledge, and expertise, but DReps will set the path from the ground up.

A strong player is intersect as it plays the role of coordinator, particularly preparing the budget framework process. Meanwhile, intersect is required to balance the role of facilitator and leader because it may not want to be a leader. However, being a leader means taking on responsibilities.

According to Yoda, on-chain governance is not the same as leadership, and Cardano does not have one. The issue is that it is difficult, if not impossible, to decentralize leadership and execution. A leader bears responsibility, which is diluted somewhere between Pentad and DReps, causing a fragmented network.

Despite this, Yoda still believes that leadership should not be dismissed because of decentralization. In the meantime, there may be a struggle for leadership, as new leaders may be born, or it might remain the same.

An Ideal Direction For Leadership

After carefully analyzing the Cardano network, Yoda claims that the logical direction for leadership is toward DReps because they have a stronger position and must be coordinated. With the emergence of a DReps board, they are expected to take responsibility for treasury spending, defining strategy, and prioritizing.

By using DAOs, DReps can be involved in the process of an effective execution. This is because they are responsible for supporting builders, ecosystem growth, innovation, marketing, and open-source activities, among others. 

To have clear leadership, a more robust layer of cooperation between DReps, founding entities, and Intersect is required. However, this can only be built by a clearly defined coordination layer between DReps and sub-DAOs. Meanwhile, to create a dialogue between DReps and founding entities, the governance system must evolve.

Currently, communication is carried out through on-chain proposals, and may result in a rejected proposal regarding Summit and TOKEN2049 due to the diverse views of DReps and founding entities. Although it may not be easy, the goal remains finding a consensus on the future functioning because governance needs to be more effective.

Kelp DAO Hack Linked To Broader Cross-Chain Risks

Market expert Iso Ledger has shared updates on the recent Kelp DAO hack, describing it as a major security breach that exposed risks across multiple DeFi platforms. In his post on X, he stated that Kelp DAO lost $292 million in just 46 minutes. He said the attacker funded a Tornado Cash wallet around 10 hours before the exploit began. Then he called IzRecieve, a core function in LayerZero’s EndpointV2 contract.  

Iso Ledger reported that the single call triggered Kelp DAO’s bridge to release 116,500 rsETH, worth $292 million, directly to the attacker’s wallet. He added that the amount represented 18% of the token’s circulating supply. The expert also stated that the attacker had immediately used the stolen rsETH as collateral on Aave V3 to borrow ETH, creating bad debt that the DeFi protocol would now need to absorb. 

Notably, Iso Ledger stated that Aave has responded immediately by freezing the rsETH markets on both V3 and V4. He also noted that the price of Aave had fallen by a staggering 10%, adding that one bridge exploit had impacted three protocols simultaneously. 

Following the devastating hack, Kelp DAO and Kernel DAO, a multi-chain restaking ecosystem, made no public statements for 46 minutes as the incident unfolded. The delay had raised major concerns about protocol response times during live exploits. 

Expert Warns XRP Holders About FXRP And Bridge Dependency

In his post, Iso Ledger said that the recent Kelp DAO hack is relevant to XRP holders seeking yield opportunities through wrapped asset products. He pointed to FXRP, the wrapped XRP launched on the Flare Network. He stated that the token is deployed as a LayerZero Omnichain Fungible Token (OFT) according to Flare developer documentation. 

This means that FXRP has the same bridge standard, cross-chain architecture, and IzRecieve call that were exploited by Kelp DAO attackers and led to the $292 million drain. The analyst compares XRP to Kelp DAO, presenting his remarks as a warning about external bridge dependency. 

Iso Ledger also explained that the latest attack shows why the ecosystem is waiting for XLS-66D, a native lending protocol built directly into the XRP Ledger. He stated that this protocol would allow the altcoin to remain on-chain without needing an external contract. He also said the attack vector seen in the Kelp DAO exploit would never exist if the token never leaves the chain it was created on.

Analyst Identifies Key Bitcoin Rebound Zones

A crypto analyst identified as “Swarmik” on X has presented a detailed Bitcoin forecast, identifying 17  price levels where upward reactions could occur. He described BTC’s outlook as strongly bullish, suggesting that any successful bounce from these lower levels is expected to drive Bitcoin back to its all-time high at minimum, with the potential for further upside. 

Sharing a chart, Swarmik pointed to $70,931 as the first level of interest, describing it as a “Breaker Block” where buyers may step in to defend further breakdowns. If this level fails to hold, he identifies $68,931 as the next corrective area for BTC. He labeled this level as an “Imbalance Zone,” where price could find support and attempt a round. 

If downside pressure continues, the next level is $66,638, referred to as a “Reversal Line,” where a potential price bounce could occur. Below that, the $64,491 price point is highlighted as a “Psychological Level,” suggesting an emotionally significant area where traders tend to react more strongly. 

As the price moves lower in the projection, the levels outlined by Swarmist become a mix of standard trading tools and zones, such as Fibonacci Retracements, based on past price behavior. The analyst points to $62,345 as the next level of decline if Bitcoin fails to hold the psychological level. He described this point as a “Fibonacci Level,” where price could still react. 

If this zone breaks down, he highlights $60,198 as an “Etheric Break Zone,” followed by $58,052 as a “Point of Interest,” where buyers may return. A stronger move to the downside brings attention to the $55,905 level, which Swarmist described as a “Fair Value Gap,” where price gaps or inefficiencies are expected to be filled. Below that, $53,739 is marked as an “Order Block,” indicating a level where previous trading activity could influence future price reactions. 

BTC’s Roadmap To Final Breakdown Zone

Following the order block zone, Swarmist’s analysis highlights a continued downtrend for BTC, with each level expected to fuel a rally if the price can hold above it.  

The analyst highlights $51,612 as a “Demand Zone” where buying pressure may reemerge. If this level fails, $49,466 is identified as a “Supply Zone,” an area where selling pressure becomes stronger. Swarmist is implying that even if the price drops to these extremely low levels, there is still potential for a bounce.

Notably, a drop to $47,319 is expected to follow if the supply zone fails to hold. The analyst labeled this area as a “Liquidity Pool,” where many clustered orders may be found, making it an attractive target for price movement. Below that, $45,173 is described as a “Gravity Point,” while $43,026 is a “Kill Zone,” where another sharp price reaction could occur. 

The analysis continues with a downward spiral to $40,880, a deeper support area described as a “Meta Vibration Level.” Further below that is $38,733, representing the final major level standing between Bitcoin and its lowest price. Swarmist calls this zone the “Last Bastion of Support.” Once the price falls below it, Swarmist noted that a decline below $34,732 would mean it was “all over” for Bitcoin, suggesting that it could completely invalidate the cryptocurrency’s bullish structure. 

Another Key Asset For Institutions Is Ethereum

Vivek Raman, the Chief Executive Officer (CEO) of Etherealize, has placed Ethereum on the same level as Bitcoin, the largest crypto asset, on the institutional stage. Raman argues that ETH is on track to become a core holding in institutional portfolios, positioning it as a foundational layer for the next generation of financial infrastructure.

According to the CEO, institutional allocations to ETH are inevitable as the asset grows, drawing attention to the University of Harvard’s shift from Bitcoin Spot ETFs to Ethereum Spot ETFs. ETH is being backed by its proof of stake, which is capable of generating massive yields. As Raman believes, these factors, which allow ETH to become the next store of value, are key drivers for price appreciation for the asset.

In the interview, the CEO also talked about the substantial growth of tokenized assets and stablecoins on the Ethereum network. He argues that most highly valued tokenized assets and stablecoins are going to be launched on the network. 

Typically, both these assets are rooted in real-world trust assumptions with off-chain records, and ETH is the leading network to build on because it is not linked to off-chain operations. “You need a neutral asset where the United States can trade with anyone, and ETH is that asset,” Raman stated. This makes Ethereum more valuable as tokenized assets on the blockchain grow.

Raman highlighted that if everything is going to be tokenized, ETH is the primary blockchain for this shift. Ethereum is still early, and as tokenization grows, the network reprices into a multi-trillion dollar asset because it is trustless collateral that no one can censor. In the broader financial sector, this is considered a valuable move.

ETH’s Long-Term Projections

Ethereum may be bearish, but its long-term outlook remains significantly bullish. Julien CryptoBoost, an ETH holder since $80, shared that key model points to price targets between $12,000 and $38,000 for ETH by 2033. The projection aligns with Bitmine Immersion chairman Tom Lee’s forecast of $60,000 by 2030. 

However, none of these predictions is priced in yet. Currently, ETH’s price is trading around $2,300, which represents roughly its fair short-term value, and the near-term growth is already in the price as per the models. 

While these predictions may seem too ambitious, the expert has drawn investors’ attention to the doubling of stablecoins on ETH to $240 billion, the Glamsterdam upgrade in S1 2026, and rising institutional adoption each quarter as key drivers. “People selling ETH today are selling tomorrow’s finance infrastructure at a bargain price,” he added.

Furthermore, Julien noted that the Ethereum ecosystem generates $3.82 billion in fees every year, with layer 1 capturing $332 million and layer 2 networks handling the rest since the EIP-4844 launch. Given the accelerated growth, Julien believes that ETH is undervalued compared to what it’s going to become in the future.

Cardano Founder Warns XRP Investors About Ripple

In an interview, the Cardano founder stated that there is nothing in the Ripple network that creates buy demand for the XRP token. He further remarked that the company sells its XRP holdings to fund more acquisitions. This came as Hoskinson had alleged that the company allocated up to 80% of the XRP supply to itself. 

The Cardano founder also alleged that Ripple’s goal is to inflate the XRP price and then sell their holdings to buy more assets. He noted that Ripple uses the XRP Ledger (XRPL) to run its operations, but there isn’t much demand for XRP, especially since there is no native staking or other DeFi mechanisms on the network. 

As such, he believes that Ripple is the only one gaining from holding XRP, describing it as a huge value transfer to just one company while XRP investors do not benefit. The Cardano founder further explained that Ripple is strategically using its XRP holdings to build Web 2.5 companies and that none of the value from these companies has to accrue to XRP. 

It is worth noting that Ripple acquired Hidden Road and GTreasury, which have now become Ripple Prime and Ripple Treasury. At the start of the year, Ripple CEO Brad Garlinghouse had assured XRP investors that XRP remains central to their vision of being the internet of value. He has also, on several occasions this year, described XRP as the ‘North Star’ of their operations. 

No Commitment On Ripple’s End To The XRP Ecosystem

The Cardano founder indicated that there was no commitment on Ripple’s part to XRP investors, despite its large holdings and its use of the token to fund acquisitions. He noted that the company doesn’t conduct any XRP buybacks, even when it generates revenue or profits. Instead, they only continue to sell more XRP. 

Hoskinson also mentioned that XRP investors do not have any rights in Ripple or any access to stock options simply by being XRP holders. Interestingly, he likened Ripple to Tether, noting how these companies accrue all the value without their users or XRP investors, in this case, getting anything. However, it is worth noting that Ripple has continued to integrate XRP into its platforms, most recently with the launch of native XRP capabilities on Ripple Treasury. 

At the time of writing, the XRP price is trading at around $1.40, down almost 2% in the last 24 hours, according to data from CoinMarketCap.

Shiba Inu’s Burn Progress Clashes With Weak Price Structure

Shiba Inu’s network has now surpassed 20,000 burn transactions, marking a sustained push to reduce its enormous circulating supply of over 589 trillion tokens. This development reflects ongoing ecosystem activity and a long-term strategy aimed at tightening supply. Under normal conditions, such a milestone would support upward price movement.

However, current price data shows the opposite trend. Shiba Inu is trading around $0.0000058 to $0.000006, with recent sessions fluctuating narrowly within that band. The token has also recorded short-term declines, including a drop of about 2.83% on April 14, 2026, highlighting persistent selling pressure. Over a broader window, it remains near multi-year lows, reinforcing the lack of sustained demand.  

This stagnation reveals a key issue: burn activity alone is not enough to drive price in a weak market. Trading volumes remain modest relative to past hype cycles, and price movements are confined to tight ranges. Even as supply is gradually reduced, the absence of strong inflows means the impact of these burns is diluted. In essence, structural improvements are being overshadowed by cautious sentiment across the wider crypto market.

Dogecoin’s X Money Narrative Meets Market Reality

Dogecoin is facing a similar contradiction. On April 14, 2026, Nikita Bier, Head of Product at X, hinted at the idea of introducing a crypto-focused initiative following a difficult year for the industry. That statement immediately sparked speculation that Dogecoin could play a role in X’s developing payment ecosystem, often described as X Money.

The speculation is not baseless. Dogecoin has long been associated with X, and analysts believe a payment feature on the platform could create a new wave of utility-driven demand. Some projections even suggest that such integration could be a key factor if DOGE were to attempt a significant rally Cs in 2026.  

Yet, the current price tells a more restrained story. Dogecoin is trading around $0.09, far from the levels implied by bullish projections and still reflecting a market lacking conviction. The gap between speculation and execution remains wide, with no confirmed timeline or product details to support the narrative.

This explains why prices remain under pressure. Both Shiba Inu and Dogecoin are showing signs of ecosystem growth and future potential, but markets are demanding more than milestones and hints. Until tangible implementation and stronger capital inflows emerge, price action is likely to remain subdued despite the headlines.

The central claim from LayerZero is that the exploit was not a failure of the protocol itself, but the result of KelpDAO’s decision to run rsETH with a single-DVN configuration. That matters because the latest statements shift the market narrative away from generalized contagion risk across LayerZero-integrated assets and toward a narrower question: how much risk was concentrated in one application’s security design.

LayerZero Links KelpDAO Crypto Exploit To RPC Attack

In an incident statement from April 20, LayerZero said the April 18 attack targeted KelpDAO’s rsETH setup and was “isolated entirely to KelpDAO’s rsETH configuration as a direct consequence of their single-DVN setup.” The company added that it had conducted “a comprehensive review of active integrations” and could confirm “with confidence that there is zero contagion to any other asset or application.”

LayerZero framed the episode as a state-linked crypto infrastructure attack rather than a protocol exploit. According to the statement, “preliminary indicators suggest attribution to a highly-sophisticated state actor, likely DPRK’s Lazarus Group, more specifically TraderTraitor.”

It said the attack did not compromise the protocol, key management, or the DVN instances directly. Instead, the attacker allegedly poisoned downstream RPC infrastructure used by the LayerZero Labs DVN, swapped binaries on compromised op-geth nodes, and then used DDoS pressure on uncompromised RPCs to force failover toward the poisoned infrastructure.

That sequence is central to LayerZero’s argument. “Because of our least-privilege principles, they were unable to compromise the actual DVN instances,” the company wrote. “However, they used this pivot point to execute an RPC-spoofing attack.

Their malicious node used a custom payload designed explicitly to forge a message to the DVN with minimal warnings.” LayerZero said the manipulated node presented false data only to the DVN while returning truthful responses to other IPs, including its own monitoring infrastructure, in what it described as a deliberately stealthy effort to avoid detection.

Even so, LayerZero argues the exploit should have been stopped at the application layer had rsETH not relied on a 1-of-1 verifier setup. “The affected application was rsETH, issued by KelpDAO,” the statement said. “Their OApp configuration at the time of this incident relied on a 1-of-1 DVN setup, with LayerZero Labs as the sole verifier — a configuration that directly contradicts the multi-DVN redundancy model that LayerZero has consistently recommended to all integration partners.”

It added that “a properly hardened configuration would have required consensus across multiple independent DVNs, rendering this attack ineffective even in the event of any single DVN being compromised.”

The company said its DVN is live again, that affected RPC nodes have been deprecated and replaced, and that it will no longer sign or attest messages for applications using a 1/1 configuration. It also said it is working with law enforcement and industry partners, including Seal911, to track funds.

Aave said in an X update on late The protocol said its analysis shows “rsETH on Ethereum mainnet is fully backed,” but added that “out of an abundance of caution, rsETH remains frozen across Aave V3 and V4 and exposure to the incident is capped.” WETH reserves also remain frozen across the affected markets on Ethereum, Arbitrum, Base, Mantle, and Linea while the team continues to validate information and assess possible resolutions.

At press time, the total crypto market cap stood at $2.5 trillion.

In a series of posts on X, Schwartz said he evaluated “a lot of DeFi bridging systems” for potential RLUSD use and focused “almost exclusively” on security and risk. What stood out, he wrote, was not a lack of tooling. In his telling, many systems already offered strong protections against the kind of failure now being discussed around KelpDAO. The problem was that those protections often came with friction.

Ex-Ripple CTO Warns Bridge Failures Could Repeat

“One thing I noticed is that most schemes were very well designed and had really strong mechanisms available to protect against exactly the type of attack the the KelpDAO/rsETH situation seems to have been caused by,” Schwartz wrote. “However, one thing I noticed was that they generally in effect recommended not bothering to use the most important security mechanisms because they have convenience and operational complexity costs.”

The former Ripple-CTO is not saying bridge teams lack security features on paper. He is saying some business models are built around making those features optional, even when the assets secured can eventually grow large enough to make the tradeoff untenable.

“Their sales pitch was that they have the best security features but they’re easy to use and scale assuming you don’t use the security features,” he wrote. “I have a funny feeling part of the problem is going to be something like KelpDAO choosing not to use key LayerZero security features out of convenience. I hope I’m wrong.”

The broader concern, in Schwartz’s framing, is incentive design. If applications are allowed to choose their own trust assumptions, competition can drift toward lower-friction setups rather than higher-assurance ones. That point was raised explicitly by XRP community figure Vet, who argued that letting applications define their own security inevitably “races to the bottom.”

Schwartz partly pushed back, saying simpler setups can make sense when value is still small, or where assets are already backed by a trusted issuer and can be frozen. But he also suggested that in open crypto markets, temporary shortcuts have a way of becoming permanent.

“That gets insanely complicated. I’d say probably not,” the former Ripple CTO wrote when asked whether projects could face liability for losses. “But the whole DeFi bridging industry is infected with people using moderate security because ‘we just need to get it working, we’ll improve it later’ that grows to protecting huge amounts of money and the later improvements never come.”

He was similarly blunt on the industry’s habit of relearning the same lesson after each blowup. “We could wait until we have a perfect solution, but that’s not the choice everyone has made,” Schwartz said. “So every once in a while, we’re going to have a big failure and then everyone will be careful for a month or two and the cycle will repeat.”

Overall, Schwartz frames the issue as structural: DeFi keeps trying to scale cross-chain liquidity before it has solved how to govern bridge risk at the level other people’s money demands. Even Schwartz, while defending some narrower uses of simpler bridge setups, conceded that decentralized governance remains ill-suited to hard security decisions around custodial risk.

The backdrop is the April 18 rsETH incident involving KelpDAO. An attacker exploited KelpDAO’s LayerZero-powered rsETH bridge and drained 116,500 rsETH, valued at roughly $290 million. Aave’s Guardian then froze rsETH and wrsETH markets across the deployments where the asset was listed, stressing that Aave itself had not been hacked and that the issue was scoped to the asset rather than the lending protocol.

Aave later said all pools remained operational, but the freeze halted new deposits and new borrows against rsETH collateral while the situation was assessed. The episode quickly turned into a broader DeFi risk event because rsETH had been integrated into lending markets, raising fresh questions about collateral standards, bridge configuration choices and whether convenience-first interoperability is still being underpriced across the stack.

At press time, XRP traded at $1.40.

How Low Will The Bitcoin Price Go?

Despite the increase in price, the crypto analyst has predicted that it is likely that the Bitcoin price crashes first from here. The bullish sentiment in the market, Behdark believes could be misleading for investors, as this could be a deliberate ploy by market makers to actually get the most people involved before crashing the price again.

As the analyst explains, the underlying Bitcoin structure is still very bearish, especially given the fact that the digital asset looks to be forming a triangle or diamagnetic pattern. The latter is a complex corrective pattern, meaning that it can often be clouded in recoveries before crashing down further again.

In either case, both of these patterns point to a high possibility that the Bitcoin price would go down first before up. Thus, it is likely that there would be opportunities to buy the cryptocurrency lower before eventually waiting for the run-up.

With this, the crypto analyst has identified the major levels that investors should watch out for that could be the best time to actually short the cryptocurrency. Mainly, two levels are of the most interest as these are where the bears could make their stand in terms of establishing resistance.

The first of these is just above $77,000 as the price continues to struggle with declining momentum. Next is the $80,552 level, where there is likely the most resistance to the current rally, thus making them the points that could trigger a downward corrective move.

Once the decline begins, then the first stop would be just above $72,800 for the first support level. Next is the $67,885 level for better support, but a break of this would eventually lead to another 10% crash. The last major level is $67,677, which still lies above the established cycle support of $60,000.

The SuperTrend indicator is printing a signal that has not appeared since XRP was trading at its 2026 peak, and analyst Ali Martinez says it could be the beginning of a meaningful trend reversal.

SuperTrend Signals A Break From Months Of Selling Pressure

XRP is starting to show early signs of a shift in momentum, with the SuperTrend now turning in favor of buyers after weeks of downward pressure. The move comes after the entire industry saw inflows last week, with Bitcoin pushing back above $78,000 and capital moving into large-cap altcoins.

Crypto analyst Martinez highlighted a notable development on XRP’s daily chart, pointing to a bullish flip in the SuperTrend indicator for the first time since January 17. This indicator, which tracks trend direction and acts as a dynamic support or resistance band, had been mostly in sell mode for almost four months.

XRP touched $1.50 on April 17 before closing the daily session at $1.4. That close, marginally above the SuperTrend line, was what led to the bullish flip. The bullish flip shows that bearish momentum has weakened enough to allow buyers to regain some sort of control. As shown in the chart below, the SuperTrend band is now sitting below price action.

XRP Daily Chart. Source: @alicharts On X

Path To $1.90 Opens If Breakout Holds

Despite the improving setup, XRP is approaching what could be its most important level in the near term. The bullish SuperTrend signal is a necessary condition for a trend reversal, but not a sufficient one. Martinez identified $1.55 as the level that will determine whether the signal produces a sustained rally or fades into another failed attempt.

About 60% of XRP’s circulating supply is held at an average cost basis near $1.44, meaning every push toward the $1.40 to $1.45 zone has run into a dense wall of underwater holders looking to exit. A clean daily close above $1.55 would clear that supply overhang and, according to Martinez, cause a relief rally. 

If XRP manages to clear $1.55 with a strong daily close, then the next phase of the move could play out very quickly. Martinez points to the $1.90 region as the primary upside objective of the projected move.

At the time of writing, XRP is trading at $1.42. The SuperTrend now has a very important role. As long as the price is still above it, the indicator will continue to act as a trailing support with a buy signal.

Featured image from Unsplash, chart from TradingView

Bitcoin Falls Below $76k As Iran Closes Strait Again

On Saturday, Iran’s military announced the closure of the Strait of Hormuz again, with reports suggesting at least three attacks on commercial ships along the waterway. After President Trump’s several announcements going into the weekend, the Iranian Speaker of the Parliament, Mohammad Ghalibaf, said the US president made “seven claims in one hour, all seven of which were false.”

What’s interesting is that the crypto and global financial markets have been seeing a return of bullish momentum after a ceasefire agreement was reached between the United States and Iran in recent weeks. However, with the ceasefire agreement set to expire in a couple of days and negotiations looking broken down, volatility and uncertainty seem set to return to the markets in the coming days.

According to data from CoinGecko, the global cryptocurrency market capitalization is down by more than 2%, with the Bitcoin and Ethereum prices showing dips of 2% and 3%, respectively. Specifically, the premier cryptocurrency, which ran up to a 10-week high of around $77,500 on Friday, is now back below $76,000.

Despite the crypto market gaining notoriety for slow price actions during the weekends, it’s interesting to see asset prices move in line with the latest developments in the Gulf. With no clear resolution in sight, the next few days could come with some degree of volatility.

Crypto Market Back To Point Zero?

Following these recent developments in the Middle East, conversations around the potential formation of a bottom in this current bear market now appear premature. Bitcoin, for instance, seems to have formed a local top around $77,500, with its current value at around $75,760.

Meanwhile, Ethereum, the second-largest cryptocurrency by market cap, sits at around $2,350, as of this writing. Other large-cap cryptocurrencies that have faced significant declines over the weekend include XRP and Solana, each falling by at leaast 3% in the past 24 hours.

Both Sides Point Fingers

Spokesperson Esmail Baghaei posted the accusation directly on X, arguing the US blockade of Iranian ports and coastline violated not just the ceasefire brokered by Pakistan, but international law.

He cited Article 2(4) of the UN Charter and referenced a 1974 UN General Assembly resolution that explicitly defines a naval blockade as an act of aggression.

The United States’ so-called “blockade” of Iran’s ports or coastline is not only a violation of Pakistani-mediated ceasefire but also both unlawful and criminal. It violates Article 2(4) of the UN Charter; it constitutes an act of aggression under Article 3(c) of the UN General…

— Esmaeil Baqaei (@IRIMFA_SPOX) April 19, 2026

Baghaei went further, saying the blockade amounted to collective punishment of Iranian civilians — language that under international law falls under war crimes and crimes against humanity.

Trump, for his part, told reporters that Iran fired shots in the Strait of Hormuz, calling it a serious breach of the ceasefire set to expire Wednesday, April 22.

President Trump tells me Iran has committed a “serious violation” of the ceasefire but he still thinks he can get a peace deal:

“It will happen. One way or another. The nice way or the hard way. It’s going to happen. You can quote me.”

— Jonathan Karl (@jonkarl) April 19, 2026

He still expressed confidence a deal could be reached. “It will happen,” he said, as quoted by an ABC News correspondent. “One way or another. The nice way or the hard way.”

The exchange set up a direct public contradiction between two governments, each claiming the other fired first — diplomatically speaking.

Iran Vs. US: A Market Already On Edge

Bitcoin felt the pressure almost immediately. The price slid from a session high of $76,250 to $75,400 Sunday as news of the flare-up spread. The drop was modest but telling, reflecting how tightly crypto markets have tracked this conflict in recent weeks.

Earlier this month, Bitcoin climbed past $78,000 after Trump announced that Iran had agreed to suspend its nuclear program. That rally reversed sharply when Tehran denied the claim, triggering a fresh round of volatility across crypto markets.

The pattern has repeated itself: optimism on a deal pushes prices up, and any sign of collapse pulls them back down.

The Strait of Hormuz sits at the center of this standoff. One of the world’s most critical shipping lanes, it has been opened and closed at various points during the conflict.

Reports indicate Iran had previously reopened the strait following a ceasefire between Israel and Lebanon, only to close it again this week.

Trump has threatened harder action if negotiations fall apart entirely. Whether that pressure holds or collapses the talks remains the question that global markets — and crypto traders — are watching most closely right now.

Featured image from BESA, chart from TradingView

According to the latest market data, the spot BTC exchange-traded products saw the addition of nearly $1 billion in value over the past trading week. This fresh capital influx reflects an uptick in investor sentiment and demand over the past few weeks.

US Bitcoin ETFs Register $664M Net Inflows

On Friday, April 17th, the US-based Bitcoin ETFs recorded a total net inflow of $663.9 million, reflecting a return of investor demand into the market in recent weeks. This single-day performance marked the fourth consecutive day of inflows for the crypto-linked investment products.

Data from SoSoValue shows that BlackRock’s iShares Bitcoin Trust (IBIT) led the day’s activity, with a total net inflow of $283 million on Friday. This was followed by the Fidelity Wise Origin Bitcoin Fund (FBTC), which posted a $163.42 million net inflow on the day.

The Ark 21Shares Bitcoin ETF (ARKB) also registered a significant $117.9 million total net inflow on Friday. The other issuers with positive net inflows on the day included Grayscale Bitcoin Trust (GBTC), Grayscale Bitcoin Mini Trust (BTC), VanEck Bitcoin Trust (HODL), and Invesco Galaxy Bitcoin ETF (BTCO).

Their performances brought the weekly record of spot Bitcoin ETFs to around $996.38 million in net inflows, with the other weekly gains coming on Tuesday ($411.5 million) and on Wednesday ($186 million). Meanwhile, the past week’s activity represents the second-straight week of capital inflows, with $786.31 million net influx in the previous week.

This upturn in capital inflows is reflective of the easing tensions in the Middle East, with what seems like a return of positive sentiment into the market. According to data highlighted by on-chain analyst Darkfost, the BTC exchange-traded fund trading volumes are on the rise and currently stand at $4.7 billion, inching closer to spot market volumes, totaling at around $6.2 billion.

However, Darkfost noted that the average cost basis of the BTC ETF is around $82,247, with holders still at a loss. “Since March, the trend has shifted notably in a positive direction for ETFs, with inflows largely dominating,” the crypto analyst added.

Bitcoin Price At A Glance

As of this writing, the price of BTC stands at around $75,664, reflecting an over 2% decline in the past 24 hours.

Kelp DAO Response Prevents Additional Exploit Attempts 

According to blockchain data, the attack on the Kelp DAO exploited a weakness in cross-chain communication, specifically targeting the bridge mechanism used to transfer assets across networks. The exploit was executed via a call to the “Iz Receive” function on LayerZero’s EndpointV2, which ultimately triggered the release of funds to an attacker-controlled wallet.

On-chain sleuth ZachXBT was among the first to uncover the breach, estimating losses exceeding $280 million across Ethereum and Arbitrum. The blockchain investigator also noted that the attack addresses had been initially funded via Tornado Cash, indicating a deliberate effort to conceal the funding sources for the highly coordinated attack.

Earlier today we identified suspicious cross-chain activity involving rsETH. We have paused rsETH contracts across mainnet and several L2s while we investigate.

We are working with @LayerZero_Core, @unichain, our auditors and top security experts on RCA.

We will keep you…

— Kelp (@KelpDAO) April 18, 2026

In response to this attack, Kelp DAO implemented an immediate halt to all rsETH contracts across its mainnet and connected L2 networks. The protocol also froze activity across its core contracts and systems that cover deposits, withdrawals, and oracle functions. According to Kelp DAO, an ongoing investigation is underway with LayerZero and Unichain. 

Notably, the attacker attempted two additional transactions to drain another 40,000 rsETH, worth close to $100 million. However, Kelp DAO’s swift measures ensured both attempts failed, preventing losses from rising to $391 million.

Aave Freezes rsETH Contracts 

In other news, the fallout has quickly spread beyond Kelp DAO, with lending protocols feeling immediate pressure. Aave, one of the largest DeFi lending platforms, responded by freezing rsETH markets across its V3 and V4 deployments.

However, Aave has clarified that its own smart contracts were not exploited, and the measure is purely precautionary to limit further debt exposure to rsETH as they assess the situation. Aave management is also committed to evaluating potential mitigation strategies if any bad debt emerges from the exploits.

The rsETH markets on Aave V3 and Aave V4 have been frozen. Aave's contracts have not been exploited and this is an exploit related to rsETH.

The freeze follows an exploit of the Kelp DAO rsETH bridge. Freezing the rsETH markets prevents new deposits and borrowing against rsETH…

— Aave (@aave) April 18, 2026

rsETH itself is a liquid restaking token designed to represent staked ETH while enabling users to earn additional yield through restaking strategies. It plays a key role in cross-chain DeFi, allowing capital to move seamlessly across multiple networks, including Arbitrum, Base, and Scroll. The scale of the exploit is particularly damaging as the stolen funds represent roughly 18% of rsETH’s total circulating supply, representing a significant hit to both liquidity and user confidence.

A Deal Years In The Making

Alcoa’s Massena East smelter went dark in 2014 after energy costs climbed and overseas competition cut into margins. The sprawling facility along the St. Lawrence River has sat idle ever since.

Based on reports, Alcoa CEO Bill Oplinger told Bloomberg the two companies are deep in talks and expects a deal to close sometime in the middle of 2026. Financial terms were not disclosed.

For NYDIG, the appeal goes beyond location. Industrial smelters are wired for round-the-clock heavy operations — they come with substations, transmission lines, and grid connections that can handle enormous power loads.

Data center operators and crypto miners often wait years to build that kind of infrastructure from scratch. At Massena, it already exists. The site also draws power from the New York Power Authority’s hydroelectric supply, which cuts costs and reduces the carbon footprint of whatever runs there next.

Old Industry, New Tenants

Massena is not the only shuttered smelter drawing interest from the digital sector. Earlier this year, Century Aluminum sold its Hawesville, Kentucky facility to TeraWulf for $200 million.

TeraWulf plans to turn the site into a high-performance computing and AI campus. Since that deal closed, TeraWulf shares have climbed 80% year-to-date, according to Yahoo Finance data.

The pattern is clear: retired heavy industry sites, long considered liabilities, are being snapped up by firms that need power and space fast. These properties offer something new construction cannot — infrastructure that is already approved, already connected, and already built.

While many miners are shifting toward AI and cloud services to offset shrinking returns, NYDIG is doubling down on Bitcoin.

Last year, the firm — owned by Stone Ridge — acquired Crusoe Energy’s Bitcoin mining operations, including its natural gas flare mitigation business.

The Massena deal, if it closes, would mark another significant step in that direction.

Other players in the space are taking a different road. MARA Holdings picked up a 64% stake in French infrastructure company Exaion to break into AI services. Hive, Hut 8, TeraWulf, and Iren are all converting mining facilities into data centers.

NYDIG, for now, is charting its own course.

Featured image Romain Costaseca/Hans Lucas/AFP via Getty Images, chart from TradingView

Polish Lawmakers Face Consecutive Defeat Against Nawrocki Over Crypto Bill

According to a local media outlet, TVP World, members of the lower house of the Polish Parliament, i.e., Sejm, failed to reach the required third-fifth majority to overturn a second presidential veto of the Crypto Asset Market Act. President Karol Narcowski initially vetoed the cryptocurrency regulation bill in December 2025, citing overregulation, ambiguity, and an increased regulatory burden on small businesses.  

The Polish lawmakers, led by Prime Minister Donald Tusk, failed to override this first veto, which would have aligned Poland’s digital asset regulations with the general European Union’s MICA regulations. In February, the same measure was passed again and vetoed by President Narcowski, citing the same reasons as before. In an attempt to bypass the President’s assent, the lawmakers held a vote on Friday, with 191 members of parliament voting in favor of the veto and 243 dissenting. Ultimately, this result fell short of the constitutionally required 263 votes to override the President’s veto in Poland. According to Narcowski in December, the proposed digital asset regulation “threatens the freedom of Poles, their property, and the stability of the state.”

Polish Ministers React To Foiled Override Attempt

Following Friday’s botched efforts to pass the Crypto Asset Market Act, several members of the Polish Parliament have responded in various ways. Finance Minister Andrzej Domański strongly criticized President Narcowski’s veto, stating that the absence of updated regulations compromised the integrity of the Polish digital asset market. Domanski described the present environment as an environment of fraudsters that threatens the protection of investors and entrepreneurs.  Another interesting aspect of this regulation is Prime Minister Tusk’s recent allegations against Poland’s largest exchange, Zondacrypto, which has also lobbied against the Crypto Asset Market Act. Prime Minister Tusk claimed that Zondacrypto was established by Russia mafia, and resources linked to the Russian intelligence agencies.

Considering these funding sources, Tusk questions the exchange’s involvement in Polish politics, citing reports from security agencies that the company’s CEO, Przemysław Kral, has donated to opposition candidates. Interior Minister Marcin Kierwiński linked the push for the Crypto Asset Market Act to this government concern, stating:

The plan is to keep addressing this until we succeed, until the awareness of the threats and these strange interests connecting certain right-wing politicians with this [cryptocurrency] exchange finally reaches the president.

Bitcoin is now trading around $76,778, after touching an intraday high of $78,240. However, the most important question is whether this move is the start of a real run to six digits at $100,000.

Relief From Geopolitics Gave Bitcoin The Push It Needed

The chain of events that lifted Bitcoin began in early April. Hours before the deadline set by US President Trump, the US and Iran reached a two-week temporary ceasefire agreement mediated by Pakistan, with formal peace talks scheduled in Islamabad. 

Interestingly, major exchanges and market makers also moved quickly. Binance purchased approximately 29,344 BTC, Coinbase bought 20,756 BTC, Kraken bought 8,600 BTC, and Wintermute and Bybit adding additional positions, transactions that together totaled close to $4.5 billion in Bitcoin. 

The latest Bitcoin price breakout above $75,000 in the past 48 hours is a result of traders reacting to signs that geopolitical pressure may be easing, at least temporarily. At the same time, Spot Bitcoin ETFs recorded strong demand this week, including $663.91 million in inflows on Friday alone, pushing the weekly total to $996.38 million. That steady influx of capital helped Bitcoin recover levels it had struggled to hold earlier in April.

Sentiment Data Shows Fear Still Dominating The Market

Even as Bitcoin is trading its highest level in 11 weeks, on-chain sentiment data suggests the rally is not being backed by positive optimism. According to data from Santiment, bearish commentary is still dominating social discussions, with three negative comments for every two positive ones.

The data shows that even during recent price pushes, skepticism is still outweighing excitement. It is important to note that that type of environment has often aligned with continuation moves. When price rises without a surge in crowd optimism, rallies tend to face less immediate selling pressure from overheated positioning. 

Bitcoin Sentiment Chart. Source: @santimentfeed On X

The question now is whether these geopolitical tailwinds are sufficient to carry Bitcoin from the current $76,000 to $78,000 band all the way to six figures. The price advance crossed a descending trendline that had capped rallies since October 2025, when Bitcoin reached approximately $126,000, but the 50-day exponential moving average is still below the 200-day EMA.

The path to $100,000 will likely depend on more than just geopolitical relief. Sentiment trends suggest that many traders expect Bitcoin to stall somewhere around the mid-$80,000 region. However, this is also a good sign that the rally could move past small traders’ expectations and rise above $90,000.

Featured image from Pexels, chart from TradingView

Scam Built On Fake Promises

The woman had made 17 separate transfers of USDT and Ethereum to the fraudulent platform, losing nearly HK$7.7 million, roughly $982,000.

It started on Telegram, where someone posing as an investment expert approached her and pitched a trading strategy powered by artificial intelligence.

The promised returns were guaranteed. The platform looked convincing. She transferred the funds. When she tried to take her money out, nothing came through.

Hong Kong Police have since confirmed the case as part of a wider surge in online investment fraud hitting the city.

Based on reports from authorities, over 80 such cases were recorded in a single week, with combined losses topping HK$80 million — close to $10 million.

Different Types Of Scam

According to Vectra, AI scams now fall into seven distinct categories, with deepfake video, voice cloning, and AI-driven BEC among the biggest threats to enterprises. This framework spans both consumer- and enterprise-focused attacks.

This is not the first case of its kind, and it is not the last. Just last month, a 66-year-old retiree lost HK$6.6 million to a multi-stage scheme that played out over six months.

In that case, scammers first posed as investment advisors to win the victim’s trust, then came back later with a fake “recovery” offer — squeezing even more money out of someone who had already been burned.

Officials say the playbook is getting more sophisticated. Fraudsters are now borrowing the language of technology to add credibility to their pitches.

Terms like “AI trading” and “guaranteed profits” are being used to draw people in, according to the Hong Kong Police Force.

The artificial intelligence angle makes the pitch harder to dismiss, especially for victims who may not be familiar with how such systems actually work.

Police are urging residents to be cautious with unsolicited investment advice, whether it arrives through social media, messaging apps, or anywhere else.

They are also encouraging people to use the official CyberDefender platform to check whether an investment site or service carries signs of fraud before sending any funds.

One warning is worth repeating: no legitimate investment guarantees returns. Reports indicate that every recent case in this wave involved that exact promise.

The woman who lost nearly $1 million, the retiree who lost HK$6.6 million — both were told their money was safe and the profits were certain. Neither turned out to be true.

Investigations into the cases are ongoing.

Featured image from The Verge, chart from TradingView

What Sustained Negative Funding Says About Dominance In The Market

The derivatives landscape around XRP has been sending a clear signal throughout 2026. Crypto analyst Darkfost, a verified author for CryptoQuant, revealed on X that on Binance, funding rates have spent the majority of the time in negative territory.

This persistent negativity suggests that the XRP traders on Binance have gradually shifted toward a broadly bearish bias, which is now close to forming a market-wide consensus. Darkfost emphasized that what makes the current setup even more notable is the contrast with price action. When the majority of participants are aligned in the same direction, markets often become asymmetric, and consensus tends to arrive late in the cycle.

However, this dynamic is even more notable considering the recent drawdown. With the price already correcting by roughly 60%, traders are still predominantly positioned for further downside rather than anticipating a rebound. Historically, this type of extreme sentiment imbalance has not always been a well-timed signal to follow the consensus.

In fact, the last time a similar configuration emerged, the altcoin sharply triggered a strong upward impulse, rallying from around $1.6 to $3.6, representing a gain of nearly 127%. So far, the broader market environment remains challenging, particularly for altcoins, so caution is required in positioning strategies.

What Extreme Price Events Reveal About Network Capability

The narrative around XRP is being widely misunderstood. Crypto investor JackTheRippler has stated that the widely discussed $327,000 XRP spike wasn’t just a random glitch; it’s being interpreted as a network capacity check, a moment that shows how the XRP Ledger can handle extreme value conditions.

At the same time, a broader shift is unfolding in the financial system, with 3,000 banks shutting down, while the conversation around the altcoin is quietly evolving. Momentum is also building on the utility side as a new initiative on the Ledger partnership was scheduled to begin yesterday, April 17th, with early reports already indicating over $1.2 million in value processed.  

At the center of this is a REAL Token built natively on the Ledger, designed to support value transfer across a trillion-dollar market opportunity. With XRP operating within a tight supply structure, some individuals believe that increasing real-world usage could eventually create a supply-demand imbalance.

Bearish Investor Sentiment Could Mean Continued BTC Rally?

In a recent post on the social media platform X, Santiment revealed that the Bitcoin market sentiment is still at an extreme low after the latest run-up toward the $77,500 level. Contrary to general expectations, the latest spurt of bullish price action did not trigger a wave of FOMO (fear of missing out) sentiment among investors.

According to data from Santiment, there are currently two bearish comments for every two bullish remarks about the world’s largest cryptocurrency. The on-chain analytics firm mentioned that retail investors are showing signs of fatigue related to the ongoing geopolitical tensions and continued ceasefire developments.

Related Reading: Stocks Are At All-Time Highs, Bitcoin Is Lagging: Is BTC Late To The Rally?

Santiment wrote on X:

So even though there is an end-of-week rally related to Trump’s latest announced ceasefire, retail appears to be taken any news with a grain of salt.

What’s interesting is that this FUD (fear, uncertainty, and doubt) and not-so-bullish investor sentiment seems to spell good news for the Bitcoin price. Typically, rallies tend to be short-lived whenever investor sentiment overheats, aligning with the market theory that prices move in the opposite direction of the crowd.

As Santiment noted in its post on X, most traders are skeptical about the continued rally of the Bitcoin price, with many confidently expecting an $84,000 top (at the very best). However, the flagship cryptocurrency could surge past this expected top, as it has often done in the past.

“This also is a good sign that a rally can shoot right past the small traders’ expected outcomes, and potentially surge to $90K+; Markets nearly always move opposite to the crowd’s expectations, so avoid following the herd,” the blockchain intelligence firm said.

Santiment, however, warned that new developments can emerge, meaning that the Bitcoin price trajectory could change in a heartbeat. From fresh developments in the Middle East tensions to whether the Clarity Act proposal reaches US President Donald Trump’s desk, there are several factors to watch out for over the coming weeks.

Bitcoin Price At A Glance

As of this writing, the price of BTC stands at around $77,381, reflecting 3% increase in the past 24 hours.

Bitcoin Price At Risk As Miners Pivot to AI

Edwards reported in an X post that every major public Bitcoin mining firm has announced plans to pivot toward AI services. According to the data he shared, these companies expect their Bitcoin revenue to fall sharply, from an average of about 90% to roughly 30% over the next two to three years.

Notably, Edwards pointed to stock market performance as one of the main signals behind the recent shift. He explained that companies that set aggressive AI revenue targets above 80% reportedly saw their share prices rise by an average of more than 500%. Meanwhile, firms that targeted less than 60% of their revenue to AI saw significantly weaker performance, with many posting negative returns over two years. 

He also highlighted changes in mining hardware investment strategies among Bitcoin miners. Edwards stated that several companies are not planning to buy new Bitcoin mining equipment and instead intend to run their existing machines until the end of their lifespan while redirecting future spending into AI infrastructure. 

His warning further included concerns about the long-term security of the Bitcoin network. He emphasized that mining companies provide the computing power that secures the network. As a result, Edwards argued that reduced investment in mining hardware, such as Application-Specific Integrated Circuits (ASICs), could weaken this security if fewer resources are committed to maintaining or expanding capacity. 

Separately, the recent pivot to AI could affect the Bitcoin price, which has already come under pressure as public BTC miners increasingly sell their holdings. Moreover, with fewer miners actively accumulating the cryptocurrency, the reduced buy-side demand could significantly weigh on price performance over time. 

Edwards also referenced the rise of quantum computing as an additional risk factor. He stated that advances in quantum computing could pose a serious challenge to Bitcoin’s cryptographic systems unless changes are made to the network’s code to address future technological threats. 

Overall, he emphasized that the current shift is significantly different from past downturns in the Bitcoin mining sector. He noted that previous mining capitulation events usually involve about 20% to 30% of miners exiting the market. However, he noted that mining companies collectively valued at more than $100 billion are signaling a major move away from cryptocurrencies. According to him, this widespread shift into AI suggests that industry leaders do not currently expect strong long-term growth in the BTC price. 

Public Bitcoin Miners Dump Thousands Of BTC In Q1

A recent report from TheEnergyMag, a research firm, revealed that public miners are increasingly selling off their BTC at a pace not seen since the final stages of the previous crypto bear market. The company noted that this selling activity has been fueled by a prolonged decline in mining revenue and economics, prompting operators to liquidate their holdings as many shift toward AI technology. 

Additionally, Hashprice previously dropped to near all-time lows around $33 per PH/s, making it increasingly difficult for miners to turn a profit. The 2024 halving event, which cut block rewards, has also further shrunk miners’ earnings, while network difficulty is dramatically higher than it was in 2021. 

According to the report, public miner companies such as MARA, Riot, Congo, CleanSpark, and Bitdeer have already collectively sold more than 32,000 BTC in the first quarter of 2026. The research firm noted that this figure surpasses total net Bitcoin sales across all four quarters of 2025, setting a new industry record.

Unlicensed Crypto Operators To Face Up To Four Years In Prison

In a bill proposal to the lower house of the Federal Assembly of Russia, the State Duma, Russian lawmakers proposed criminal liability for entities engaging in activities related to the organization and circulation of cryptocurrencies and other digital assets without regulatory approval from the country’s central bank.

The draft law’s explanatory note read:

In accordance with the proposed Article 1717, it is proposed to introduce criminal liability for carrying out activities related to the organization of digital currency circulation without registration 0037822-UCH-2026 (7.1) or without a special permit (license) in cases where such a permit (license) is mandatory.

According to this proposed bill, individuals could incur as high as $4,000 in fines and get a prison sentence of up to four years (or more severe penalties if part of an organized group) for running an unlicensed digital asset operation. “The same act committed by an organized group, or involving the infliction of damage or the extraction of income on a particularly large scale, would be punishable by compulsory labor for up to five years or imprisonment for up to seven years,” the draft proposal said.

If signed into law, the ensuing criminal cases will be investigated by investigators from the Investigative Committee and the Federal Security Service (FSB). It is worth noting that the Supreme Court (SC) did not accept the bill in its current form, stating the lack of a “reasoned justification” in the explanatory note for criminal penalties for illegal crypto circulation.

Russia Continues Crypto Legislation Regime In 2026 

This proposed legislation comes after a host of bills were presented in March, including criminal penalties for entities involved in illegal crypto mining and mining infrastructure operators. Notably, the Russian government approved signed new legislations, allowing retail access only through regulated intermediaries.

As Bitcoinist reported, retail “non-qualified” investors are subjected to an annual purchase limit of about ₽300,000 (around $3,700) per broker or intermediary, while “qualified” investors are required to pass tests and transact only through authorized platforms. Meanwhile, banks were banned from process payments to unlicense foreign platforms.

While these new Russian laws (passed and proposed) seems to put the matter of regulatory clarity to bed, their seemingly stringent approach has been called into question in the crypto crowd over the past few months.

How XRP Holders Can Earn Yields Through XLS-66 Amendment

In an X post, James noted that, contrary to what XRP holders may think, the XLS-66 amendment is not just about depositing one’s tokens and collecting interest. Instead, it is a structured, institutional lending protocol in which investors’ yields accrue within the single-asset vault and are realized only when they choose to redeem their deposits. 

As such, the XLS-66 amendment won’t give XRP holders automatic payments or dividends. Instead, they receive an MPT token, which represents the altcoin they deposited into the vault. These MPT shares grow in redemption value over time. James noted that the borrowers aren’t retail investors but banks, market makers, fintechs, and payment providers borrowing short-term working capital on neutral rails. 

As such, holders are not lending their capital to strangers. Instead, they are participating alongside institutions in the same transparent on-chain pools. He added that the redeem-and-deploy cycle across multiple vaults is how they manage risk and realize periodic income without locking everything up indefinitely. 

How The Vaults Operate 

Pundit Bodhi had also broken down how the XLS-66 amendment works and how holders can enjoy yields from these single asset vaults. He noted that as borrowers repay their loans, they repay both the principal and the interest. The interest remains in the vault and increases the pool’s total XRP holdings. This causes the redemption value of each MPT to rise over time. 

As to how the loans work, he explained that an associated LoanBroker pools the XRP in the vault and makes it available for lending. The LoanBroker originates fixed-term loans lasting between 30 and 180 days. The loans are uncollateralized, meaning borrowers do not post any collateral on-chain. Traditional underwriters are responsible for handling the credit decisions off-chain. 

Fig, the co-founder of Squid’s UNL validator, said they will vote yes on the XLS-66 amendment. He noted that a strong characteristic of the lending protocol is that it leaves the difficult aspects, such as credit assessment, off-chain. The XRPL validator added that this is a contemporary approach to DeFi protocol design that is gaining traction. 

Fig also mentioned that DeFi protocols have, in the past, tried to create autonomous systems that compute interest rates and handle credit details through smart contracts. However, this process can often be manipulated and is more vulnerable to attacks. 

At the time of writing, the XRP price is trading at around $1.46, up over 2% in the last 24 hours, according to data from CoinMarketCap.

Euro-Stablecoins: Europe’s Push For Financial Independence

Stablecoins represent a unique type of cryptocurrency with a fixed value pegged to a fiat currency. Although other fiat-backed stablecoins exist, US dollar–denominated stablecoins such as USDT and USDC overwhelmingly dominate the market, reflecting the greenback’s role as the world’s primary reserve currency. Notably, these US-dollar-pegged stablecoins are poised for long-term expansion following President Donald Trump’s signing of the GENIUS Act in July 2025, thereby providing the needed guardrails for institutional participation. According to a Reuters report on April 17, French Finance Minister Roland Lescure, in pre-recorded comments at a crypto conference in Paris, advocated that European banking institutions develop more euro-pegged stablecoins, noting that their volume compared to US-dollar counterparts was “not satisfactory.” Lescure commended the Qivalis initiative by certain European banks, including ING, UniCredit, and BNP Paribas, which are jointly developing a euro-based stablecoin to launch in H2 2026, aiming to combat the US dollar’s dominance. According to Reuters, the advocate for Euro-stablecoins represents part of the European authorities’ efforts to reduce reliance on non-European providers, especially given tense US relations, driven by disputes over security burden-sharing and a global conflict approach, among other issues. Alongside the Euro-stablecoins, the European Central Bank is also developing a digital euro, i.e., a central bank digital currency, to enable the apex bank to play its role effectively in the evolving digital economy. According to data from CoinMarketCap, the total Euro-stablecoins market is valued at $675.9 million, with EURC at $ 429.01 million, ranking as the undisputed market leader. In line with Lescure’s point about advocacy, these Euro-backed tokens account for only 0.207% of the global stablecoin market, valued at $325.72 billion.

European Banks Should Accelerate Blockchain Adoption – Lescure

In his pre-recorded speech, released in Paris, Lescure also encourages European banks to explore tokenized deposits. For context, tokenized deposits are digital representations of traditional bank deposits that are issued and recorded on a blockchain or distributed ledger. There is considerable interest in these blockchain products with major global banks, including JP Morgan, HSBC, and Citi, all of which offer one variation of tokenized deposits. Lescure is advising European banks to follow this trend and tap into the benefits of blockchain for the banking system.

Featured image from Monerium, chart from Tradingview

A Vision Built On Acquisitions

That projection comes from analyst Jake Claver, who has laid out a sweeping view of where Ripple is headed over the next 15 years.

Claver believes Ripple is on track to become the dominant force in global payments and banking infrastructure by 2040, and possibly sooner.

“I think they will be the Goliath, the Amazon of payments and banking infrastructure,” he said in a recent video. He pointed to Ripple’s recent acquisition spree as the foundation of that argument.

The deals tell their own story. Ripple picked up GTreasury, a cash management platform. It acquired Hidden Road, a clearing and prime brokerage firm now operating under the name Ripple Prime.

Rail, focused on stablecoin issuance and management, was added to the portfolio. So was Metaco, along with Standard Custody — a combined entity now called Ripple Custody, which holds a trust-chartered bank and a BitLicense in New York.

Taken together, Claver describes the company as already functioning as a backend payments and settlement provider on a global scale.

The Long Game

The comparison to Amazon is deliberate. Amazon spent years building warehouses and supply chains before most people understood what it was constructing.

Claver draws a direct line between that story and what Ripple is doing now — laying down settlement rails, custody systems, and liquidity tools before major financial institutions have openly admitted they will need them.

Claver works directly with institutional XRP holders, and reports indicate those clients have a firmer grip on the long-term thesis. They are less likely to cash out early.

He has also built financial products that allow holders to put up XRP as collateral and earn returns without selling — removing the pressure to choose between liquidity and holding for the long run.

Data shows roughly 250,000 people worldwide hold more than 3,000 XRP. For a large portion of them, a price of $10 per token would represent a meaningful windfall.

Claver acknowledges that selling in that scenario is a rational move, not a failure of conviction. His estimate puts potential early sellers at 30% to 50% of significant holders.

Ripple’s story, in Claver’s framing, is not primarily about cryptocurrency. It is about infrastructure — the kind that quietly powers financial systems in the background.

Whether that vision plays out by 2040 remains to be seen, but the company’s acquisition trail suggests the groundwork is being laid now.

Featured image from Pexels, chart from TradingView

Why XRP Price Might Not Drop Below $1

In the post that was shared on X, Crypto Luke explained why they are still bullish on the XRP price and gave reasons why it is unlikely that the altcoin will crash below $1. The first of these is the fact that the XRP price had formed a broadening wedge pattern and continued to defend it.

Usually, such a defense of the broadening wedge pattern means that there is a lot of demand in the market. Thus, the bulls are able to keep the price above major support levels, and this could help sustain whatever rally that the digital asset is staging.

Another reason the crypto analyst gave is the fact that the XRP Stochastic is continuing to turn toward the bullish side. Also, the RSI remains “solid”, meaning that it is unlikely that the price would move downward. Rather, it’s likely to move upward.

Instead of the price crashing, the crypto analyst says it feels like something is shifting. This could be explained by the recent price recovery, driven by the Bitcoin and Ethereum prices moving upward again. Given the recent strength, the analyst says that XRP doesn’t look like a chart that’s ready to fall apart.

Pointing out some major bullish catalysts, the crypto analyst says liquidity is starting to move back into XRP. This could also explain its recent uptick, as liquidity is the lifeblood of any uptrend. As a result, the analyst believes it’s better to buy XRP instead of selling at these levels.

On its part, the XRP optics are beginning to shift toward bullish, especially with the buying going on. The XRP ETFs have already seen more inflows than outflows this month, suggesting that institutions are now choosing to buy instead of sell. “I’m not saying it goes crazy tomorrow… but I’d rather be here stacking than chasing it later,” the crypto analyst said.

Reduced Mining Selling Weakens Pressure On Bitcoin

In a recent QuickTake post, analysts at XWIN Research Japan postulated that Bitcoin is now entering a phase of demand-led price expansion as the market structure begins to experience supply exhaustion. According to the market experts, data from WuBlockchain shows that publicly listed Bitcoin miners offloaded over 32,000 BTC in Q1 2026,  in the largest quarterly outflow ever, in line with a structural market alignment.

Contributing factors to such a selling spree can be traced to the Bitcoin halving in 2024, when block rewards were reduced from 6.25 BTC to 3.125 BTC, significantly cutting down revenue. Meanwhile, network hash rate continued rising, further squeezing profitability. As the hash price fell below breakeven levels, many miners were forced to liquidate holdings to maintain cash flow. In addition, some miners are diverting resources toward AI and high-performance computing (HPC) infrastructure, accelerating Bitcoin’s distribution.

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Notably, XWIN Research experts note that On-chain metrics also reinforce this narrative, as miners’ reserves have gradually declined, while net position change has remained negative. This combination confirms there has been sustained distribution over time. However, the more critical signal lies in recent flow dynamics. While the Miner Position Index (MPI) remains negative, the Miner Selling Power has dropped sharply, indicating that although miners have consistently offloaded their holdings, the intensity of selling is now weakening, i.e., the market is no longer facing increasing forced supply.

According to the analysts at XWIN Research Japan, this evolving structure creates a two-phase dynamic. On one hand, there has been a sustained period of structural selling driven by reduced rewards and rising costs. On the other hand, current data indicate that this phase may be nearing completion. Notably, Bitcoin cycles historically progress from supply expansion to supply exhaustion before transitioning to demand-driven growth.  Therefore, as miner-driven supply constraints ease, future price direction is likely to depend more on demand-side catalysts, including ETF inflows, institutional participation, and broader macroeconomic conditions.

Bitcoin Price Overview

At press time, Bitcoin trades at $77,169, up 2.69% in the last 24 hours. 

Crypto Tops SEC’s Pro-Innovation Agenda

On Thursday, SEC Chairman Paul Atkins and Commissioner Hester Peirce discussed the regulatory agency’s shift towards pro-innovation regulation and their efforts to implement US President Donald Trump’s vow to make America the “crypto capital of the world.”

In the first episode of the SEC’s official “Material Matters” podcast, Atkins outlined the crypto industry as “one area now that is really top on our list to try to get right with respect to regulation.”

Peirce, who leads the Commission’s Crypto Task Force, affirmed that the shift toward a more welcoming environment for digital assets has made developing an “understandable” regulatory framework that is “fit for purpose” significantly easier.

The commissioner considers that under the SEC’s new approach, the regulator can better address the problems the crypto industry may face and open opportunities for innovation in this sector.

“We need to have financial regulations that are open to innovators because innovation is what makes the financial markets resilient. It’s what ensures that they serve people’s actual needs,” she stated.

To make the US a country where people want to innovate, she suggested that regulators must demonstrate they are willing to work with innovators to resolve ambiguities about how the law applies to their circumstances. This approach, Peirce affirmed, will benefit US investors and markets.

And there have been a lot of ambiguities in connection with crypto, which is a new technology that does things in new ways. Having a good regulatory structure in place is going to be helpful to us (…) to identify where the bad activity is and to go after that bad activity, and not to spend our enforcement resources where our regulatory resources could have done the job.

Federal Regulation At A ‘Very Important Inflection Point’

When asked what a top priority should be to address potential risks related to crypto assets, Peirce noted that there hasn’t been a regulatory framework around spot trading. She also noted that the Commodity Futures Trading Commission (CFTC) will address that in the future.

Notably, the SEC has published detailed guidelines to provide regulatory clarity, including rules for broker-dealers and retail investors on the custody of crypto assets. A month ago, the Commission also issued joint guidelines with the CFTC that clarified how federal securities laws apply to many digital assets, confirming that most crypto assets are not securities.

The Commissioner also noted that the recent cooperation between the two sister agencies has been helpful, as they want to ensure they are not spending unnecessary resources to address the same problem.

As reported by Bitcoinist, the SEC and the CFTC partnered in January to bring “coordination, coherence, and a unified approach” to the federal regulation of the industry through their joint Project Crypto initiative.

The agencies outlined their plan to clarify jurisdictional boundaries, remove redundant compliance requirements, and reduce regulatory fragmentation through their collaboration.

“I think having the close cooperation with the CFTC ensures that we’re monitoring markets which are very interrelated with one another, and then thinking about where it makes sense for products to be regulated, who the primary regulators should be,” the Commissioner argued.

During the podcast episode, Atkins and Peirce also noted that allocating the authority of the two agencies will help bring clearer regulation. This is expected to be addressed by Congress in the long-awaited crypto market structure bill, also known as the CLARITY Act.

The SEC chairman affirmed that “this is a very important inflection point, I think, in the American markets,” concluding that there are “a lot of opportunities ahead of us. So, it really is a historic time.”

Dogecoin Gold Proposal

In its statement, the company describes the idea as a system where each token would be tied to a precisely defined amount of physical gold, measured at the nanogram level. Under the plan, that gold would be held in custody by an independent, institutional-grade precious metals custodian.

The company also laid out the intended token-to-gold relationship. The proposal calls for one billion tokens (1,000,000,000) to correspond to one gram of physical gold, with redemption structured around whole-gram units. 

Dogecoin Cash Inc. says token issuance would be linked directly to gold reserves, meaning new tokens would only be created when gold is deposited into custody, and tokens would be removed from circulation after verified redemption.

Dogecoin Gold, according to the proposal, is meant to test a model that combines commodity-backed asset mechanics with blockchain-based transparency. The company says the goal is to bring precision accounting and easier digital access to an asset class traditionally associated with storage and logistical complexity. 

Management described the effort as an evaluation of a system that aims to merge verifiable ownership of physical gold with blockchain auditability and mathematically defined units.

No Tokens Yet, No Custody Or Launch Decisions

In the company’s words, Dogecoin Cash is still assessing whether such a framework can be structured within a “disciplined and verifiable environment,” and whether it can deliver a system where real-world assets (RWAs) and transparent digital infrastructure operate in a way that is both predictable and measurable. 

If implemented, the company expects the approach would use a widely adopted public blockchain and standard token architecture, with emphasis on traceability, reserve alignment, and third-party verifiability.

Even with the details released, the initiative remains in the development and evaluation phase. Dogecoin Cash Inc. stressed that no tokens have been issued, and no final decisions have been made about the technical design, custodial arrangements, regulatory treatment, or the timing of any potential launch.

In this niche, Dogecoin Cash Inc. would be stepping into a market where two existing products already set the tone: Paxos’ PAX Gold (PAXG) and Tether Gold (XAUT).

In both cases, the issuers handle the storage of the underlying gold and provide ownership rights to token holders, including a unique serial number tied to the gold associated with each token. Given that background, it remains unclear how Dogecoin Cash Inc. will shape its own framework. 

Featured image from OpenArt, chart from TradingView.com 

Beyond the prison time, the court ordered him to pay back more than $10 million to the people he cheated.

A Fake Portfolio Of Masterpieces

Investors believed they were buying into a digital currency backed by a literal fortune in fine art. Dunlap and his partners claimed the Meta 1 Coin was supported by a $1 billion collection containing works by Van Gogh and Picasso.

Reports indicate the group never actually owned these pieces. Dunlap had signed a purchase agreement for the art but never provided the funds to complete the sale.

Texas Man Who Orchestrated $20 Million Cryptocurrency Scam Sentenced to 23 Years in Federal Prison @FBIChicago @IRS_CI @EDVAnews @SECGovhttps://t.co/ESgAfSCcIZ

— U.S. Attorney’s Office (NDIL) (@NDILnews) April 16, 2026

That did not stop him from telling potential buyers that the coins were safe and stable because of the high-value assets held in a private trust.

The deception extended to the natural resources sector. Dunlap told investors that the coin was also backed by $2 billion in gold.

According to court records, the “gold mine” he claimed to own was actually an unpatented mining claim on public land that held no real value.

HOUSTON MAN SENTENCED TO 23 YEARS IN FEDERAL PRISON FOR $20 MILLION CRYPTOCURRENCY FRAUD SCHEME

Read More: https://t.co/U9PdsS4Reb

Robert Dunlap, 55, was convicted of mail fraud for falsely claiming his Meta-1 Coin Trust was backed by $1 billion in art and $44 billion in gold.… pic.twitter.com/OgdSIxAztR

— The Dallas Express News (@DallasExpress) April 17, 2026

He promised people they could see returns as high as 224,923% without any risk to their initial capital. These wild claims helped the group bring in money from nearly 1,000 different victims, with total losses reaching around $20 million.

Luxury Cars And Legal Defiance

While investors waited for their massive returns, Dunlap used the money to fund a lavish lifestyle. Data shows he spent $215,000 of the stolen funds on a Ferrari. Other money went toward additional luxury vehicles and personal expenses.

Even as federal regulators moved in, Dunlap refused to stop the operation. After the Securities and Exchange Commission secured an order to freeze his assets, he continued to hold webinars and pitch the scam to new targets. This defiance led to a civil contempt charge before his criminal trial even began.

Reports show that Dunlap tried to bypass the legal system by using “sovereign citizen” tactics. He argued that the court did not have the authority to try him and filed documents that officials described as nonsensical.

He even attempted to put a “liens” on the government officials who were prosecuting the case. These tactics failed to slow down the legal process, and the jury eventually found him guilty of the fraud conspiracy.

Featured image from AP Images/European Union-EP, chart from TradingView

The Connecticut senator has been pursuing the issue since February, when he first launched a formal inquiry into whether the cryptocurrency exchange violated US and international sanctions involving Iran. 

On Friday, April 17, Blumenthal took another step by sending two new letters—this time aimed at the US Department of Justice (DOJ) and the Treasury Department’s Financial Crimes Enforcement Network (FinCEN).

Congress Intensifies Binance Probe

The latest letters, which were reported by Fortune, focus on a specific aspect of Binance’s compliance oversight: the status of two monitors that were installed to supervise the company’s compliance operations. 

According to the report, Blumenthal asked for details about where the monitors stand and what they are doing to ensure Binance maintains appropriate measures to reform and strengthen its compliance program.

Those monitorships began in 2024. Each monitor separately reports to the DOJ and to FinCEN, with the goal of ensuring Binance implements meaningful upgrades to its compliance framework.

Blumenthal’s correspondence reflects what he described as growing concern over “mounting allegations of dangerously lax anti-money laundering prevention by Binance.” 

Silence Amid Document Requests 

This renewed investigation also arrives after multiple outlets reported that Binance fired internal investigators who had warned top executives that more than $1 billion had moved through the exchange to wallets linked to Iran. 

Binance has said those investigators were dismissed for reasons not connected to their findings about Iranian activity. The company maintains that it has a rigorous compliance program, and it has continued to reject the allegations being raised in Congress.

In addition to pursuing the monitors, Blumenthal previously asked for exact dates for when companies and individuals involved opened Binance accounts, began sending funds to Iranian intermediaries, were reported to US law enforcement, and when those accounts or related activity were suspended or removed. 

Blumenthal also demanded explanations for any delays between notification and action, invoking Senate rules and setting a deadline of April 14 for Binance to provide the requested records. 

As of this reporting, it has not been disclosed whether those documents were supplied, nor has there been any further public statement from Binance or its executives addressing what the senator requested or whether they complied.

Despite these ongoing inquiries, Binance has been consistent in rejecting the allegations even before Blumenthal’s most recent letter. In a February 22 statement, the exchange said it conducted an internal review and found “no evidence of violations of applicable sanctions laws.” 

The exchange further stated that since the 2023 settlement, which led to former CEO Changpeng Zhao (CZ) resigning from his position, it had upgraded its compliance processes and supplied several statistics meant to demonstrate progress over time.

Among the metrics Binance highlighted, the exchange said sanctions-related exposure—measured as a share of overall trading volume—fell from 0.284% in January 2024 to 0.009% by July 2025, which it described as a reduction of 96.8%. 

The exchange also reported that transaction volume involving four major Iranian crypto exchanges dropped from $4.19 million in January 2024 to $1.1 million by January 2026. 

At the time of writing, the exchange’s native token, BNB, was trading at $638, up 4% and 6% over the previous 24 hours and seven days, respectively. 

Featured image from OpenArt, chart from TradingView.com 

Authorities Hold McCann Pending Autopsy

Tanzanian police are questioning McCann, founder of the crypto hedge fund Asymmetric, after his fiancée, Ashly Robinson, 31, died on April 9 at a hospital in Zanzibar. Robinson had been rushed there after hotel staff found her unresponsive in her room the day before.

Based on reports from NBC News and CBS News, police have ruled her death a suicide — but they are holding McCann’s passport while they await the results of a formal autopsy.

The couple had been staying at the same hotel when a dispute arose between them. Officials said the two were separated and moved to different rooms following what police described as a “misunderstanding.” Staff later found Robinson in her room with a belt around her neck.

McCann has not commented publicly. He could not be reached for comment.

Family Pushes Back On Suicide Ruling

Robinson’s relatives are not satisfied with the official account. Her sister, Alyssa Endres, told NBC News that “none of this makes sense.”

According to the family, Robinson had recently celebrated her 31st birthday and her engagement to McCann — both of which had happened just days before her death. Endres described her sister as happy at the time.

The family’s challenge to the police ruling adds another layer of uncertainty to a case that is already far from closed. Authorities have not said when the autopsy results are expected or whether additional charges could follow.

The scrutiny around McCann comes after a rough stretch for Asymmetric, his crypto hedge fund. Reports indicate the fund lost 80% of its value in 2025 amid a prolonged stretch of market turbulence.

Investors pushed back on the fund’s performance, and McCann changed its trading strategy in July of that year after facing significant backlash.

A separate deal that would have taken a Solana treasury company public — with McCann at the helm — was reportedly called off in August 2025, just weeks after the fund’s losses became public knowledge. No reason was given for why that deal fell apart.

Whether those financial pressures have any bearing on the events in Zanzibar remains unknown. Police have not drawn any public connection between the two.

For now, investigators are focused on a single question: how Ashly Robinson died.

McCann remains in Zanzibar as they work to find out.

Featured image from BollywoodShaadis, chart from TradingView

The Sharpe Ratio for Ethereum on Binance has moved into positive territory, registering approximately 0.07. That is a modest number, and the report does not oversell it. But the significance is less about where the ratio sits today and more about where it has been. For much of the past several months — particularly through the difficult stretch in February — the indicator was in negative territory, meaning ETH holders were absorbing risk without being adequately compensated by returns. That condition has changed.

The 30-day average return now stands at approximately 0.0027, a small but positive figure that reflects a market beginning to recover its footing. Volatility remains elevated enough to cap how quickly the ratio can improve, but the direction has shifted.

From Punishing to Recovering

To appreciate where Ethereum’s risk-adjusted returns stand today, it helps to look at where they have been. Through much of the past several months — and particularly during February, when the market was at its most stressed — the Sharpe Ratio sat in deeply negative territory. That meant holders were taking on significant risk without being compensated for it. Every session of volatility was working against them, and the math of the indicator reflected that clearly.

The gradual shift toward positive values since then is not dramatic, but it is meaningful. The Arab Chain analysis describes it as improving market efficiency — a phrase that captures something real. As Ethereum has stabilized around the $2,300 level, the relationship between risk and return has begun to normalize. Price is no longer swinging violently enough to overwhelm the modest gains that have started accumulating. That kind of equilibrium, where returns improve without being immediately erased by volatility, is typically the foundation for a sustainable trend rather than a short-lived bounce.

The honest caveat is that 0.07 is nowhere near the elevated readings associated with strong bullish momentum. Ethereum has not entered an aggressive upward phase — the data does not support that conclusion yet. What it does support is the idea that the worst is behind the risk-adjusted picture, and that the conditions for genuine recovery are quietly assembling.

If the Sharpe continues climbing in the weeks ahead, it would signal that investor confidence is returning in a durable way. For now, it is early — but the direction has changed, and in markets, direction tends to matter more than level.

Ethereum Tests Resistance as Recovery Structure Builds

Ethereum’s daily structure shows a market attempting to transition from a corrective phase into early recovery, but still facing overhead resistance. After the sharp selloff in early February—marked by a clear capitulation spike in volume that pushed price toward the $1,800 region—ETH established a base and began forming higher lows. This shift indicates that selling pressure has diminished and buyers are gradually stepping back in.

Price is now trading around the $2,300–$2,400 zone, which is technically significant. This area aligns with the 100-day moving average, currently acting as dynamic resistance. ETH has tested this level multiple times but has not yet achieved a decisive breakout, suggesting that supply remains present at these levels. Meanwhile, the 50-day moving average has turned upward beneath price, supporting the short-term recovery trend, while the 200-day moving average remains above, reinforcing the broader bearish context.

Volume has normalized following the February spike, indicating that the current move is not driven by panic but by more measured accumulation. The structure is constructive but incomplete.

A confirmed break and hold above $2,400 would likely open the path toward higher levels, potentially targeting the $2,700 region. Failure to break this resistance would keep ETH range-bound, with support near $2,100 remaining critical.

Featured image from ChatGPT, chart from TradingView.com 

Mastercard Signals XRP Ledger Stablecoin Use Case

Speaking at an XRPL and Global Digital Finance stablecoin roundtable in Paris, Rau framed the initiative as part of Mastercard’s broader push to integrate stablecoins into existing payment rails rather than treat them as a parallel system. He said the company continues to approach the sector from a “payments first” perspective, arguing that stablecoins have now entered the mainstream of financial services and can improve how money moves across borders and between institutions.

“Over the last 50, 60 years we’ve been constantly innovating on how payments can be safe, simple, secure,” Rau said. “And if you then fast forward to five years back or two years back, you will realize that stablecoins arrived in the financial services mainstream. And we believe that the benefits that they bring in terms of settlement cycles, money moving globally freely, they can definitely add to further driving sustainable innovation in the financial services and payment ecosystem.”

Rather than pitching stablecoins as a replacement for the card model, Rau described them as an additional settlement layer inside Mastercard’s existing network. He pointed to the scale of that network as the core advantage: roughly 150 million acceptance locations and 3.8 billion cards. In Mastercard’s view, plugging stablecoins into that infrastructure offers a more immediate path to adoption than waiting for wallet-to-wallet systems to replace incumbent rails.

“We however believe that the power of the network that we bring in terms of 150 million acceptance location, 3.8 billion cards, plugging in stablecoins into this system is the best of both worlds in that sense,” Rau said. “So think about stablecoins just another settlement currency within our network. That again brings certain benefits that fiat currencies do not allow today.”

Related Reading: Ripple Lands Major Korea Deal With Top Insurance Giant Kyobo

The most concrete example he gave was Gemini. Rau said Mastercard is working with the exchange to explore settling Gemini card flows in RLUSD, describing the exchange as one of the firm’s most prominent US crypto partners. “The XRP example is we work with Gemini,” he said. “We explore with them to settle their card flows in RLUSD. So we look at bringing this to life still in the first half of this year and we are very excited about that.”

A conversation about the future of payments.

We sat down with Christian Rau, SVP Global Digital Commercialization at @Mastercard, as part of the Stablecoins Roundtable XRPL Commons and Global Digital Finance hosted last week.

Watch the full interview https://t.co/ThFfqso20o… pic.twitter.com/yFkBGU1g0i

— XRPL Commons (@xrpl_commons) April 16, 2026

At press time, XRP traded at $1.4766.

According to the analysis, global markets are not recovering evenly. The S&P 500 and Nasdaq have returned to all-time highs, which on the surface reads as a healthy, risk-on environment. But a closer look at the data tells a more selective story. Bitcoin remains approximately 40% below its own all-time high. Ethereum is sitting about 52% off its peak. Gold is down 12% and silver 34%. The assets that are leading this rally are very specific — and crypto is not among them yet.

What the divergence reveals is that this is not a broad wave of capital flooding back into risk assets. It is a targeted repricing in equities, driven by specific catalysts rather than a general improvement in financial conditions. Bitcoin and most crypto assets are sitting in the waiting room while that repricing plays out upstream.

For Bitcoin holders watching the price strengthen, that context matters. The recovery is showing early signs of life. But the macro picture suggests the bigger move may still be ahead rather than already underway.

Bitcoin Is Not Late — It Is Next in Line

The XWIN Research Japan report makes a point worth understanding before drawing conclusions about Bitcoin’s relative weakness. The equity rally that has pushed the S&P 500 and Nasdaq to all-time highs is not the product of solved inflation or aggressive rate cuts. It is a repricing of tail risks — the market breathing out as geopolitical tensions ease and energy shock fears recede.

That is a meaningful distinction, because it means liquidity conditions are still tight and the conditions for a broad, sustained risk-on move have not fully materialized.

Capital flows through global markets in a fairly consistent sequence. Oil and commodities move first, followed by the dollar and interest rates, then equities absorb the shift, and finally the later-cycle assets — Bitcoin among them — receive what flows downstream. Right now, equities are at the front of that chain and crypto is still waiting its turn. That is not a failure. It is a position in a queue.

What makes the current setup interesting is what is happening beneath Bitcoin’s price in the meantime. Exchange reserves continue declining, accumulation is ongoing, and the structural on-chain picture is quietly improving even as price remains below key resistance levels. The report describes this as a pre-breakout phase — the conditions are building without the confirmation yet arriving.

Bitcoin’s lag behind equities, in this reading, is not a signal that something is wrong. It is a signal about timing. The structure is being built. The catalyst that sends capital down the chain is the variable still outstanding.

Bitcoin Breaks Above Range Resistance

Bitcoin’s price structure shows a clear transition from capitulation to controlled recovery, with the market now testing a critical resistance zone near $75,000. After the sharp breakdown in early February—marked by a high-volume selloff that pushed BTC toward the low $60,000s—the asset established a base through a period of sideways consolidation. This range, roughly between $72,500 and $75,000, is highlighted on the chart as a key demand zone that has been repeatedly defended.

The recent breakout above the upper boundary of this range suggests that buyers are beginning to regain control, at least in the short term. Price is now pressing into the descending 100-day moving average, which has acted as dynamic resistance throughout the broader downtrend. The 50-day moving average has started to turn upward beneath price, indicating improving short-term momentum, while the 200-day moving average remains significantly higher, reinforcing the idea that the macro trend has not yet fully reversed.

Volume has normalized following the February spike, implying that the current move is not driven by panic or forced positioning, but by more measured accumulation. The key question now is whether BTC can hold above the reclaimed range. Sustained acceptance above $75,000 would shift the structure bullish; rejection would likely return the price to consolidation.

Featured image from ChatGPT, chart from TradingView.com 

Chance Of Bitcoin Making New Lows Is Very Small

Bitcoin has spent months testing the patience of its holders since its all-time high of $126,000 in 2025. According to crypto analyst Sykodelic, there is a compelling case that the drawdown is done and that the probability of Bitcoin revisiting new lows at this point has dropped massively. 

Sykodelic’s rationale leans heavily on the behavior of the Relative Strength Index (RSI) on the weekly candlestick timeframe chart. According to his analysis posted on X, Bitcoin has just printed a powerful bullish break on the weekly RSI, and what makes this particular reading extraordinary is not just where it bounced from but how low it got before doing so. 

The weekly RSI has only fallen below 30 on three occasions in BTC’s history, with the most recent being Q1 2026. However, the RSI is now back into the normal zone, and it has broken above a descending trendline that touches lower highs. According to the analyst, this scenario means that the probabilities are now very slim for new lows of any kind.

The Bottom Signals Have Stacked Up

The RSI break did not arrive on its own. Sykodelic noted that multiple bottom indicators have converged simultaneously, a convergence he described as reaching a very high degree. According to him, about 12 important bottom indicators have fired, and Bitcoin is showing it here.

The broader data support his reading. Bitcoin exchange reserves have fallen to seven-year lows while whale wallets are now accumulating more than $2 billion worth of Bitcoin, their highest in over two months. Spot Bitcoin ETFs have recorded $954.05 million in net inflows so far in April, following a $1.32 billion inflow in March, which was the first positive month since October 2025.

Looking at the chart Sykodelic shared, the weekly price structure shows BTC breaking out of a descending trendline above $70,000, a pattern visible across both the price candles and the RSI panel below. Previous breakouts in 2022, 2023, and early 2025 were characterized by a similar RSI breakout of a descending trendline.

All of this contributes to a market environment where downside continuation becomes harder to sustain. Despite his conviction, Sykodelic stopped short of declaring an unconditional all-clear. The most important thing now is seeing how BTC closes the week. At the time of writing, Bitcoin is trading at $75,818, up by 1.4% in the past 24 hours.

Bitcoin Mining Companies Are Fast Pivoting To AI

In a new post on X, Capriole Investments founder Charles Edwards has talked about the transition that the Bitcoin mining industry has been going through. Many major public mining companies have announced an AI pivot to at least some degree.

Below is a table that assembles the data related to the public miners in the process of shifting toward the AI compute business.

As is visible, all of these Bitcoin mining companies have made statements announcing a push into AI. Though, while these companies have been expanding into the industry, most of them haven’t started generating a significant revenue from the business yet. On average, AI is making up for 13% of the revenue of the major miners, leaving BTC as still the majority source of income for these firms.

This might not last too long, however, if the targets announced by the miners are anything to go by. From the table, it’s apparent that most of these companies are targeting AI revenue to cover the majority of their income by 2027-2028. “On average current Bitcoin revenue is expected to drop from 90% to just 30% in the next 2-3 years!” noted Edwards.

The companies who are targeting a complete or near-complete transition also happen to be the ones that have seen their stock perform the best in the market. “Those with 80%+ AI share of revenue targets saw their stocks climb up over 500% on average,” explained the analyst. “Those targeting <60% AI revenue saw 1/10th the growth, with many having negative 2 year returns.”

Bitcoin is a cryptocurrency that’s secured by its mining network, but given the pivot that the major miners are making, it would appear that the energy allocation toward the network is weakening.

In terms of real-world impact, it’s unclear whether the AI push has influenced the network’s trajectory so far. According to data from Blockchain.com, the Bitcoin Hashrate, a measure of the total amount of computing power connected to the blockchain, has gone down during the last few months. This could make it seem like the recent pivot toward the high-performance computing business is behind the downtrend, but it might very well just be a consequence of the Bitcoin price decline.

Nonetheless, even if AI hasn’t directly impacted the Hashrate yet, the revenue projections suggest that a shift could soon be coming, and a notable one at that. “Bitcoin used to be famed for having the biggest computing network in the world,” said Edwards. “It’s now collapsing into AI at record pace.”

BTC Price

At the time of writing, Bitcoin is floating around $76,200, up 5.5% in the last seven days.

Validator Distribution Strength Puts Ethereum On Top

The Ethereum network has emerged with another reason why it is considered the leading blockchain across the entire cryptocurrency sector. After a wave of demand, a significant milestone has now been reached in the evolution of Ethereum, putting the network in the spotlight once again.

In a report on the social media platform X, Everstake, a leader in global non-custodial staking infrastructure provider, revealed that the ETH network has emerged as the top blockchain in validator distribution. With validation authority distributed more fairly across participants rather than being concentrated among a few entities, this development highlights an increasing degree of decentralization.

As seen in the chart shared by Everstake, the total number of validators on the network is approximately 921,500. The ETH network is exceptionally leading in this context, with Cardano, which comes in the second position, recording a total of just 2,900 validators.

This level of validators enables the ETH network to operate at a scale that clearly sets it apart from the rest of the market. It is worth noting that this development also strengthens the network’s role as a fundamental layer for decentralized applications by bolstering its resilience and security. 

At this point, different networks are persistently evolving and optimizing for their own priorities. Ethereum, on the other hand, is showing that its strength mainly relies on the breadth of participation securing the network. 

Everstake stated that this degree of distribution supports long-term security and resilience in addition to decentralization. As the sector evolves, validator scale has become one of the clearest indicators of network maturity in numerous ways, but Ethereum continues to be the reference point.

ETH’s Price Set For A Massive Move

While Ethereum gains momentum, Crypto Patel has underlined that a key level will determine its next big move. In the analyst’s view, ETH’s bottom looks done for now after dropping hard from $4,800 to $1,765, wiping out almost every trader on the way down. However, the price has been slowly climbing inside a rising channel since then.

Currently, ETH’s price is positioned just below a big unfilled gap between $2,474 and $2,634, which is where the price is expected to go next. Above that is the real resistance at $2,900 and $3,050. If ETH makes a daily break and closes below $3,050, it would change the price dynamics to a full trend reversal. 

On the downside, $1,800 is the key support, but losing $1,765 would mean trouble. Patel highlighted that ETH is still recovering, but has not shown serious strength yet. Thus, the expert claims it still needs to break $3,050 to confirm real strength, urging investors to be patient and wait for a clear price direction.

The Bitcoin MarketMaker Buy Strategy

Crypto market expert Merlijn The Trader has presented a market structure model on X, showing that Bitcoin’s recent price action is unfolding in line with an institutional trading cycle. The chart framework, known as the MarketMaker Buy Model, argues that large institutional players move markets in predictable stages designed to transfer Bitcoin from emotional retail traders into stronger, long-term holders before pushing prices significantly higher. 

According to the analyst, the first stage of the cycle, highlighted in the first green box on the chart, began with a “Distribution” phase that occurred between about $100,000 and $120,000 in mid-2024. During this period, Bitcoin traded in a choppy downward pattern. This type of movement indicated that large holders were selling their Bitcoin amid strong demand from retail traders buying aggressively near the market top. 

The second stage identified by Merlijn The Trader is the “Flush,” marked by the red box on the chart. This phase saw a sharp and aggressive price decline designed to force weaker traders out of the market. Here, Bitcoin reportedly fell from $100,000 to $62,000, a roughly 38% drop. 

Following this correction, the MarketMaker model transitions into the “Accumulation” phase, represented by the larger grey box on the chart. According to the model, this is the stage where the market is currently consolidating. Merlijn The Trader places this phase between roughly $60,000 and $77,000. 

Within this zone, Bitcoin is trading in a relatively tight and choppy range rather than trending strongly in one direction. The sideways movement during this period also suggests that Bitcoin is building a foundation near a potential price bottom, as institutional buyers gradually accumulate more coins.

In the fourth stage, Merlijn The Trader identifies the two blue boxes on the chart as a “Re-accumulation.” This zone, between approximately $80,000 and $95,000, marks a secondary consolidation period that typically follows a price bottom. This phase provides another opportunity for large investors to strengthen their positions before BTC potentially begins its next upward movement. 

What’s Next For BTC After Accumulation

Looking ahead, Merlijn The Trader projects a potential upside target above $142,000 once Bitcoin emerges from its accumulation and re-accumulation phases. In his chart model, the path to this level may involve another short consolidation period before a possible breakout into new all-time highs by January 2027. 

The analyst also highlights a key resistance level around $70,000. Holding above this resistance is critical to maintaining the integrity of the MarketMaker model. Meanwhile, falling below the level suggests the structure may not be following the expected path.

Early Signals That Could Set XRP And Bitcoin In Motion

The projection made by @Bird_XRPL on X starts with a series of developments expected to build early momentum. A planned launch of a digital payments platform around April 20 is seen as a key moment that could draw fresh interest into blockchain-based systems. Around the same time, a proposed link between Solana and the XRP Ledger could open the door for liquidity to move between both networks. This would allow traders from each ecosystem to interact more freely, increasing activity on both sides.

The outlook also depends on strength in traditional markets. Continued gains in the S&P 500, along with a breakout in the Russell 2000, are presented as signs of growing confidence in the broader economy. When stocks perform well, investors are often more willing to take risks, which can support demand for digital assets like XRP and Bitcoin.

Attention from well-known figures is another part of the picture. Elon Musk’s influence in crypto remains strong, and renewed public comments could bring fresh visibility to the space. At the same time, the possible return of Roaring Kitty is expected to revive retail trading interest, especially in stocks like GameStop. This mix of stock market excitement and crypto participation could drive more capital into both markets.

Strong Q4 Finish For XRP And Bitcoin

After the initial phase, the outlook points to a steady rise in crypto prices heading into the middle of the year. This period is expected to reflect growing participation and improving sentiment across the market.

A key moment in this timeline is the 2026 FIFA World Cup. With billions of viewers expected worldwide, the event could introduce crypto to a much larger audience. The possibility of Cristiano Ronaldo promoting Bitcoin during the tournament adds another layer of exposure, especially among mainstream audiences who may not yet be active in crypto.

Within this setting, Bitcoin reaching a new all-time high during the World Cup is seen as a realistic outcome. The timing would match a period of peak global attention, which could increase demand and drive prices higher.

After this run, the market is expected to slow down and move sideways for a period. This phase would allow prices to stabilize before another upward move. Toward the end of the year, momentum is expected to return, following a pattern often seen in the final quarter.

At the center of the forecast is XRP, with a projected move toward $27 or higher. This target is linked to the combined effect of market strength, increased participation, and rising global attention, forming a clear and structured outlook for the months ahead.

The Real State Of The XRP Market

After a period of uncertainty and subdued price action, XRP is gaining bullish traction, drawing closer to reclaiming the $1.50 mark. Even with the newfound strength of the altcoin, certain indicators show the broader market trend still appears to be weak and bearish, creating a layer of uncertainty.

While it may seem bullish, Teddy, a crypto expert, has drawn attention to the XRP Sharpe Ratio, which is offering a sobering view of the XRP market. The key metric is trending in negative territory, indicating that conditions remain in a post-pain phase. What this means is investors are still recovering from earlier drawdowns despite a period of market stabilization.

According to Teddy, the Sharpe Ratio is a crucial indicator that measures beyond price action. It also shows whether the market is delivering enough return for the volatility behind the move, making it important for a phase filter, not as a trigger. When the ratio travels deep into positive territory, the move is typically considered mature, and the reward is already getting stretched. 

However, those are often late-trend or overheated phases. In the opposite scenario, where the metric falls deep into negative territory, the market is moving through pain, and this is not an efficient trend. This is due to the fact that reset phases and better long-term entry conditions usually form here.

Teddy highlighted that XRP went through that full cycle, with the deepest negative reading in this range appearing on September 5, 2022. At this stage, the Sharpe Ratio fell to roughly -1.097, with the altcoin near $0.332, marking a clear reset phase. However, the opposite extreme came much later in the cycle.

During the late period, the metric expanded to about 2.072 on January 30, 2025, with XRP sitting near $3.14, marking an overhead phase, where reward had already been stretched. Meanwhile, the right is currently positioned far below that peak and still below zero (0).

As observed in the chart, the Sharpe Ratio is around -0.230 following a rebound from a local low close to -0.525 on March 1, 2026. Although the market has cooled down, the metric still has not returned to a clean positive regime. “The overheated move is gone, but efficient expansion has not come back yet,” Teddy added.

Momentum Indicators Show Compression

XRP may have bounced back, but the altcoin seems to be compressing on all momentum indicators and with Price Action (PA) on the weekly time frame. At this point, Cryptoinsightuk outlines a minimum move to the 6.127% level as the current trend continues.

If the altcoin breaks this level, the market expert predicts a lot of clear space, technically up to around 12%. With this, Cryptoinsightuk is confident that XRP’s next move will be aggressive, clearing the 6.127% level. After that, it’s critical to determine whether this is merely an expansion or a retracement.

Senator Elizabeth Warren Questions Elon Musk’s X Money

Senator Warren wrote a letter to Elon Musk in which she raised concerns about the proposed April launch for the payments platform, X Money. She stated that developments around the launch of the payments platform raise significant consumer, financial stability, and national security concerns. 

As part of these concerns, the senator noted that X Money may partner with Cross River Bank, which was subject to a serious enforcement action by the FDIC in 2023 for unsafe and unsound practices. She also highlighted X Money’s preview materials, which suggest that users can earn up to 6% APY on deposit accounts. Warren said it is unclear what risky investments they plan to pursue to earn this yield when the Federal funds rate is at 3.75%. 

Senator Warren also raised concerns over X’s record of allowing sanctioned individuals like Hezbollah and the Houthis to purchase verified accounts and raise funds through the platform. She added that there have also been systemic failures to address child sexual abuse material, data privacy violations, and widespread fraud by verified users. 

Meanwhile, the senator warned about Musk’s potential role in shaping the regulatory environment for his own financial product, as X Money may include stablecoin issuance. She alluded to the GENIUS Act, which Warren noted includes a “suspicious carveout” that enables companies like X to issue a stablecoin without some of the required approvals and guardrails that apply to companies like X. 

Senator Warren requested a written response detailing Musk’s plans for the launch of X Money and the risks that the product may pose to consumers, financial stability, and national security. X has a deadline of April 21 to submit this written response. 

Threat To Other Competitors

Crypto pundit Tat Thang noted in an X post that X Money and other financial offerings from the social media platform pose a huge threat to fintechs. The crypto pundit highlighted X’s financial stack, including Smart Cashtags, which went live earlier this week. With this feature, users will be able to search for any asset’s ticker and view real-time data about the asset without leaving the X app. 

Thang also noted that X has launched Brokerage routing via Wealthsimple, which is already live. At the same time, X Money is in beta, with Musk revealing that the payments platform could launch publicly as soon as this month. The pundit stated that fintechs like Robinhood cannot compete with X because the social media platform has 550 million monthly users. He added that X doesn’t need the best product, but simply a good-enough one within the app people already live in.

The findings, published by the Ethereum Foundation, came out of a program called ETH Rangers, which was set up in late 2024 to fund security work that benefits the broader crypto ecosystem.

One Researcher, One Stipend, 100 Operatives

One of the grant recipients used the funding to build the Ketman Project, an investigation focused on fake developer identities inside crypto companies.

Over six months, the project tracked down 100 North Korean IT workers embedded in Web3 organizations. About 53 projects were contacted and warned that they may have hired active operatives linked to the Democratic People’s Republic of Korea.

The Ethereum Foundation described the threat as “one of the most pressing operational security threats facing the Ethereum ecosystem today.”

A project funded by the #Ethereum Foundation revealed 100 North Korean IT workers who sneaked into #Web3 companies using false identities. #cryptosona $ETH pic.twitter.com/aCDKUV4mGO

— CryptOpus (@ImCryptOpus) April 17, 2026

The Ketman Project’s website lays out the tactics these workers use — behavioral patterns, technical habits, and identity tricks that allow them to pass as legitimate developers.

Some of the red flags are surprisingly basic. Workers were caught reusing the same profile photos and metadata across different GitHub accounts.

During screen-sharing sessions, unlinked email addresses were accidentally exposed. In some cases, device language settings — set to Russian — gave away identities that contradicted the nationalities being claimed.

How Operatives Were Caught

The Ketman Project did not just identify individuals. It built infrastructure. An open-source tool was developed to flag unusual GitHub activity tied to suspicious accounts.

A separate framework for identifying DPRK-linked workers was co-authored with the Security Alliance, a nonprofit focused on blockchain security. Both resources are now available for other organizations to use.

Reports indicate the Ethereum Foundation did not disclose the specific methods used to unmask the operatives beyond what the Ketman Project’s own publications describe. The project’s website, however, offers detailed write-ups on the operational patterns that gave workers away.

North Korea’s presence in crypto is not new. State-linked hacking groups, including the well-known Lazarus Group, have been tied to some of the largest thefts in the industry’s history.

According to reports, billions of dollars in digital assets have been stolen by North Korean actors over the years.

The ETH Rangers program was created specifically to address security gaps through stipend-funded individuals doing public-interest work.

The Ketman Project represents one of its first publicly documented results. Whether other grant recipients have produced similar findings has not been disclosed.

Featured image from Chief Learning Officer, chart from TradingView

200 German Companies Use Cardano Without Even Knowing It

Gregaard framed the Cardano Foundation’s role as pushing blockchain into systems people use without necessarily recognizing it. “We have about 200 companies in Germany who live on agentic AI, fairly large companies, and they don’t even know they’re using Cardano as a security layer, as a digital identity layer and as an accountability layer,” he said. “Part of when you have, for instance, agentic AI who’s using data from two different databases, [is] ensuring that the agentic AI is who they say they are, that they have the data they claim without disclosing it, because we want privacy.”

That argument was central to Gregaard’s broader pitch: blockchain, in his view, is becoming an underlying trust and coordination layer for AI-driven systems rather than simply a rails story for tokens or payments. He described a model where users could interact with seamless consumer applications while Cardano handles provenance, identity and compliance in the background. The point was less about visible crypto branding than about infrastructure-level deployment.

Payments still featured prominently. Gregaard said AI agents in some of these systems are already transacting using a regulated stablecoin called USDM, with microtransactions used to meter prompt activity and align incentives between participants. “The AIs are actually paying themselves using regulatory compliant stablecoins,” he said. “There’s a microtransaction happening just to do the prompts. And that’s also part of the security layer, which ensures that one database who has more computing power than the other doesn’t do unlimited prompts and can circumvent the security.”

Why Cardano Could Strive In The EU And US

The interview also tied that enterprise and AI narrative to policy. Gregaard said the US stablecoin framework under the GENIUS Act had moved the market closer to Europe’s MiCA regime, but argued the more consequential shift could come from the Clarity Act. He said he expects that legislation, if passed, to unlock materially broader blockchain usage beyond financial applications, adding that “hundreds of companies” are already waiting on that kind of legal certainty. He further claimed that recent regulatory language had made clear that “Cardano is a commodity,” and suggested the US could move faster than Europe on this front.

Alongside adoption, Gregaard leaned heavily on security. He said Cardano’s on-chain governance model and distributed validator base make it harder to compromise through a single point of failure, a contrast with networks he described as effectively controlled by a small number of insiders. He also argued that Cardano is emerging as a “first level quantum secure environment” through its interoperability with legal entity identity standards, which he said is drawing interest from banks, brokers, exchanges and central securities depositories.

At press time, Cardano traded at $0.2566.

The move comes as tensions between the United States and Iran appear to have eased, and the Strait of Hormuz has reopened—an event that has also driven oil prices down to around $88.

Even though oil has dropped nearly 11% on Friday, crypto has followed a different trajectory. Bitcoin is up about 5% for the day, and both Ethereum (ETH) and Solana (SOL) have posted similar gains. 

The Catalysts Behind BTC’s Resurgence

Commenting on the market reaction, Matt Mena, senior crypto research strategist at 21Shares, told Bloomberg that the reopening of the Strait of Hormuz is the “risk-on signal” global markets have been waiting for. 

In his view, removing what he described as one of the most significant geopolitical choke points has helped “uncork” a larger wave of liquidity and investor confidence, supporting demand across risk assets—including digital currencies.

Beyond the geopolitical backdrop, several additional catalysts are also being cited by Bloomberg. One notable driver is institutional buying: Strategy (previously MicroStrategy) has acquired $2.6 billion in Bitcoin during the past two weeks. 

According to Bohan Jiang, a senior derivatives trader at FalconX, this has helped “underpin” the market, providing additional support as prices rebound. Still, investors are now looking for clarity on how far the rally can extend. 

What’s Next For Bitcoin?

Market analyst Ali Martinez pointed to a key technical level that Bitcoin has repeatedly struggled with: the 100-day simple moving average (SMA). 

As Martinez noted in a recent post on X (formerly Twitter), Bitcoin has now cleared that resistance level, which is currently just above $74,000. He also highlighted that this is the third time since late 2025 that BTC has tested the 100-day SMA.

In Martinez’s assessment, the pattern previously played out in two different setbacks. The first time BTC reacted there in October, it led to a 30% pullback. The second time, in January, it resulted in a 39% correction. 

With that nearest resistance cleared, Martinez suggested the invalidation of the earlier pattern could open the door for a move toward the 200-day SMA, which is close to $88,000. If that target is reached, BTC could gain an additional 12% from current levels.

Featured image from OpenArt, chart from TradingView.com 

Circle’s Own Track Record Becomes A Key Weapon

A class action lawsuit filed in a Massachusetts federal court this week names Circle Internet Group as the defendant, with plaintiffs arguing the company had both the means and the opportunity to stop roughly $280 million in stolen USDC from moving across blockchains — and did nothing.

The case was brought by Drift Protocol investor Joshua McCollum, representing more than 100 affected members. Their attorneys put it plainly: Circle allowed criminal use of its own technology.

The April 1 attack on Drift Protocol saw attackers drain funds and route them from Solana to Ethereum using Circle’s Cross-Chain Transfer Protocol, a bridging tool the company operates. The transfers happened over several hours, according to reports. The window was wide open.

What makes the lawsuit particularly pointed is what happened just days before the hack. About a week prior, Circle froze 16 USDC wallets tied to a sealed US civil case. Plaintiffs seized on that detail. If Circle could move fast for a court-adjacent matter, they argue, it could have acted here too. That single fact sits at the center of the legal fight.

I hope there’s some precedent set. Either you’re a decentralized protocol and literally do not have the power to freeze or you’re not and you should be freezing hacked funds. This middle ground hand wavy “only with a court order” stuff is weak. Misses the forest for the trees https://t.co/TqzOYKZOvm

— James Seyffart (@JSeyff) April 16, 2026

Accusations Range From Negligence To Aiding The Crime

The suit carries two main charges: negligence and aiding and abetting conversion — a legal term for helping someone unlawfully take another person’s property. The law firm Mira Gibb is handling the case for McCollum and the other Drift investors. Damages have not yet been set and will be determined at trial.

Circle has not responded to requests for comment.

Crypto analytics firm Elliptic flagged the attack as the work of North Korean state-backed operatives. Based on Elliptic’s analysis, the hackers executed more than 100 transactions through Circle’s bridging infrastructure during regular US business hours. After moving the funds to Ethereum, the stolen assets were converted and pushed through Tornado Cash, a privacy protocol used to obscure transaction trails.

Not everyone is pointing fingers at Circle. Lorenzo Valente, ARK Invest’s director of digital asset research, argued that Circle made the right call by not acting without a legal order.

His concern: give a company like Circle the power to freeze funds on judgment alone, and every decision becomes political. He questioned aloud where the line would be drawn — between a North Korean hacker and a suspicious wallet elsewhere in the world.

Featured image from B&G Lawyers, chart from TradingView

The debate matters because, in Carter’s framing, roughly 1.7 million BTC in old pay-to-pubkey outputs could become exposed if Bitcoin eventually deprecates elliptic curve signatures and a cryptographically relevant quantum computer arrives.

The Third Option In Bitcoin’s Satoshi Coin Battle

In a post on X, Carter argued that the Overton window around quantum risk has shifted quickly. What was recently treated as a fringe concern, he wrote, is now increasingly being discussed as an eventual engineering and governance problem for Bitcoin itself. “The thing about the PQ transition is, it’s impossible as a Bitcoiner to claim that this protocol is cutting edge technology if Bitcoin, a monetary system predicated entirely on cryptography, is a laggard,” he wrote, adding that betting the fate of the network on the hope that the technology does not advance would be both reckless and embarrassing.

From there, Carter sketched the upgrade path he expects. After a soft fork, Bitcoin would likely move through an intermediate phase in which users could sign with existing ECC-based schemes or with new post-quantum signatures. Eventually, he wrote, legacy signatures such as ECDSA and Schnorr would be disallowed entirely. That transition, in his telling, is the easy part. The harder question comes later: what to do with coins that never migrate.

He framed that dispute as a clash between two camps already taking shape. On one side are institutions, custodians, exchanges, and fiduciaries that would view a freeze of non-migrated coins as the only acceptable option. Carter’s argument is that these actors cannot tolerate the risk that dormant holdings, including Satoshi’s coins, might suddenly be recovered by a hostile quantum-capable party and dumped into the market or otherwise used to destabilize Bitcoin.

On the other side are hardcore Bitcoiners and ideological purists who see any such freeze as a fundamental breach of the system’s monetary and political principles. Carter described their position in stark terms: “Satoshi set 21 million as the monetary parameter, and no one alive has the authority to arbitrarily modify that to 19.x million. Bitcoin doesn’t engage in selective ‘irregular state changes’ like Ethereum did after the DAO was hacked in 2016. Even after 850k BTC were lost to Mt Gox, nothing was done at the protocol layer to recover the funds.”

Carter said he believes the freeze camp is more likely to win than many Bitcoiners assume, largely because the structure of the market has changed since the 2015-2017 blocksize wars. In his view, today’s Bitcoin is far more concentrated in corporate entities, ETF issuers, custodians and large asset managers, giving “economic nodes” much more leverage than they had a decade ago. He also noted that some influential technical figures have already taken the side of freezing vulnerable coins if a genuine threat emerges.

Still, Carter’s preferred outcome is neither a freeze nor a laissez-faire approach. His “secret third thing” is a legal salvage framework. Under that scenario, a US quantum leader such as Google, IBM or another domestic firm would build the first cryptographically relevant quantum computer and, under court authority, recover the vulnerable coins into trust-like structures rather than take ownership outright.

“It would go like this,” Carter wrote. “A US firm, whether it’s Google, or IBM, or one of the other quantum leaders… acquires a CRQC first, and contracts with the US government to lawfully recover the 1.7m p2pk coins. They do not obtain ownership of these coins, but are rather appointed by a court as a neutral receiver or court-authorized custodian, tasked with securing and returning the assets to their rightful owners where possible and otherwise holding them in trust pending judicial disposition.”

In Carter’s ordering, lawful salvage is the best result, a freeze is second-best, and a no-freeze outcome ranks far behind. “If Bitcoin really does freeze the coins, then something about Bitcoin will truly have died,” he wrote. “It would survive, but it will be forever changed.”

At press time, Bitcoin traded at $74,795.

Another Hacked Crypto Exchange…Or Is It?

The crypto exchange Grinex suspended activity after hackers siphoned off roughly 1 billion rubles (around $13 million in crypto) from its infrastructure, forcing it to suspend trading and withdrawals.

In its official public statement, Grinex claims the hack bore the hallmarks of “special services” from “unfriendly states,” framing the incident as economic warfare rather than a straightforward security failure. The crypto exchange also stated that it has filed a formal police report.

Blockchain analytics firms and prior investigations have described Grinex, launched in 2025, as the full-fledged successor to Garantex, a Moscow-based centralized exchange (CEX) sanctioned by the United States and European partners for handling illicit transactions and sanctions evasion. Alongside rubles and USDT, Grinex also acts as the main venue for trading A7A5, which many view as the first stablecoin directly tied to the Russian ruble. In the past, this helped Russian actors recover frozen balances and move money around sanctions chokepoints.

Grinex and related entities have been cited as critical nodes in a broader Russian sanctions-evasion ecosystem that has processed hundreds of billions of dollars’ worth of activity tied to state-adjacent finance.

According to the crypto CEX, its infrastructure was compromised in a “large-scale” operation, publishing a list of hacked accounts with outgoing transfers that blockchain investigators have traced across TRON and Ethereum.

The attacker rapidly swapped the proceeds into TRX and other assets Instead of leaving the funds in USDT, thus minimizing the risk of a stablecoin freeze and consolidating them into a handful of wallets that currently hold tens of millions of TRX.

TRM Labs and other forensic teams report that TokenSpot, a Kyrgyzstan-based platform assessed as a likely front for Garantex, showed overlapping wallets, shared consolidation addresses and simultaneous downtime. This suggests a coordinated hit on a linked sanctions-evasion network instead of just a one-off exploit.

Grinex’s public statement argues the attack used “unprecedented” resources available only to foreign intelligence from unfriendly states, and that it was part of a systematic campaign to cut Russian access to offshore withdrawals. That claim lands in a context where U.S., UK and EU authorities have already sanctioned the CEX, seized infrastructure, and targeted wallets linked to Russian illicit finance and even conflict actors like the Houthis.

What This Means For Crypto Risk

Whether or not state actors were actually involved in this hack, the incident highlights how politically exposed crypto exchanges are turning every major security event into a narrative battle over “financial sovereignty” versus “illicit finance”.

For traders and market participants, the Grinex episode reminds us of the structural risk of routing volume through sanctioned or opaque offshore venues that double as sanctions-evasion rails, even when headline yields or liquidity look attractive.

On-chain investigators have now publicly mapped critical parts of this network, making it more likely that enforcement, secondary sanctions and deplatforming will keep ratcheting up. Such a trend that can suddenly strand funds or counterparties if you are on the wrong side of those flows.

In practical terms, this kind of hack pushes risk premia higher around Russia-linked liquidity, increases the odds of further wallet blacklisting and stablecoin freezes, and reinforces the case for traders to price in jurisdiction, sanctions exposure and forensics footprint when they choose where to trade.

Cover image from Perplexity. BTCUSD chart from Tradingview.

Dogecoin ETFs Performance In 6 Months

The initial response to the Dogecoin ETFs was excitement back in November 2025, as the expectation had been building for a while. Once the ETFs launched, though, it was quickly evident that interest was not as high as expected. According to data from the SoSoValue website, the inflow in the first month came out to $2.16 million, with total net assets sitting at $6.29 million.

While the following months would see better inflow numbers, they were not exactly much better. For example, the cumulative total net inflow for December 2025 was $2.34 million, only slightly higher than the $2.16 million recorded in October.

January 2026 has come out as the best month for the Dogecoin ETFs so far, with a cumulative total net inflow of $6.41 million. This had brought the total net assets above $10 million for the first time. However, since then, the Dogecoin ETFs have been unable to replicate this.

As for the month of April, there have only been two days of inflows/activity despite being two weeks in. The site recorded inflows of $1.34 million on Friday, April 10, and $187,370 on Tuesday, April 14, bringing the total net assets to $10.8 million. But since then, there has been no other activity for the Dogecoin ETFs.

XRP ETFs Are Doing Much Better

In sharp contrast to the poor performance of Dogecoin ETFs, XRP ETFs have seen a notable amount of success in the market. In the first month alone, November 2025, the XRP ETFs had recorded $666.61 million in total cumulative net inflow. By the time the month was over, total net assets had risen to $687.81 million, data from SoSoValue shows.

The next month followed with $1.17 billion in cumulative total net inflow, pushing the total net assets above $1.2 billion. The next few months were not as successful, but there was always a notable amount of inflow moving into the XRP ETFs.

In the month of April, the XRP ETFs have already recorded more than $12 million in total net inflow, and $1.22 billion cumulative total net inflow. The total net assets did fall under $1 billion at the start of the year, but stayed high at $959 million at the time of the report.

Given the available information, it shows that XRP ETFs have performed better than Dogecoin ETFs. This also means that the XRP ETFs have received more institutional support compared to their Dogecoin counterparts.

French Authorities To Boost Crypto Holders’ Security

On Thursday, Jean-Didier Berger, minister delegate to the interior minister of France, revealed that the ministry is preparing new measures to protect crypto asset holders amid the surge in kidnappings and wrench attacks in the country.

Speaking at the Paris Blockchain Week, Berger addressed concerns about the cryptocurrency-related kidnappings, affirming that the French government is aware of the increasing threat and takes it “very seriously.”

He emphasized that authorities already took initial “preventative measures” to strengthen protections, including check-ups at crypto executives’ homes, special briefings by elite police tactical units, and a prevention platform that has attracted thousands of sign-ups.

During his panel, Berger noted that crimes and cybercrimes related to cryptocurrencies have become more common due to the industry’s adoption, adding that they could increase over time as the sector grows.

Therefore, the government wants to reinforce security to prevent these attacks “in the coming weeks” with a new package of measures, which Berger has been working on alongside Interior Minister Laurent Nuñez. Nonetheless, he did not disclose specific details on these potential measures.

Bloomberg reported that Paris Blockchain Week’s organizers had worked closely with local police and the interior ministry to enhance security at the event, with around half a dozen police vans lined up near the conference entrance on Wednesday morning.

In addition, a police motorcade escorted guests to a VIP dinner in the Palace of Versailles on Tuesday. Berger addressed the strong security measures, affirming that “it demonstrates the determination of the government and of France to support you, assist you, and protect you in all circumstances.”

France Sees Unprecedented Attack Numbers In 2026

Berger’s remarks and the heightened security at the event follow a surge in crypto-related attacks in France. Last week, a family was kidnapped in Anglet by four men in an unsuccessful attempt to obtain $471,000 in crypto.

The attackers reportedly tied a mother and her 11-year-old child with an electrical cable and beat the father, who is a crypto entrepreneur, and grandfather, before police arrived. In March, local news outlets reported that three individuals posing as police officers held a man and a woman in their late fifties captive in their home in Le Chesnay, Yvelines. The trio demanded a ransom of $1.06 million in Bitcoin.

RTL news recently unveiled that France has seen an unprecedented increase in these attacks. The nation has consistently been a prominent target for such incidents, with over a third of all publicly reported wrench attacks globally occurring within its borders since 2025.

According to the report, the National Directorate of the Judicial Police (DNPJ) has recorded 41 crypto-related incidents across all agencies since the start of 2026. “This represents an exponential increase, given that the Criminal Investigation Department had recorded only about twenty kidnappings between 2023 and 2025,” RLT noted.

Despite the concerning numbers, the French National Assembly advanced a provision requiring taxpayers to declare funds over €5,000 held in self-custody wallets, such as Metamask and Ledger.

According to Gregory Raymond, co-founder of The Big Whale, this would mark a significant expansion of the reporting scope, which was limited to accounts held on platforms. Some crypto users have expressed their concern about the potential measure, with artist Pascal Boyart claiming that the government is “rendering the judicial system inoperative + kyc as kidnap your customer.”

Nonetheless, Raymond has noted that the provision is unlikely to survive the Joint Committee (CMP), and if it progresses, the text could be referred to the Constitutional Council.

Schwab Crypto’s Roadmap

At launch, Schwab Crypto will offer direct trading in Bitcoin and Ethereum, which the firm says together account for roughly three-quarters of total crypto market capitalization. 

However, Schwab indicated that it intends to add additional cryptocurrencies to the platform in the future. The firm also plans to introduce transfer capabilities for deposits and withdrawals, so clients with digital asset holdings elsewhere can bring their investments into Schwab alongside their other accounts.

Schwab also plans to lean heavily on its research and investor education approach. That includes digital assets learning materials powered by the Schwab Center for Financial Research, along with crypto-focused content delivered through Schwab Coaching. 

The goal, according to the company, is to help investors better understand how digital assets work and how they may fit into a broader investing strategy rather than treating crypto as a separate world.

Cost is also positioned as a selling point. Schwab says pricing will be among the lowest in the industry, charging 75 basis points on the dollar value of each trade. 

Paxos For Sub-Custody And Trade Execution 

Joe Vietri, Head of Digital Assets at Charles Schwab, said the firm aims to give investors access to well-known cryptocurrencies through an “all-in-one investing and banking experience,” supported by education and the operational backing of Schwab’s ecosystem. 

Vietri framed the approach as catering to two groups at once: people who are new to crypto and want to use a trusted institution, and investors who already own digital assets and want to manage them with more confidence and convenience. 

Jonathan Craig, Head of Retail Investing at Charles Schwab, added that Schwab Crypto is meant to be a destination for retail customers who want direct exposure to the asset class while still benefiting from the service, educational resources, and research tools they expect from Schwab.

Schwab also outlined how the arrangement will work operationally. The company says Schwab clients will maintain a separate crypto account under Schwab Crypto, which is offered by Charles Schwab Premier Bank, CSPB, and will be linked directly to their brokerage accounts. 

CSPB will act as custodian for clients’ digital assets, handling safekeeping and record-keeping. For sub-custody and trade execution, Schwab selected Paxos, a blockchain infrastructure provider regulated in the country. 

Schwab says Paxos will deliver these services using a federally overseen trust model and enterprise-grade technology, enabling financial institutions to provide digital asset solutions.

At the time of writing, Bitcoin, the market’s leading crypto, was trading at around $74,900. This represents a 4.5% surge in the weekly time frame. However, this surge has been halted at the $76,000 resistance level, which is the largest obstacle for BTC in the near term. 

Featured image from OpenArt, chart from TradingView.com 

Warren Zeroes In On The Numbers

The math doesn’t add up, according to Sen. Elizabeth Warren. With the federal funds rate sitting between 3.5% and 3.75%, X Money’s advertised 6% yield on deposits struck the Massachusetts Democrat as suspicious enough to put in writing.

In a letter sent Tuesday to Elon Musk, Warren asked how that return was even possible — and what risks customers might be taking on without knowing it.

X Money is a payments feature being built into the X social media platform. A limited beta preview has already gone out, giving Warren enough to work with.

She named Cross River Bank, X Money’s listed partner, as a point of concern. The bank has previously faced enforcement action from the Federal Deposit Insurance Corporation.

Warren questioned whether the 6% yield was being funded through risky investments, aggressive data collection, or other undisclosed practices.

National Security On The Table

The letter didn’t stop at interest rates. Warren told Musk that X Money’s expected move into stablecoins and cryptocurrency could threaten the broader financial system and US national security.

Warren is a longtime critic of both the crypto industry and Musk personally, and the letter reflects both of those positions.

ELON MUSK’S ???? JUST ANNOUNCED THEY WILL SOON LAUNCH A #BITCOIN AND CRYPTO PRODUCT…

Elon Musk’s is about to launch ???? MONEY?

This will be HUGE for Crypto! pic.twitter.com/bfKKEUU3mo

— Crypto Rover (@cryptorover) April 14, 2026

At the center of her concern is a provision in the Guiding and Establishing National Innovation for US Stablecoins Act — better known as the GENIUS Act. That legislation allows private companies, including non-bank entities, to issue their own dollar-backed tokens.

Warren questioned whether X intends to use that opening to launch its own stablecoin. Based on reports, the law’s framework has drawn pushback from Democratic lawmakers who see it as too permissive toward tech companies looking to enter financial services.

Warren also pressed Musk on what ordinary users would be told about federal deposit protections — or the lack of them.

FDIC Chair Travis Hill confirmed in March that stablecoin deposits held through platforms like X Money would not be covered by federal insurance under the GENIUS Act.

Hill noted the law doesn’t explicitly block pass-through insurance coverage, which would extend FDIC protection to individual users up to $250,000 in the event of a company failure. But he said allowing that would contradict the framework’s broader intent.

Warren’s letter asked whether X Money customers would be clearly informed that their funds carry no federal backstop. It’s a basic consumer question — one that hasn’t been publicly answered.

Musk has not yet responded to the letter.

Featured image from IndieHackers, chart from TradingView 

The report begins with a warning dressed as reassurance. The VIX has declined back to pre-conflict levels, suggesting that fear has left the market. Yet equity and bond correlations have turned positive again — meaning stocks and bonds are moving in the same direction simultaneously.

That dynamic, last seen in 2022, is the specific condition that breaks the traditional 60/40 portfolio. When the two assets that are supposed to offset each other start behaving as one, diversification stops working, and portfolio risk rises quietly while the surface looks calm.

That structural failure is redirecting attention toward alternatives — gold, commodities, and increasingly, Bitcoin. What the analysis flags as particularly notable is that Bitcoin has been holding its own price dynamics even during periods of declining fear. It is not simply tracking equities up or down. It appears to be responding to a different set of drivers entirely.

That distinction, if it holds, changes what Bitcoin is in a portfolio — and potentially what it is worth.

Bitcoin Is No Longer Playing by the Old Rules

The Coinbase Premium Index adds a layer to the analysis that is difficult to dismiss. When that indicator stays positive — meaning Ethereum and Bitcoin are trading at a premium on Coinbase relative to Binance — it reflects underlying spot demand from US investors specifically. That is not the fingerprint of traders chasing a momentum move. It looks more like deliberate, portfolio-level allocation from participants who are choosing Bitcoin as a strategic position rather than a short-term bet.

What reinforces that reading is Bitcoin’s behavior during risk-off episodes. When the VIX spikes and fear spreads through traditional markets, Bitcoin does not consistently sell off the way equities do. That inconsistency is exactly what you would expect from an asset that is being driven by factors separate from broader market sentiment — and it is precisely the property that makes a genuine diversifier valuable.

The analysis frames the current environment carefully. This is not a low-risk market. The VIX may look calm, but stocks and bonds are moving together, the 60/40 framework is quietly failing, and investors are searching for something that actually behaves differently under stress. Bitcoin, the report suggests, is increasingly fitting that description.

The thesis is not settled. But for the first time in Bitcoin’s history, the data is making a serious case for it — and the test of whether that case holds is happening right now, in real markets, with real money.

Bitcoin Tests $75K Resistance as Weekly Structure Enters a Critical Phase

Bitcoin is attempting to reclaim momentum on the weekly timeframe after a sharp correction from the $120,000–$130,000 region, which marked a clear local top in late 2025. The subsequent decline into early 2026 drove prices toward the $60,000–$65,000 range, where buyers stepped in aggressively, forming a strong reaction low with elevated volume.

Since that capitulation phase, BTC has been building a recovery structure, now trading around $74,000 and approaching a key resistance zone. This level aligns with prior support during the mid-cycle consolidation and is now acting as overhead supply. The market is effectively testing whether that former support can be reclaimed as a new base.

From a trend perspective, Bitcoin remains in a transitional phase. Price is still below the 50-week moving average (blue), which has started to flatten, while the 100-week (green) is being tested from below. The 200-week (red) remains well below price and continues to slope upward, confirming that the long-term trend is intact despite recent weakness.

Volume has moderated significantly since the sell-off, suggesting that the recovery is not driven by aggressive speculative inflows but by gradual reaccumulation.

A sustained move above $75,000 would confirm structural strength. Failure here would likely keep Bitcoin range-bound between $65,000 and $75,000.

Featured image from ChatGPT, chart from TradingView.com 

XRP ETF Trading Activity Surges Past $26 Million

Fresh trading data reveals a sharp increase in XRP ETF participation. According to figures shared by BankXRP, combined daily trading volume across XRP ETFs climbed to $26.02 million, marking a notable spike in activity across the sector.

The largest share of this trading volume was captured by Bitwise Asset Management, whose XRP ETF recorded $11.14 million in daily turnover. The firm therefore controlled the majority of the day’s trading activity, reinforcing its position as a dominant issuer in the developing XRP ETF market.

Behind Bitwise, Franklin Templeton posted $8.39 million in trading volume, securing the second-largest share of market participation among the ETF issuers tracked. 21Shares followed with $3.76 million, completing the top three contributors to the day’s total.

Together, these figures illustrate how institutional access to XRP is becoming more structured through regulated investment vehicles. Rather than concentrating activity within a single product, the distribution of trading volume across multiple asset managers points to a broader ecosystem forming around XRP-based ETFs.

This diversification across issuers is significant because it demonstrates that interest in XRP exposure is expanding beyond isolated market participants. Institutional investors appear to be utilizing several regulated products simultaneously, suggesting that demand for XRP exposure is scaling through traditional financial channels.

Institutional Positioning Deepens As Capital Flows Accelerate

Additional disclosures from ETF issuers reinforce the narrative that institutional participation is strengthening. Bitwise Asset Management recently submitted a 107-page filing to the US Securities and Exchange Commission (SEC) detailing activity surrounding its XRP ETF product.

Within that filing, the firm revealed $267 million in new share creations, a metric widely interpreted as an indication that new capital is entering the fund rather than simply circulating existing shares among traders.

Marketing initiatives have also played a role in raising awareness around XRP investment vehicles. In December, Bitwise launched a promotional campaign in Times Square, placing its XRP ETF product in one of the most visible advertising locations in global finance.

During that same period, spot XRP funds recorded 19 consecutive days of inflows, a streak that underscored sustained investor demand. Another issuer experiencing significant traction is Teucrium. According to the firm’s CEO, the company’s XRP ETF attracted more than $500 million in inflows within just 12 weeks following its launch.

Taken together, the surge to $26.02 million in daily ETF trading volume, alongside hundreds of millions of dollars entering newly created shares and funds, signals a shift in market participation. Institutional investors are increasingly using XRP ETFs as a gateway to exposure, a development that many observers view as an early sign of renewed bullish positioning in the asset.

That disconnect is what enthusiast X Finance Bull leaned on in a recent post on X. Recent developments from Ripple itself suggest that the claim is not as easy to dismiss as it once was.

Ripple’s Story Is Growing Past Payments

Many XRP community members are looking at ultra-bullish pictures for the cryptocurrency. One of such community members is X Finance Bull, who recently took to the social media platform X to highlight reasons as to why the mass adoption of Ripple, XRP, XRP Ledger, and RLUSD is already here.

One of the key points the analyst highlighted is Ripple’s strategy to build a full end-to-end treasury ecosystem setup. The setup functions as a financial operating layer that integrates with a company’s existing banks, ERP systems, and internal workflows, linking them to digital asset rails without requiring any overhaul of existing infrastructure.

Enterprise platforms such as SAP, Oracle, NetSuite, and Workday are all connected through a single API layer referred to as ClearConnect. The same API layer bridges traditional rails (ACH, wire transfers, and SWIFT) with XRP settlement, RLUSD, and Ripple’s brokerage and custody infrastructure. 

The most important thing in this treasury ecosystem is that Ripple is growing and no longer pitching itself only as a cross-border payments company. On April 1, Ripple announced native digital asset capabilities inside Ripple Treasury, describing it as the first treasury management system with built-in support for digital assets. 

RLUSD And Ripple Prime Are Making The Institutional Case Clearer

Another sector where Ripple is gaining adoption is through its RLUSD stablecoin. Ripple says RLUSD is issued on both the XRP Ledger and Ethereum, backed one-to-one by cash, cash equivalents, and US Treasuries, and issued under NYDFS oversight.

Ripple Prime, also highlighted by X Finance Bull, is another factor for Ripple and XRP’s adoption. Ripple Prime was created following Ripple’s acquisition of Hidden Road, and data from its website shows that the business clears over $3 trillion annually while serving more than 300 institutional clients. 

Notable examples are Deutsche Bank, AMINA Bank, and SBI Holdings. Interestingly, Ripple also indicated during the acquisition that RLUSD would be positioned for use as collateral for brokerage products.

Institutional adoption extends into custody as well. As noted by X Finance Bull, Ripple’s custody solutions are already being used by financial players, including BBVA Switzerland, Societe Generale-FORGE, and DBS. 

The overall picture is even more bullish when developments and updates on the Ledger itself are considered alongside these ecosystem developments. As noted by X Finance Bull, all these didn’t appear overnight. They are the products of a decade of building acquisitions, licenses, integrations, and compliance frameworks. It is all now coming together in 2026.

Familiar Faces Behind The Money

The Fellowship PAC filed documents Wednesday with the US Federal Election Commission showing it received $10 million from Cantor Fitzgerald and $1 million from Anchor Labs, the parent company of crypto bank Anchorage Digital.

Both contributions were made in January 2026. The PAC is led by Tether’s head of government affairs, and its treasurer, Mitchell Nobel, has served as Cantor Fitzgerald’s director of digital asset strategy since August 2025 — roughly the same time Fellowship registered with the FEC. That means the PAC’s biggest donor and its top financial officer share an employer.

Hines, who also holds the title of Tether US CEO, co-founded the Nxum Group, the marketing company that received the $3 million in “issue advocacy advertising” spending. His dual role — private sector executive and former government official — puts him at the center of a web of financial relationships that connects the PAC’s spending directly back to Tether’s orbit.

Crypto’s new $11M PAC has booked millions in ads with a firm founded by Tether’s CEO, signaling strategic growth!

— Bitcoin Dino (@bitcoindinos) April 15, 2026

Anchorage had previously signaled its political ambitions. Reports indicate the company announced in March that it would join Chainlink to back the Blockchain Leadership Fund, a separate hybrid PAC that can contribute directly to candidates.

An Anchorage spokesperson said at the time the company planned a “meaningful contribution” to be reported to the FEC. As of Wednesday, no such filing had appeared publicly.

A Gap Between Claims And Disclosures

When Fellowship launched in September 2025, it announced it had secured “over $100 million” from backers aligned with the crypto industry. FEC records told a different story. No contributions above $200 were recorded between August 7 and December 31, 2025.

The $11 million now disclosed covers January 2026 contributions. It is a fraction of the nine-figure figure the PAC originally touted.

Whether additional large donations are still in the pipeline remains unclear. FEC filings operate on set reporting windows, meaning contributions made after March 31 would not yet be required to appear in public records.

The PAC has already begun spending in targeted congressional contests. Reports say Fellowship put $1.5 million toward media buys supporting Republican candidates in Georgia’s 14th Congressional District and in US Senate races in Nebraska and Kentucky. All three states are scheduled to hold party primaries in May.

Featured image from Unsplash, chart from TradingView

ADA Faces Key Test After Accumulation Surge

With the market environment slowly turning bullish once again, the price of Cardano is exhibiting upside action, approaching the $0.25 mark. Despite this upward move, the altcoin is now being faced by significant resistance that may serve as a trigger for more upside activity or downside trend.

After examining the chart on the 3-day time frame, Ali Chartz, a seasoned crypto analyst and trader, outlined that Cardano is currently approaching a decisive moment that could dictate its next move. Ali stated that the altcoin has returned to a make-or-break point, located at the $0.243 level.

Currently, the price seems to be tightening around this key area. Here, the support and resistance dynamics are expected to dictate the next significant direction as indicated by the market expert. According to Ali, this make-or-break zone has historically acted as the ultimate pivot for ADA’s trend.

This is backed by past scenarios where hitting this level becomes the launchpad for significant rebounds. At this point, a continued upward action falls into the bulls’ hands. If these investors can defend this floor, the positioning could set the stage for a relief rally toward the $0.03 resistance.

However, when ADA fails to hold here and loses the zone on a daily close, it would be a major structural failure and shift into a bearish phase. Ali highlighted that the breakdown here could expose ADA to a deeper correction, potentially testing the yearly lows near the $0.10 level.

Given the growing interest and demand for Cardano, the altcoin might gain the necessary momentum to push upward and break this zone, as accumulation often plays a role in price performance. Large holders were reportedly earlier to be steadily increasing their positions, signaling growing confidence even as the price approaches a decisive zone.

Cardano Whale Count At Multi-Month Level

Mintern shared on X that wallet addresses holding at least 10 million ADA have increased sharply, indicating a persistent buying activity by high-net-worth investors. As seen on the chart, the number of these large investors or whales is at a 4-month high, with 424 wallets.

According to Mintern, this is a clear sign of growing whale accumulation, representing an over 5.2% increase in just 9 weeks. In the meantime, this combination of a significant technical level and robust accumulation puts ADA at a pivotal juncture where the next move could determine its short-term course.

At the time of writing, the Cardano price was trading at $0.25 after recording a nearly 5% increase in the last 24 hours. As the price slowly moves toward the upside, its trading volume has flipped bullish, rising by over 9% within the same time frame.

Potential Markup As Early As This Month

During the interview, Shirzad described recent developments as encouraging. He said that over the past days, there has been “really great work taking place” and that Coinbase has been focused on the stablecoin rewards topic, which he described as critical for resolving the broader dispute. 

Shirzad added that he expects Chair Tim Scott to schedule the anticipated markup as early as this month. He also said expectations are that the bill could reach a full Senate vote in May, if the committee process moves forward on the proposed timeline.

When asked about the deadlock tied to the stablecoin rewards provision, Shirzad cited the recent White House economic study that examined whether the provision would trigger “deposit flight” from traditional banking institutions. 

According to his interpretation of the findings, there is no evidence that such an outcome would occur. He said the matter is largely “put on bed,” though he noted that banking lobby groups are reportedly still trying to oppose stablecoins. 

In Shirzad’s view, the resistance reflects broader efforts to defend President Trump’s vision for crypto policy in the United States—a vision the president has repeatedly described as aiming to make “America the crypto capital of the world.”

CLARITY Act Timeline Watch

Shirzad’s comments also aligned with Wednesday reporting that suggested Senate Banking Committee members and staff were continuing to finalize the CLARITY Act. 

According to those reports, negotiation participants still see certain open areas that could shape the final draft, including ethics and tokenization. At the same time, the reporting indicated that some of the more contentious issues—such as DeFi and stablecoin yield—have largely been addressed already. 

Ripple CEO Brad Garlinghouse also pointed to May as the key month to watch, arguing that passage of the CLARITY Act hinges on whether the stablecoin yield dispute moves toward resolution. Garlinghouse said that the stablecoin yield issue was nearing closure.

Senator Thom Tillis said on Monday that he is working to release bill text outlining the stablecoin yield compromise reached between banks and crypto firms sometime this week.

However, Crypto In America reported that the exact timing could still shift depending on when the CLARITY Act markup is scheduled. In other words, even if lawmakers are closing in on language, the bill’s calendar may still depend on whether committee scheduling aligns with the negotiated outcome.

Featured image from OpenArt, chart from TradingView.com

Major Shiba Inu Developments This Week

Shiba Inu is seeing a major surge in trading activity this week, but price action continues to lag behind the meme coin’s growing market interest. Data from Coinglass showed that derivatives volume jumped 102.48% to $161.13 million around Tuesday, April 14, signaling a sharp increase in trader participation as the broader crypto market rallied. At the time of writing, the volume has eased slightly to $151.51 million, but remains up 13.65% on the day, in line with a modest price uptick.

In addition to rising volume, Coinglass reported that Shiba Inu’s Open Interest (OI) edged up 3.12% to $62 million during the same period, suggesting that traders were increasingly positioning for a potential move. Currently, Open Interest is up by 9.29%, pointing to a steady accumulation of leveraged positions as the market continues to speculate on Shiba Inu’s next move. 

Despite heightened trading activity, the SHIB price continues to consolidate between $0.0000055 and $0.000006. The cryptocurrency jumped about 3.7% last week as trading volume spiked. In the last 24 hours, CoinMarketCap data showed the meme coin rising by over 4.4%, reflecting a slow recovery from its previous downtrend, which had driven its price down by more than 47% year-to-date.    

While derivatives volume and open interest rose, on-chain data also pointed to significant buying interest in Shiba Inu earlier in the week. Crypto analytics platform CryptoQuant reported a negative exchange netflow of -89.49 billion SHIB on April 13, indicating that a staggering amount of tokens were withdrawn from exchanges. 

Such outflows typically signal accumulation and reduced selling pressure among investors. However, despite the increased accumulation, the Shiba Inu price failed to react at the time, highlighting its underlying weakness from months of downward pressure and uncertainty. 

Celebrity SHIB Holder Exits Position As Whales Accumulate

New reports reveal that American DJ and record producer Steve Aoki has fully exited his nearly five-year position in the meme coin. According to on-chain data, the move occurred around April 13, coinciding with the period when SHIB saw a decline in exchange flows and increased trading activity. 

Notably, Aoki first entered Shiba Inu during its historic 2021 surge and held through multiple market cycles before gradually selling down his holdings. His final transactions brought his remaining balance down to near zero, marking a complete exit from one of his long-term crypto positions. 

Simultaneously, blockchain data tracked by Arkham Intelligence shows that whales were accumulating heavily. Around 2.02 trillion SHIB, worth approximately $12.16 million, was purchased during the same period Aoki was exiting, signaling strong interest from large-scale investors and suggesting potential positioning ahead of anticipated price movements.

Growing Accumulation Drives Bitcoin Off Exchanges

Currently, a notable shift is unfolding in the supply dynamics of Bitcoin. While Bitcoin’s price is showing upward momentum following a broader market recovery, investor demand for the leading crypto asset has reportedly been returning beneath the surface. 

Bitcoin continues to flow off cryptocurrency exchanges at an accelerating pace during this brief price rebound. As stated by Darkfost, a market expert and verified author at the CryptoQuant platform, this has been ongoing for the past two months, during which Bitcoin was withdrawn from exchanges nearly every day.

This consistent withdrawal indicates a significant wave of accumulation as investors are shifting their holdings into long-term storage. When exchange reserves dry up, it implies that the number of coins readily for sale is decreasing, a trend that could often precede upward price movements.

After his examination of the Bitcoin Exchange Netflow metric, Darkfost found that the monthly average has also turned negative, which is currently positioned at -1,640 BTC. What this simply means is a clear accumulation trend that has been building over the past few months.

Darkfost has highlighted that, in particular, when Bitcoin departs from exchanges like this, it is usually with the goal of retaining the asset for a longer time. In a scenario where this kind of behavior persists, it is no longer about sporadic transfers that are sometimes driven by exchanges themselves. Rather, it is a genuine structural trend, which is considered a very positive signal.

BTC Bear Market Still Present Despite Growing Strength

As the market recovers slowly, several indicators are starting to point to robust growth for Bitcoin. However, despite these bullish signals, a crypto expert claims that the broader trend is still indicating that the bear market phase is not yet over. “Market is showing strong growth, but bear market is still ongoing,” Aralez stated.

According to the expert, the market is already running final bullish manipulations that will come to an end soon in a strong drop to and below the $60,000 zone. After this, several key upcoming events are expected to take place, shifting the price dynamics.

Below the $60,000 mark, Aralez foresees accumulation in the $45,000 and $55,000 range backed by the formation of a cyclical bottom. A gradual upside is expected from here, as institutional inflows increase. By the end of Spring 2027, the market will approach its previous all-time high and eventually break above it. For now, the market is still bearish, and Aralez advises patience, stating that better entry opportunities are coming.

Pundit Highlights Alleged Link Between XRP and SWIFT

In an X post, SMQKE drew attention to the R3 Corda codebase, which he noted links XRP to ISO 20022 and SWIFT. He noted that any token or company aspiring to operate on the SWIFT network must comply with ISO 20022. He added that since XRP is ISO 20022-ready, and SWIFT relies on these standards, Ripple can technically establish direct connections and settlements with any SWIFT-enabled institution through the XRP Ledger. 

XRP stakeholder RippleXity was the first to highlight the R3 Corda codebase, noting modules named XrpPayment, XrpSettlement, SWIFTService, and SWIFTPaymentStatusType, which point to XRP integration. However, there has been no confirmation from SWIFT regarding a potential integration. 

Meanwhile, it is worth noting that the only known connection between XRP and SWIFT is through Ripple. SWIFT is named as one of the connectivity partners for Ripple Treasury for payments. Furthermore, the Treasury Management firm is also part of the SWIFT Certified Partner program. However, SWIFT doesn’t use XRP for its payment services. 

SWIFT announced last year plans to launch its distributed ledger, signaling that it had no intention of adopting the XRP Ledger or XRP for its payment services. However, Ripple has continued to integrate XRP into the operations of other firms it acquired last year, including GTreasury, now known as Ripple Treasury. Last month, Ripple integrated XRP and RLUSD into its treasury management system, marking the first time a management system has native on-chain capabilities. 

XRP Gets Boost With X’s Cashtags

In an X post, X’s Head of Product, Nikita Bier, revealed that they had launched a new cashtags feature for XRP and other crypto assets as they move to bring financial data to the platform. This is expected to give these crypto assets greater visibility on the social media platform and provide easier access to trade them. 

As to how it works, Bier stated that X users can search for or post a cashtag, and the platform will automatically suggest matching crypto tokens, allowing them to select the exact asset they have in mind. Users will be able to see posts mentioning these crypto tokens, including XRP, alongside their price charts without leaving the platform. Bier added that cashtags are just the first step in their commitment to make X the best destination for the crypto community. 

At the time of writing, the XRP price is trading at around $1.40, up over 3% in the last 24 hours, according to data from CoinMarketCap.

Blockchain Goes TradFi?

The Ministry of Finance and Economy announced on an official press release that the pilot project for the execution of national treasury funds using blockchain‑based digital currency has been approved.

This new official venture marks the second time in which South Korea’s government uses digital currency and deposit tokens for the execution of national treasury funds, following another pilot project for building electric‑vehicle charging facilities and paying national subsidies together with the Ministry of Environment.

Deposit tokens are digital claims on commercial bank deposits, issued on permissioned blockchain rails, spendable by citizens and companies at participating merchants and service providers.

In simpler words, deposit tokens are digital versions of the money already kept in a normal bank account. The bank “wraps” those deposits into tokens on a private (permissioned) blockchain, and you can then spend those tokens at approved shops or service providers, just like using a card or mobile wallet.

In contrast with Central Bank Digital Currencies (CBDCs), that are digital versions of a country’s official money, created and managed directly by its central bank, deposit tokens have programmable settlement, transparent tracking of public money, and real‑time reporting for the state.

The press release states that under the current National Treasury Funds Management Act, business promotion costs and related operating expenses are required to be paid with government purchase cards, effectively blocking the use of deposit tokens. Thanks to the new regulatory sandbox, those same payments can now be made with deposit tokens, creating a real‑world testbed for a new government payment and settlement method.

The new pilot is expected to serve as an opportunity to put blockchain‑based fiscal execution on a full footing and eliminate frictions in the current card‑payment setup by using blockchain’s built‑in transparency.

Quoting the press release, translated by Bitcoinist:

This pilot will allow us to preset and manage in advance the spending time and permitted business categories when business promotion expenses are executed using deposit tokens that leverage blockchain technology. This is not only expected to improve the transparency of spending but, by eliminating intermediaries in the payment structure, completely remove card‑processing fees borne by small merchants.

South Korea continues moving ahead with its Digital Asset Basic Act, a broad crypto rulebook that will set standards for stablecoins, tokenized real‑world assets, and crypto ETFs in the local market. A few weeks ago, the National Policy Committee of Korea pushed the “second‑phase” of the debate until after the June 3 local elections.

The trade‑off for South Korean traders is evident: they gain efficiency and control vs. losing some privacy and risking potential overreach. It is safe to expect tailwind for bank‑chain infrastructure, permissioned blockchain providers, and tokenization narratives.

Future “state money on chain” flows may favor bank‑issued tokens over fully open stablecoins, which could reshape liquidity, FX corridors, and on‑chain yield strategies.

If the pilot scales, South Korea could become the reference model for how blockchains handle real‑world fiscal flows.

Cover image from Perplexity. BTCUSD chart from Tradingview.

In an April 15 Discord update shared on X by community member Rayyan, Qubic tech lead Joetom said phase 2 began with epoch 209 and that, from this point, “each computor can operate in either legacy XMR mode or Doge mode.” He added: “For every computor index, only one contribution is counted: max(XMR, DOGE). This effectively replaces XMR participation if Doge yields a higher contribution. No dual counting.”

Qubic Activates Dogecoin Phase 2

The move lines up with the transition plan Qubic published ahead of launch. In its March 27 rollout note, the team described a three-phase migration from XMR to DOGE. Phase 1 was a testing period in which XMR revenue remained intact while Dogecoin mining ran on mainnet in a non-rewarded validation mode.

Phase 2 was framed as the decision point, where computors could opt into DOGE rewards while XMR began phasing out. Phase 3 is the end state: XMR removed, DOGE running at full production, and Qubic’s CPU and GPU resources returned to full-time AI training.

That broader architecture is central to Qubic’s pitch. Under the old model, the network alternated between Monero hashing and AI-related work. With Dogecoin, Qubic says the jobs can run in parallel because DOGE mining relies on Scrypt ASICs, while the network’s AI training stack runs on CPUs and GPUs. The result, in Qubic’s telling, is a cleaner division of labor and a path toward running both workstreams at full capacity rather than splitting general-purpose compute between them.

Joetom’s April 15 message also clarified how rewards are now being routed. “All block rewards are used for Qubic buybacks,” he wrote. “The acquired Qubic is distributed proportionally based on delivered Doge shares.”

He then outlined how accounting will evolve as the system scales: “Target state is a daily reward window from 12:00 to 12:00 UTC. All blocks mined within a window are allocated to shares submitted within the same window. Phase 2 starts with a weekly window aligned to epochs.”

That mechanism fits the buyback structure Qubic had already outlined publicly. The network has said DOGE mined through its system is sold, the proceeds are used to buy back QUBIC, and those tokens are then distributed to participants based on contribution.

The timing also tracks the roadmap. Qubic launched Dogecoin mining on April 1 and said the full migration from Monero would likely play out across roughly four weeks, with phase lengths flexible depending on stability and network conditions. Phase 2 arriving in mid-April suggests that schedule is broadly holding, even if reward windows and other parameters remain adjustable.

At press time, DOGE traded at $0.09618.

Exchange Inflows Collapse To Multi-Year Lows

According to analysis shared by CryptoQuant author Darkfost, Bitcoin inflows into Binance have fallen to levels last observed in 2020. The 30-day moving average of Bitcoin flowing into Binance is now around 3,998 BTC. This stands in stark contrast to earlier periods of activity, during both bear and bull markets.

When investors are afraid, they sell. They move their Bitcoin onto exchanges, where liquidation is fast and easy. To put this into context, that is what happened in July 2023, when daily inflows to Binance were around 19,000 BTC on average, and again during the May 2021 bull market peak, when daily inflows surpassed 25,000 BTC. 

This analysis is based on the Binance BTC inflows 30DMA, which tells the story clearly. The chart shows that inflow activity that peaked somewhere around July 2021 and has since collapsed to its leftmost edge, where the current reading is around 3,900 BTC.

For further reference, the historical average of Bitcoin inflows into Binance is 11,000 BTC, which means the figures show a market operating below its usual pace and current inflow levels are roughly three times below normal.

Binance BTC Inflows 30DMA. Source: CryptoQuant

Institutions Are Filling The Gap

The absence of selling does not mean indifference. It reflects, according to Darkfost, a holding strategy, which mechanically reduces short-term selling pressure, one that has persisted through a market that has given investors plenty of reasons to reconsider. 

Bitcoin peaked at $126,080 in October 2025 before entering a correction path that pushed the price to as low as $60,000 in February 2026. The recovery back to $75,000 in recent days has been gradual and uneven. However, through all of it, for several consecutive months, Bitcoin inflows to Binance have remained well below the historical norm.

There is also a secondary dynamic at play, and part of the missing exchange activity can be traced to the rise of spot Bitcoin ETFs. A growing share of Bitcoin activity now flows through ETFs, reducing the visible BTC movement that analysts track on platforms like Binance.

US Spot Bitcoin ETFs have logged back-to-back days of significant inflows this week. On April 14, the ETFs recorded $411.5 million in net inflows, with BlackRock’s iShares Bitcoin Trust leading the charge at $214 million. Momentum continued on April 15 with another $186 million in net inflows. The result is a setup where selling pressure is reduced as fewer coins are sent to exchanges, while demand is increasing through ETF channels.

In the livestream, titled “BIP 361: Welcome to ShitcoinLand, Bitcoin,” Hoskinson framed the proposal as an overdue admission from parts of the Bitcoin world that quantum risk is no longer theoretical. The Cardano founder pointed to language in the proposal stating that, as of March 1, 2026, more than 34% of all Bitcoin had revealed public keys on-chain, leaving those UTXOs vulnerable to theft by an attacker with a sufficiently powerful quantum computer. In his telling, that amounts to roughly 8 million BTC exposed to a future break in Bitcoin’s current signature assumptions.

BIP-361 proposes freezing every bitcoin that doesn’t migrate to a quantum-safe address within five years of activation. If you’re incapacitated, in prison, or simply unaware of the deadline, your coins aren’t stolen. They’re frozen by consensus.

The justification: 34% of all… pic.twitter.com/4ValsZTdQD

— TFTC (@TFTC21) April 15, 2026

Cardano Founder Attacks Bitcoin Developer Community

Hoskinson’s attack centered on two related claims. First, he argued that the response implied by BIP 361 would require a hard fork, even if described otherwise. Second, he said any forced migration to post-quantum addresses would create a deeper problem for coins held in older wallet formats that cannot be recovered through the kind of proof system he says the proposal imagines.

“There is some truth in here,” Hoskinson said. “As of March 1st, 2026, over 34% of all Bitcoin have revealed public key on chain… those UTXOs could be stolen by an attacker with sufficiently powerful quantum computer. 34% of all Bitcoin is vulnerable. About 8 million Bitcoin, give or take.”

That set up the heart of his criticism. According to Hoskinson, Bitcoin developers are now stuck between two bad outcomes: either leave vulnerable legacy coins exposed to theft in the 2030s, or force a migration that renders a large portion of older coins effectively unspendable. He repeatedly claimed that around 1.7 million BTC fall into that latter category, including roughly 1.1 million BTC he attributed to Satoshi Nakamoto, because they predate the wallet standards and seed phrase schemes that would make later recovery models possible.

“Users with frozen quantum vulnerable funds and an HD wallet seed phrase can construct a quantum safe proof to recover funds,” he said, paraphrasing the idea before rejecting it. “That’s a lie. And you know it. You know it. 1.7 million coins can’t do that. It’s not possible.”

Hoskinson then widened the argument beyond BIP 361 itself and into a broader critique of Bitcoin’s social structure. In his view, maximalist ideology turned a software system into a doctrine, making it far harder to adapt when technical tradeoffs become unavoidable. He argued that the industry had spent years dismissing alternative chains and governance models, only to arrive at a moment where Bitcoin may need exactly the kind of coordinated protocol change it long portrayed as unacceptable.

“What happened to there is only ever going to be 21 million coins and self-custody and Bitcoin never needs to change and everything’s perfect?” he asked. “Because here’s the thing, it’s not a bad proposal. It really isn’t. I understand why they wrote it. Because if they don’t do this, that money will be stolen in the 2030s.”

That tension gave the video its structure. The Cardano founder was not arguing that the quantum threat is imaginary. Quite the opposite. He treated it as real and potentially severe. But he said the proposed cure exposes a contradiction at the center of Bitcoin’s culture: once a portion of the supply becomes vulnerable, any meaningful fix runs directly into questions of confiscation, coordination, and legitimacy.

He contrasted that with networks such as Cardano, Polkadot, and Ethereum, arguing that formal governance systems at least provide a mechanism for resolving disputes over upgrades and tradeoffs. “If you had onchain governance, you could solve it,” he said. “We have it at Cardano. Polkadot has it… it’s a good idea.”

At press time, Cardano traded at $0.2499.

The Bullish Developments Brewing A Rally For PEPE

In the analyst is share don the TradingView post, MyCryptoParadise points to a number of factors that have pushed the PEPE price out of the bearish phase and into a more bullish environment. The first of these, and possibly the most important, is the fact that PEPE formed a Selling Climax (SC).

According to the analyst, this Selling Climax emerged when buying overwhelmed selling, absorbing the pressure from the dumping. The importance of this is that it means that the meme coins have now hit the end of the bearish phase. Following this, it would move right into accumulation, which is bullish for the price.

Next is the fact that PEPE saw a Change of Character with this move. This means that there is now a change from the bearish structure to a bullish one. The analyst points out that this signals that the momentum is now moving in favor of the buyers.

Another interesting formation on the chart is the Automatic Rally trend. This means that bulls are not strengthening after establishing a resistance level. Furthermore, the PEPE price has also formed a Last Point of Support. This simply means that the buyers are back in control of the meme coin once again.

Point Of Interest (POI) Formation Says A Rally Is Coming

Another major development is the Point of Interest (POI) on the PEPE chart. It has formed both a bullish and bearish POI, showing where the rally might start and a possible end. For the bullish part of this, the POI sits around $0.00000326, which could serve as the bounce-off point for the rally.

As for the bearish part of the move, the POI sits around $0.0000062, where there is a Draw on Liquidity. This is likely to be the top of the rally and the sell point following the rally. If it tops at this level, it would mean an over 60% rally for the meme coin.

Biden Admin Crackdown Led CZ To Prison

On Tuesday, Binance co-founder and former CEO Changpeng Zhao shared his thoughts on the Biden administration’s crypto approach and the reasons behind his four-month prison sentence back in 2024.

In a Fox Business interview with Charlie Gasparino, Zhao, also known as CZ, discussed the Biden administration’s crackdown on the digital assets sector, affirming that they were “openly declaring war on crypto” and creating a “very hostile environment” for the industry.

Therefore, he considers that the previous administration targeted him and tried to “make an example” out of him and Binance, as the biggest players in the market. For context, the global exchange also pleaded guilty to federal charges in 2023 and agreed to pay over $4 billion to resolve the Department of Justice’s (DOJ) investigation.

That same year, CZ stepped down as Binance’s CEO after pleading guilty to Anti-Money Laundering (AML) violations, paying a $50 million penalty. In April 2024, the crypto tycoon was sentenced to four months in prison, which he served between June and September of that year.

Zhao argued that he had a single charge of violating the Bank Secrecy Act (BSA), with no money-laundering charges, “no fraud,” and “no victims,” which initially suggested he would not get a prison sentence.

In US history, no one went to jail for this single one charge. In most cases, (…) people are not being charged. Of the people who are charged, they usually end up with a deferred prosecution agreement (DPA). I was the only one who went to prison.

In a recent interview with Scott Melker, CZ revealed that he did not expect to go to jail, noting that he had expected a sentence similar to Arthur Hayes’s home confinement at most.

Zhao also explained that he voluntarily went to the US to plead guilty because he feared that Binance, BNB holders, and the broader crypto industry could be affected if he didn’t cooperate with authorities.

Binance Founder’s Pardon Was ‘A Bit of A Surprise’

Speaking about his pardon, the Binance co-founder shared he was partially surprised when it happened. He affirmed that he expected to be pardoned after US President Donald Trump’s pardon of Ross Ulbricht and Arthur Hayes, and the current administration’s push to make the US “the crypto capital of the world.”

However, “it was a bit of a surprise in terms of timing,” as he did not know when it would happen. “The timing was not known to me; this is a black box process. You submit the petition and just wait. You don’t know what’s going on,” CZ asserted.

On October 23, 2025, the White House announced that President Trump had “exercised his constitutional authority by issuing a pardon for Mr. Zhao, who was prosecuted by the Biden Administration in their war on cryptocurrency.”

Notably, this decision drew major backlash from members of Congress, who questioned the US President’s rationale for granting the pardon and raised concerns about a potential conflict of interest.

CZ told Fox Business that he has no ties to the first family, rejecting claims that he paid to be pardoned. “There’s no business relationship between me and Mr. Trump, his family, or any of his businesses. There’s no investment relationship, no shareholding, nothing.”

Trump has also addressed the controversial pardon, denying any links to the Binance founder and dismissing concerns about the appearance of corruption and pay-for-play.

In November, he explained that he doesn’t know Zhao personally but had heard that his case was part of the Biden administration’s “witch hunt” against the industry and was a “victim of weaponization” like him and many others.

Strict Rules Come With The New Access

The State Bank of Pakistan issued a circular on April 14 outlining exactly how that access works. Regulated banks are allowed to serve entities licensed by the Pakistan Virtual Assets Regulatory Authority, known as PVARA — the body responsible for licensing and overseeing virtual asset activity in the country. But the rules are tight.

Banks cannot invest, trade, or hold virtual assets using their own money or customer deposits. Their role stops at providing standard banking services to licensed firms.

Separate rupee-denominated accounts — called Client Money Accounts — must be opened specifically for settling authorized transactions. VASP funds cannot be mixed with client assets under any circumstance.

Banks are also required to conduct full due diligence on every virtual asset firm they work with, update their risk profiling systems to account for crypto-related exposure, and report any suspicious activity to Pakistan’s Financial Monitoring Unit.

Foreign exchange rules and all other central bank regulations still apply. Working with a licensed crypto firm does not free a bank from those obligations.

Pakistan has taken an important step toward formalising its virtual asset ecosystem.

Following the enactment of the Virtual Assets Act, 2026, the State Bank of Pakistan has issued BPRD Circular Letter No. 10 of 2026, enabling regulated entities to open and maintain bank accounts… pic.twitter.com/cuUhwSiCfS

— Pakistan Virtual Assets Regulatory Authority (@PakistanVARA) April 14, 2026

Eight Years Of Restrictions Now Behind Them

Pakistan banned virtual currency dealings outright in 2018. For eight years, crypto companies had no path to basic banking services in the country.

That changed when Pakistan passed the Virtual Assets Act 2026 in March — and the central bank’s April 14 circular put the new framework into action.

The government had been laying the groundwork for months. Officials held talks with major exchanges, including Binance and HTX, in December 2025 as part of an effort to bring regulated trading platforms into the country.

Separately, Pakistan explored blockchain-based financial infrastructure through discussions with affiliates of World Liberty Financial, focusing on the use of stablecoins for cross-border payments.

PVARA now sits at the center of this new system. Any virtual asset service provider that wants banking access must first be licensed through the authority. Banks, in turn, are responsible for vetting those firms on an ongoing basis — not just at the point of onboarding.

Reports indicate that crypto activity in Pakistan has been growing despite the long-standing ban, driven in part by a large overseas population that sends money home regularly. The country’s interest in stablecoins for remittances reflects that reality.

The central bank’s circular marks the first time licensed crypto firms have had a formal, legal route to banking services in Pakistan. Whether banks move quickly to serve this new client base — or take a cautious wait-and-see approach — remains to be seen.

Featured image from ProPakistani, chart from TradingView

XRP & Solana Are Observing A High Value On The Relative Unrealized Loss

In a new post on X, on-chain analytics firm Glassnode has talked about how the Relative Unrealized Loss compares between the various top coins in the cryptocurrency sector. The “Unrealized Loss” is an indicator that keeps track of the total amount of loss that’s held by investors as a whole on a given digital asset network.

The metric works by going through the transaction history of each coin on the blockchain to determine the last price at which it was involved in a move. If this previous transfer value was more than the current spot price for any token, then that particular token is considered to be held at an unrealized loss right now.

The exact amount of loss held by the coin is naturally equal to the difference between the two prices. The Relative Unrealized Loss, which is the version of the metric that’s of relevance here, sums up this difference for all loss tokens and finds what percentage of the market cap that it makes up for.

A counterpart metric called the Relative Unrealized Profit finds the same for the profit portion of the supply. That is, the tokens that have a cost basis lower than the current spot price. Now, here is the chart shared by Glassnode that shows the trend in the Relative Unrealized Loss for the four top cryptocurrencies: Bitcoin, Ethereum, XRP, and Solana.

As is visible in the above graph, the Relative Unrealized Loss has witnessed a rise across the sector during the last few months. This increase is a natural consequence of the bearish price action that the various assets have seen in this window.

While the trend has been more-or-less uniform, the indicator’s value has differed in scale for the coins. Bitcoin and Ethereum, the two cryptocurrencies largest by market cap, have the metric sitting at relatively modest levels of 11.9% and 16.6%, respectively. Meanwhile, XRP and Solana have faced much heavier losses, with the Relative Unrealized Loss at 31.8% and 54.8%, respectively.

“The elevated loss levels in altcoins reflect how heavy the top is in these markets, where supply is more concentrated among buyers who entered near cycle highs,” explained the analytics firm. While the altcoins are facing high levels of losses, they are still lower than those observed at the lows of the 2022 bear market. XRP isn’t too far off, but Solana’s losses remain magnitudes lower.

XRP Price

At the time of writing, XRP is floating around $1.35, down 2% in the last seven days.

ETH Staking Market Cap Sees Explosive Growth

The Ethereum ecosystem is undergoing a radical change as its staking landscape quickly grows in size and sophistication. This notable growth coincides with the recent upward performance of ETH’s price following a broader market recovery earlier this week.

According to Everstake, the largest global non-custodial staking infrastructure provider, the ETH staking ecosystem has evolved, reaching a $85.2 billion market cap. With the massive market cap, the ecosystem is turning into a fortress of security. Everstake stated that the sheer scale of this is absolutely mind-blowing.

Such a sharp rise in ETH staking market capitalization is indicative of increased involvement from both individual and institutional holders, who are all looking for profits while enhancing network security. As a result of this, Ethereum’s economic model is changing, becoming a more yield-driven and capital-efficient economy.

Looking at the chart shared by Everstake, the Ethereum network is now commanding more locked capital than the rest of the leading networks combined. ETH leads with over $85.2 billion, while Solana and BNB Chain come in second and third positions, with $35.5 billion and $15.2 billion, respectively.

Being the leader in total staking market cap, ETH is currently providing the largest decentralized security budget in history. Offering more insight, Everstake added that this massive staking market cap represents unmatched trust or conviction in the ETH network from both large institutions and regular users across the globe. 

Furthermore, it proves that Ethereum is the leading blockchain when it comes to network resilience and providing a bulletproof settlement layer for the global on-chain economy. “The foundation has never been stronger,” Everstake stated.

A Growing Bullish Momentum For The Ethereum Price

With the rebound across the market, the Ethereum price appears to be maintaining its newfound uptrend, breaking past key resistance levels that previously capped previous upside attempts. In a report on X, Glassnode, a research and data analytics platform, highlighted that ETH’s price has reclaimed the 1-3 month holder cost basis located at the $2,300 level.

A Major driver of this upward performance of ETH is the renewed positive momentum of the market. As seen in the chart, this trend is a familiar one. Glassnode noted that this structure so far is consistent with a bear market relief rally, similar to the bounces seen in Q3–Q4 2022, rather than a structural trend reversal.

At the time of writing, ETH’s price was trading at $2,319, with a nearly 3% decrease in the last 24 hours. While ETH’s price has declined, its trading volume has turned bearish, falling by more than 13% over the past day.

According to a CryptoQuant report, a significant divergence has been developing beneath the surface. While price remained range-bound near $2,000, realized capitalization held by accumulating addresses continued to expand — a signal that long-term demand was absorbing available supply during the weakness rather than retreating from it. Coins were consistently moving into wallets with low historical spending behavior, the kind of addresses that tend to hold through volatility rather than react to it.

This pattern became especially visible following the April 2025 drawdown and the consolidation that followed. Rather than triggering distribution, the price volatility appeared to accelerate accumulation among conviction-driven participants. Stronger hands were increasing exposure precisely when the market looked least inviting.

That dynamic matters now because Ethereum is trading above $2,300. If the capital structure that formed during the consolidation is as durable as the on-chain data suggests, the current move may have a foundation that previous bounces lacked.

Supply Is Quietly Moving Into Stronger Hands

The inflow data reinforces what the accumulation signals have been suggesting. During the mid-2025 rally, Ethereum’s exchange inflows were dominated by high-frequency in-out addresses — the kind of activity typically associated with active trading and distribution near local price tops. That pattern reflected a market where participants were using strength as an exit rather than an entry. The current structure looks meaningfully different.

Speculative inflow activity has declined, while addresses receiving funds directly from centralized exchanges are becoming increasingly dominant in the flow data. In practical terms, assets are leaving liquid venues and moving into hands that are less likely to return them quickly to the market. Each outflow of this type quietly removes supply from the immediately available sell side.

What is notably absent is any sign of overheating. There are no extreme inflow spikes — the kind that historically precede sharp corrections by signaling that too much capital has piled in too quickly. Instead, the report describes a re-accumulation phase where supply is being transferred gradually to stronger holders without the fanfare that typically accompanies speculative excess.

If exchange outflows continue at the current pace, the supply available for immediate sale on major venues will keep tightening. That kind of structural compression, combined with improving demand signals, is the setup that has historically preceded expansion phases rather than reversals. Ethereum’s fundamentals, by this measure, are strengthening even where the price chart has yet to fully reflect it.

Ethereum Tests Critical Weekly Resistance After Post-Capitulation Recovery

Ethereum is attempting to reclaim higher ground after a volatile multi-cycle structure that has repeatedly failed to sustain momentum above the $3,000–$4,000 range. The weekly chart shows a clear pattern: impulsive rallies followed by sharp retracements, with the most recent rejection near $4,800 in late 2025 leading to a breakdown toward the $1,700–$1,800 region.

That February 2026 capitulation marked a structural reset, with elevated volume confirming forced selling or large-scale de-risking. Since then, ETH has staged a recovery, now trading around $2,300–$2,400 — a level that sits directly at a key pivot zone. This area previously acted as support during mid-2024 and early 2025, and is now being retested as resistance.

From a trend perspective, ETH remains below the 200-week moving average (red), which is flattening, while the 100-week (green) and 50-week (blue) are converging just above the current price. This compression suggests a decision point is approaching, where the market must either reclaim these levels or face renewed downside pressure.

Volume has declined notably since the capitulation spike, indicating that the recovery is not driven by aggressive inflows but rather by reduced selling.

Holding above $2,400 would signal structural improvement. Rejection here would likely reinforce the broader range-bound regime.

Featured image from ChatGPT, chart from TradingView.com 

Analyst Rejects Chart-Based XRP Price Assessments 

Rather than relying on technical chart patterns, Suther shifts the focus toward XRP’s underlying utility and the massive financial rails established around it. He argued that the cryptocurrency’s real value can be accurately measured only by its role as a settlement layer in the global financial sector and its functionality across institutional networks. 

Notably, Suther revealed that the altcoin is currently positioned within a global finance infrastructure worth multiple quadrillions of dollars. This infrastructure includes a diverse array of traditional banking institutions and payment processors worldwide. 

In his analysis, he outlined key segments of the global financial system and their estimated valuations, arguing that the altcoin’s price outlook lies in its potential to handle large-scale settlement demand across these markets. He noted that:

• All Japanese banks manage approximately $25 trillion
• The DTCC processes roughly $3 quadrillion
• SWIFT handles about $1.5 quadrillion 
• The top 10 US banks hold over $12.5 trillion
• Tokenized assets account for $2 trillion
• Mastercard manages around $9 trillion
• Visa processes up to $16 trillion
• The derivatives market represents about $1 trillion
• American Express handles roughly $1 trillion 
• Hidden Road, now rebranded as Ripple Prime, manages approximately $3 trillion

According to Suther, the combined value of these financial segments is estimated at roughly $5.53 quadrillion. The report highlights this as the total volume of transaction activity moving through settlement networks, a portion of which XRP could potentially support. 

Within this context, the analyst argued that market capitalization and technical chart patterns fail to capture the demands of high-volume settlement systems. Instead, he emphasized that the token’s value should be assessed based on its throughput capacity and its ability to facilitate faster, cheaper transfer of value across international financial systems. 

XRP Pricing Structure Tied To Institutional Flow

In his post, Suther noted that many people made the same mistakes when assessing XRP’s value. They try to directly match the $5.53 quadrillion flow of global finance to XRP’s market capitalization. He explained that the token is not designed to hold that value, but to move it. 

From this standpoint, the analyst stated that the more relevant question is not whether it can handle trillions in flow, but what price is required for billions to move instantly without friction. He added that if XRP’s price is too low, liquidity would remain thin and slippage would rise, making large-scale settlement inefficient. In his view, a higher XRP price is a functional requirement for the system to operate effectively at a global scale.

The partnership is built around Ripple Custody, which will be used to hold, transfer, and settle tokenized government bond transactions within a regulated institutional framework. The firm said the setup is designed to replace fragmented, manual settlement processes with on-chain execution, potentially compressing the standard two-day settlement cycle into near real-time.

Ripple Signs First Tier-1 Korean Insurer for Custody Push

Kyobo, one of Korea’s largest and most established life insurers, will work with Ripple to assess both the technical and regulatory feasibility of tokenized Treasury settlement within Korea’s financial system. The custody layer sits at the center of that effort. Ripple described Ripple Custody as a bank-grade, fully integrated platform built for regulated financial institutions, supporting the secure transfer, settlement, and management of digital assets.

Notably, the announcement positions custody not as a standalone product, but as the first layer of a broader institutional stack that could later expand into tokenization, payments, liquidity, and treasury management. In other words, the bond-settlement pilot is being presented as infrastructure, not a one-off proof of concept.

Ripple also tied the partnership to a larger modernization argument around government bond markets. By settling transactions simultaneously on-chain, the companies say institutions could reduce counterparty risk and improve capital efficiency. Ripple added that it will also support Kyobo in exploring stablecoin-based payment rails, with the goal of enabling 24/7 transaction capability inside a compliant framework.

Fiona Murray, Ripple’s managing director for Asia Pacific, cast the agreement as both a Korea market entry point and a signal to other institutions watching from the sidelines. “Korea’s institutional financial market is at an inflection point, and we are privileged to be entering it alongside Kyobo Life Insurance—one of Korea’s most respected financial institutions and the first major insurer in the country to take this step with us,” Murray said. “This partnership is a signal to the broader market that institutional-grade digital asset infrastructure is no longer a future aspiration; it is available, proven, and ready to deploy in Korea today.”

She went further, describing the move as part of a broader regional commitment rather than a narrowly scoped pilot. “Ripple’s commitment to Korea is long-term and strategic. We see this as the beginning of a broad and enduring partnership, not only with Kyobo, but with the Korean institutional financial market as a whole,” Murray said.

Kyobo framed the initiative less as a bet on crypto markets than as a test of whether conventional financial products can function more efficiently on blockchain rails. “Our partnership with Ripple is not simply about digital assets — it’s about validating how traditional financial instruments can operate securely and efficiently on blockchain,” said Jin Ho Park, senior executive vice president at Kyobo Life Insurance. “We are proud to collaborate with Ripple to advance Korea’s financial market infrastructure and bring next-generation solutions to our customers.”

At press time, XRP traded at $1.3543.

Rising Leverage Collide Bitcoin And Ethereum Rebound

Bitcoin and Ethereum’s prices just shifted into a bullish state and are demonstrating more upside potential in the short term. The recent bounce in both assets is running into a new layer of complexity, as clearly observed in their Open Interest (OI) on cryptocurrency exchanges.

Santiment, a popular market intelligence and data analytics platform, shared this trend on the X platform, capturing investors’ attention across the market. At the time of the report, Bitcoin’s price was already trading at $76,070 while ETH was trading at $2,395, marking their highest market values since the beginning of February.

This bounce is accompanied by a greater sense of optimism, with the rapid creation of margin and leveraged positions, indicated in their ongoing rising open interest. Even while the price recovery signals renewed optimism, the simultaneous increase in leveraged positions indicates more speculative activity behind the move.

Interestingly, this kind of pattern typically leads to a fragile environment, where momentum can quickly accelerate. However, they are also known for unwinding just as fast in the event that sentiment begins to shift.

According to the report from Santiment, BTC’s open interest has experienced a more than 59% rising over the past 7 weeks. The same goes for Ethereum’s open interest, which has secured an over 45% in within the same period. Santiment stated that this spike reflects growing conviction among traders. However, it can also lead to higher risk, as crowded leveraged trades can swiftly unwind. 

When open interest climbs in tandem with prices, the market often turns more volatile, with sudden squeezes in either direction becoming highly likely. Currently, Sentiment highlighted that traders are now feeling enough confidence to take on increased risk.

BTC And ETH Whales Are Returning to The Market

Despite witnessing volatility, high-net-worth holders are slowly returning to the market, which could bolster its upward price action. Data from Santiment shows that the number of ETH wallet addresses holding at least 100,000 ETH has increased from 54 to 57 in the past week.

The platform has predicted a level of correlation with price when this wallet count grows. In addition, there is a strong justification that the altcoin’s price will continue to rise. Large-scale investors or whales are also not sleeping on Bitcoin either. 

Reports reveal that whale holdings between 1,000 BTC and 10,000 BTC now hold over 4.25 million BTC, representing over 21.3% of BTC’s total supply. Since mid-February, this is the most coins the cohort has held. A 27,652 BTC addition on Sunday amounts to slightly over $2 billion in accumulation as the leading crypto asset enjoys a rebound.

Crypto analyst Doctor Profit, who publicly called for a short at the $115,000 to $125,000 range, has revised part of his trading plan in a fresh update posted to X. The analyst is still bearish on the medium-term outlook, but the path to his targets has changed in one important way.

A Strategic Adjustment Around $76,200

Recent price action has seen Bitcoin slowly creeping bullish, which is a reflection of inflows of capital, particularly through Spot Bitcoin ETFs. This has seen the Bitcoin price pushing to an intraday high of $75,829 in the past 24 hours, according to price data from CoinGecko. 

Interestingly, this price bounce is part of why crypto analyst Doctor Profit is now weighing the probabilities. Doctor Profit had previously outlined a plan to take full profit on a long position, which was initiated from $71,000, and simultaneously add short orders in the $79,000 to $84,000 range. That strategy has now been revised.

In his view, a move into the $76,000 range carries a much higher likelihood than a full push into the upper resistance band. The analyst now says he will close only half of his long position at the $76,200 region, pocket that profit, and move his stop loss to entry. 

Doctor Profit acknowledged a miscalculation in his earlier probability assessment, stating that while the likelihood of Bitcoin hitting $76,000 is now very high, the probability of reaching the $79,000 to $84,000 zone is currently only medium. 

The Larger Picture: A Short That Started At $120,000

The context behind this update matters. Doctor Profit’s original short position was placed at around $120,000. This is a call that, in hindsight, proved well-timed. Bitcoin recorded an all-time high of $126,000 in October 2025 before plummeting following new tariff threats against China, with prices failing to recover and continuing to slide through the end of January. The leading cryptocurrency has since been floating between $65,000 and $75,000 for over two months.

Despite taking partial profits earlier, Doctor Profit has not abandoned his bearish outlook. The original short position is still open, and the outlook is still more bearish, with moves to price targets below $55,000. His chart, shared alongside the update, shows three downside targets: Short TP1 at approximately $54,396, Short TP2 at $46,392, and Short TP3 at $39,388.

However, there is a clear distinction in how he plans to add to that position. The plan now is to avoid opening new shorts around $76,000, instead reserving additional entries for the $79,000 to $84,000 zone. This area, according to the analyst, represents a more optimal region driven by potential market euphoria and late-stage buying pressure.

According to Hoskinson, Midnight’s token launched in December and has already reached what he called “near ubiquitous liquidity,” with Korea, Japan, and some “legacy exchanges like Coinbase” still to come. He said the token has already been listed on venues including Binance Spot and Kraken, and claimed Midnight has shown the capacity to trade as much as $9 billion per day at peak liquidity.

“There’s no longer liquidity issues, which is extraordinary for a brand new token,” Hoskinson said. “Usually it takes about two to three years for a token to go through all these trials and tribulations, but Midnight lives in fast mode.”

Why Cardano’s Midnight Is Just Getting Started

That market progress has been paired with infrastructure rollout. Hoskinson said Midnight’s “federated guarded mainnet” launched on schedule at the end of March, while teams are now working through post-launch backlog items and parallel ecosystem efforts. He repeatedly returned to the idea that the project remains on track despite volatility in the token.

“It’s going to be a wild year,” he said. “There’s going to be huge volatility in the underlying asset. Very clear that certain actors in the market seem to try to depress the price … but it hasn’t really meaningfully impacted or affected the roadmap or the project’s rollout.”

A large part of the next phase, as he described it, is ecosystem formation. Hoskinson pointed to Night Force, Midnight’s ambassador program, and said he wants to scale it to around 1,000 participants. He also highlighted Builder Club, which he said is already pulling in projects from sectors ranging from healthcare and real estate to NFT marketplaces and more traditional Web3 categories.

On the product side, he said four major R&D efforts are now underway for the next iteration of the roadmap: the Midnight DeFi kernel, the Midnight passport program, Midnight with Minotaur and its future consensus design, and Nightstream. He said the team expects to show more progress at Consensus.

The Cardano founder also spent time outlining the user experience he wants Midnight to deliver. “I want the ability to create an account within 60 seconds and have it actually be useful, have it work on your phone, never have to have 24 keywords or manage cryptographic material,” he said. “I want it to work with OneDrive and Google Drive and all these other wonderful services that billions of people use.”

That push toward abstraction and ease of use sits alongside Midnight’s privacy pitch. Hoskinson described the network as an attempt to combine multiple privacy-enhancing technologies, including zero-knowledge systems, MPC, and trusted execution environments, into something practical at scale. He cast that design as central to Midnight’s broader value proposition: privacy, selective disclosure, and interoperability rather than isolation.

One of the more detailed sections of the livestream focused on “Midnight City,” a project Hoskinson described as an agent-driven front page for the protocol. He said users will eventually be able to deploy their own agents into the environment, while subscriptions and payments inside the system will convert into NIGHT, creating what he described as network demand loops. Similar loops, he said, are also being explored for the DeFi kernel.

That connects directly to Midnight’s token model. Hoskinson argued the network’s dual tokenomics are designed around cooperation rather than competition, saying Midnight benefits from working across ecosystems rather than fighting them. In his telling, the capacity exchange and support for assets such as Bitcoin, Ether, Solana, Avalanche, and BNB are meant to position Midnight as “a layer two to everyone effectively.”

The broader message was equal parts roadmap update and ideological pitch. “Midnight’s here to stay and it’s a tremendous project,” Hoskinson said. “We need simplicity, we need rules, and we need privacy. And it truly is a new generation.”

At press time, Cardano traded at $0.24.

The situation has also triggered strong condemnation from Tron founder Justin Sun, who took to X (formerly Twitter) to describe the venture as “World Tyranny,” arguing that the proposal is not true governance but instead a mechanism for coercion.

World Liberty Financial Proposal Sparks Outcry

At the heart of the controversy is the proposal’s treatment of early investors. Under the plan, those who hold tokens acquired early would be required to agree to keep most of their WLFI holdings locked—meaning they would not be available for trading—for an additional two years. 

After that initial lock-up, the World Liberty Financial proposal states that investors would begin receiving their tokens gradually over the subsequent two-year period. 

Under the terms outlined in the proposal, anyone who does not agree to the plan would see their tokens locked “indefinitely,” with no clear route to regain access.

Sun—who had previously been a major supporter of World Liberty Financial—said the proposal is being dressed up with language about “governance alignment” and “long-term commitment.” In his view, the framing is misleading. 

He argues that beneath the rhetoric, the structure amounts to a trap: if holders vote against the proposal, they are “punished” through an indefinite lock with no future unlocking mechanism. 

In other words, Sun says the vote is not a genuine decision-making process but an enforcement tool. He characterized it as coercion rather than governance, saying it rewards agreement while penalizing dissent.

Sun Calls It A Rights Violation

Sun also claims that the World Liberty Financial proposal restricts who can participate meaningfully in the voting process. He says he personally holds around 4% of the voting power, yet his tokens have been frozen, preventing him from effectively participating in the vote. 

Another of Sun’s strongest objections also centers on what he describes as the scale of the assets at stake. He argues that the proposal is not a minor parameter change or routine protocol update. 

Instead, he says it aims to determine an unlock schedule for assets worth billions, alter reallocation of governance and vesting rights, and, in the most extreme case, permanently destroy billions of tokens. 

He portrays this as a direct violation of property rights, arguing that under a design where voting against the proposal leads to indefinite punishment, where many holders may be frozen out, and where contract control rests with anonymous wallets, the legitimacy of any vote is severely undermined. 

In his view, such actions are incompatible with the protections normally required when large holders’ interests are permanently altered, especially when minority protections, due process, and independent review would be expected in traditional markets.

Sun further argues that because token burning would permanently destroy holders’ tokens without compensation or recourse, the World Liberty Financial proposal represents an irreversible expropriation rather than a legitimate community decision. 

For Tron’s founder, these conditions mean the results should not be treated as legitimate or recognized in the way a real governance process would be.

Featured image from OpenArt, chart from TradingView.com 

BlackRock Ramps Up Bitcoin And Ethereum Buying

From April 6 to 10, BlackRock recorded a strong wave of inflows into its spot crypto ETFs, highlighting sustained institutional demand for digital assets. The recent inflows also signaled a shift in sentiment among investors, who had previously adopted a risk-off stance amid geopolitical tensions and macroeconomic conditions that fueled price declines in the crypto market. 

In total, the investment company attracted about $780 million across its Bitcoin and Ethereum ETFs, a staggering figure that shows renewed interest in regulated crypto exposure. SoSoValue reports that the bulk of these inflows went into BlackRock’s Bitcoin ETF, iShares Bitcoin Trust (IBIT), which brought in roughly $612 million. Meanwhile, the firm’s Ethereum ETF, iShares Ethereum Trust (ETHA), added approximately $168 million over the same period. 

As new shares were issued, authorized participants stepped in to facilitate the process, requiring custodians to buy an equivalent amount of real BTC and ETH. Those assets are now being held by Coinbase Custody, the primary custodian for BlackRock’s crypto ETFs. To maintain full backing, the firm acquires Bitcoin and Ethereum through on the open market or over-the-counter (OTC) deals. BlackRock, for its part, manages the funds without using its own corporate capital. 

Notably, the latest inflow is not a direct purchase on BlackRock’s balance sheet, but rather investors acquiring more crypto ETFs, thereby increasing buying pressure on BTC and ETH. The weekly total ranks among the strongest performances seen in recent months for crypto ETFs. If sustained, the momentum could help support the price of Bitcoin and Ethereum, which recorded major gains of more than 3% during the same week that ETF inflows picked up. 

Following the latest inflows, BlackRock’s total Bitcoin and Ethereum on its balance sheet have increased to $56.8 billion and $6.92 billion, respectively. They now hold approximately 791,284 BTC via IBIT and 3,008,094 ETH via ETHA. 

Institutions Resume Aggressive BTC Accumulation

Bitcoin accumulation has increased not only through ETFs but also among whales and corporate investors. New reports reveal that whales have abruptly stopped aggressively selling BTC and may be looking to buy as the market continues to rebound.  

Strategy, the market intelligence company founded by Michael Saylor, is also buying Bitcoin, increasing its already substantial holdings. On April 13, Saylor took to X to announce that the company had added another batch of Bitcoin to its balance sheet. 

This time, Strategy acquired 13,927 BTC, worth approximately $1 billion at $71,902 per coin. The purchase brings the company’s total holdings to a staggering 780,897 BTC, valued at around $59.02 billion at $75,578 per coin. This move underscores Strategy’s unwavering and increasingly aggressive accumulation strategy, as the company doubles down on its long-term conviction in Bitcoin despite volatile market conditions. 

The Commodity Futures Trading Commission has just one sitting commissioner. Both vacancies come at a moment when the agencies are expected to take center stage in shaping the rules around digital assets, should a crypto market structure bill that has been stalled in the Senate since July 2025 finally pass.

A Nominee With Stakes In The Industry

Against that backdrop, Kevin Warsh — US President Donald Trump’s pick to replace Federal Reserve Chair Jerome Powell — filed a financial disclosure last week that revealed personal investments in crypto and artificial intelligence companies.

Based on reports, Warsh’s filing with the US Office of Government Ethics lists holdings in Compound, Dapper Labs, and Kinetic on the crypto side, alongside AI firms including Delphi, Conversion, Factory, and Glue, among others.

His total disclosed assets top $100 million. The largest single entry is more than $50 million in something called the Juggernaut Fund. Another major line item: more than $10 million in consulting fees from the Duquesne Family Office, the investment firm run by billionaire Stanley Druckenmiller.

None of his crypto and AI investments included a value range in the disclosure. It is unclear why. The ethics office’s rules do not require reporting assets valued under $1,000, which may explain the omission — though the gap leaves open questions about the full scope of his exposure to sectors the Fed’s interest rate decisions directly affect.

Powell’s Clock Is Running Out

Time is short. Powell’s second four-year term ends May 15. Trump first floated Warsh’s name in January, then formally sent his nomination to the Senate in March, following months of public pressure on Powell to cut interest rates. As of Tuesday, the Senate Banking Committee had not announced a hearing date, but reports indicated a vote could come as early as next week.

Whoever takes the Fed chair position wields enormous influence over US financial policy — most visibly through decisions on federal interest rates, which ripple through every corner of the economy, including the crypto and AI sectors where Warsh holds investments.

Featured image from Real Estate News, chart from TradingView

Solana Treasuries Struggling Worse Than Bitcoin, Ethereum, XRP Treasuries

In an X post, Ted Pillows stated that Solana treasury companies are looking like “Solana memecoins.” He noted that they are already down 80% to 90%, but could go lower before the bottom. Notably, the Bitcoin, Ethereum, and XRP treasury companies have shown greater strength than these Solana treasuries. 

Ted Pillows highlighted the stock performance of the Solana treasury companies, Forward Industries, Sol Strategies, Sharps Technology, and DeFi Development Corporation (DFDV). Forward Industries, which is the largest Solana treasury, has seen its FWDI stock fall from a high above $40 last year to as low as $4. The stock is currently down over 80% in the last six months. 

It is worth noting that Solana has suffered a larger crash than Bitcoin, Ethereum, and XRP from their October 2025 peaks, which could explain why the Solana treasury companies have suffered larger crashes than the BTC, ETH, and XRP treasury companies. The SOL price is down almost 55% in the last six months, while BTC, ETH, and XRP are down less than 50% in the same period. 

Commenting on Ethereum treasury companies, Ted Pillows noted that they are showing some strength at the moment. However, he warned that this doesn’t mean that they have bottomed out, but that they could bring some buying pressure into ETH. The analyst added that after that, both ETH and treasury companies will go to new lows. Tom Lee’s Bitmine is currently the largest Ethereum treasury company and has seen its BMNR stock fall 60% in the last six months. 

Bitmine Is Holding The Largest Loss Among Treasury Companies

Ethereum treasury company Bitmine is currently seeing the largest unrealized loss among the crypto treasury companies. DropsTab data shows that Bitmine currently has an unrealized loss of $6 billion on its ETH holdings. The company has an average purchase price of $3,670 per ETH for its holdings. Despite the unrealized loss, Bitmine has profited from adopting an ETH strategy, with its stock price up 168% in the last year. 

Michael Saylor’s Strategy, which is the largest among the Bitcoin, Ethereum, XRP, and Solana treasury companies, also holds a significant unrealized loss of $1 billion. Strategy had seen an unrealized loss of up to $7 billion at one point as the BTC price dropped into the lower $60,000 range. Meanwhile, the company’s portfolio briefly flipped green yesterday as Bitcoin rose to $76,000, above Strategy’s average purchase price of $75,610.

Anyone who misses the upgrade deadline but still holds their seed phrase would have a path to recovery through zero-knowledge proof technology — a last-resort mechanism built into the final phase of BIP-361, a draft posted to GitHub on Tuesday by cypherpunk Jameson Lopp and five co-authors.

The full proposal is a three-phase plan designed to protect Bitcoin from a threat that has quietly grown more serious: the eventual ability of quantum computers to crack the cryptographic keys protecting early Bitcoin addresses.

Satoshi’s Fortune At The Center Of It All

About 1.7 million BTC sits in old-style addresses known as P2PK — the kind used in Bitcoin’s earliest days. Those addresses expose public keys directly, making them vulnerable once quantum computing reaches sufficient power.

Satoshi Nakamoto’s stash alone is valued at roughly $74 billion at current prices. According to the proposal’s authors, if a bad actor gained quantum access to those coins, the damage to Bitcoin’s value and credibility could be severe.

BIP-361 builds on BIP-360, released in February, which introduced a new quantum-resistant address format called pay-to-Merkle-root, or P2MR. That earlier proposal protects new coins. BIP-361 tackles what BIP-360 left unresolved — the roughly 34% of Bitcoin’s total supply still sitting in vulnerable addresses.

The plan unfolds in stages. Three years after activation, sending BTC to old-style addresses would no longer be allowed. Two years after that, old-format signatures would be invalidated entirely.

Any coins that haven’t been moved by then would be frozen. The third phase — the rescue window — gives late movers a technical route to reclaim funds using proof of seed ownership.

The Community Response Has Been Blunt

The proposal landed hard among Bitcoin’s most vocal voices. Bitcoin Magazine’s editor rejected it outright. TFTC founder Marty Bent called it “laughable.” Metaplanet’s head of business development put the contradiction plainly: “We have to steal people’s money to prevent their money from being stolen.”

The authors anticipated the backlash. Based on their own framing, the freeze isn’t meant as punishment — it’s described as a defense against a worse outcome. Frozen coins, they argue, slightly increase the value of everyone else’s holdings. Quantum-stolen coins do the opposite.

This quantum proposal is highly authoritarian and confiscatory, but of course, it’s from Lopp.

There is no good rationale for forcing the upgrade and rendering old spends invalid. Upgrade should be 100% voluntary. pic.twitter.com/tQvJVgdPRY

— Cato The Elder (@CatoTheElder17) April 14, 2026

Protocol developer Mark Erhardt shared the proposal on X, where pushback came quickly. Critics called it “highly authoritarian and confiscatory” and questioned whether any deadline could justify making existing Bitcoin unspendable by its rightful owners. Lopp had not responded to requests for comment at the time of publication.

Whether BIP-361 moves forward depends on a consensus process that has historically resisted changes this significant. For now, it remains a draft — and a flashpoint.

Featured image from PostQuantum, chart from TradingView

X Launches New Crypto Cashtags

The pitch from X is straightforward: keep traders inside the timeline. In a post announcing the launch, X’s head of product Nikita Bier said, “???? has always been the best source of financial news for traders and investors. Billions of dollars are allocated every day based on what people read on Timeline. Today we’re launching our new Cashtags feature in the US and Canada on iPhone, bringing real-time financial data to X.”

Cashtags and contract addresses now trigger asset suggestions, allowing users to select the specific stock or crypto token they mean. Once selected, a tap on the Cashtag opens a feed of relevant posts alongside a price chart, all without forcing users off-platform.

Bier described that flow in product terms, but the market implication is clear. “When you search for or post a cashtag (or contract address), X will automatically suggest matching stocks or crypto tokens, so you can select the exact asset you had in mind. Anyone who taps a Cashtag will see posts mentioning it along with its price chart—without ever leaving X. This ensures that you’re always matched to the chatter for the right stock or token.”

For crypto users, that reduces one of the platform’s longstanding friction points: the gap between seeing a ticker trend and finding the corresponding asset context.

X also signaled that Cashtags are meant to evolve beyond a media feature into a transaction layer. Bier said, “Our vision is more than just charts. The content on X is valuable & actionable, so trading should be frictionless. Today we’re also announcing a pilot integration with Wealthsimple, Canada’s leading brokerage. Users in Canada will see a button on Cashtags so they can trade seamlessly from X. This is just a small preview of what’s to come.”

That last point is the more consequential one. If Cashtags become the bridge between market conversation and execution, X moves from being a venue where crypto narratives form to one where they can also be expressed in trades. For now, the trading button is limited to a Canadian pilot via Wealthsimple, and the rollout remains narrow by geography and device. But the direction is unmistakable.

Bier also said web and Android support, along with a global launch, are coming “very soon.” For crypto that suggests X is trying to formalize a role the platform has informally held for years: not just the place where the market talks, but a place where discovery, pricing, and eventually execution converge in the same interface.

At press time, the total crypto market cap stood at $2.48 trillion.

Dogecoin Price Displays Kumo Cloud Behavior

Crypto analyst Trader Tardigarde pointed out a rather ineresting formation on the Dogecoin price chart using the 4-Hour chart. According to the analysis, the current Dogecoin up and down movement suggests the appearance of a Thin Cloud Behavior.

As Trader Tardigrade explains, the Dogecoin price movements through this thin cloud suggests that the meme coin is not seeing a lot of movement. This means that there is nothing that is currently blocking the price from moving. But the interesting part of this is that the price is not blocked in either direction. Thus, Dogecoin could push in any direction from here.

As a result, there are three scenarios that could play out for the cryptocurrency at this point. The first of these is the bearish one that could lead to a sustained downtrend. The Thin Cloud current lies between $0.092 and just below $0.093. If the price breaks below the bottom, then it could trigger a breakdown.

This breakdown would lead to the cloud actually thickening, eliminating the thin cloud currently being seen. Additionally, it would push the price further down, possibly breaking below the $0.09 level once again. However, there is still the possibility of a bullish scenario.

The second scenario highlighted by Trader Tardigrade is the the breakout, when the Dogecoin price successfully surges above the thin cloud. Such a move would put it in the breakout zone above $0.094, pushing the cloud from red to green. This would then be the first step before an even bigger move.

Last but not least is the third scenario, which the crypto analyst refers to as ‘Chop.’ In this case, the Dogecoin price would continue to revolve around the current thin cloud without any meaningful breakout in either direction. In this case, investors would have to wait for directional clarity to happen.

For now, the crypto analyst says that the Dogecoin price hasn’t committed to a single direction. And until it does, Trader Tardigrade says to “treat Kumo like air.” Thus, wait for the wind to change before taking a position.

Deutsche Börse Group Has Invested $200 Million In Kraken’s Parent Firm

According to a press release, Deutsche Börse Group has acquired a $200 million stake in Payward, the parent company behind crypto exchange Kraken. Founded back in 2011, Kraken is a US-headquartered digital asset platform that offers both spot and derivatives trading. The exchange first partnered up with Deutsche Börse Group back in December 2025. Now, it seems this investment will deepen the bridge between the two companies.

Deutsche Börse Group is one of the largest financial market infrastructure providers in the world. The aim behind its partnership with Kraken has been to bring institutional clients access to regulated digital asset services.

The company is making the investment in the crypto platform through the acquisition of shares in a secondary transaction, providing it with a 1.5% fully diluted stake in Payward.

The press release noted:

This investment highlights Deutsche Börse Group’s commitment to its digital asset strategy, which involves the development of a comprehensive, hybrid market infrastructure.

The transaction hasn’t yet gone through, with its completion hinging on customary closing conditions and regulatory approvals. Deutsche Börse Group expects to close it within Q2 2026.

The Deutsche Börse investment isn’t the only reason Kraken has been in news recently. As reported by Bitcoinist, the exchange is being extorted by a criminal group, according to Nick Percoco, the exchange’s chief security officer.

The group is threatening to release videos of Kraken’s internal systems with client data shown if their demands aren’t met. Percoco stressed, however, that the platform won’t negotiate with these bad actors.

“Kraken identified and shut down two instances of inappropriate access to limited client support data,” said the security chief. Across these incidents, about 2,000 client accounts were potentially viewed, corresponding to 0.02% of the exchange’s userbase. Of note, no user funds have been at risk.

“We are actively working with federal law enforcement across multiple jurisdictions to pursue all individuals involved and bring them to justice,” noted Percoco.

Bitcoin & The Wider Crypto Market Have Seen An Uplift In The Past Day

The crypto sector as a whole has enjoyed a rally during the last 24 hours, with many coins observing profits of more than 5%. Bitcoin has returned back to the $75,600 mark, as the below chart shows.

The run has followed a dip down to $70,500 on Monday. During this return of bullish momentum, Ethereum, the crypto second largest by market cap, has seen an even sharper surge than Bitcoin, climbing above $2,380 after a rally of 9%.

The ABA’s objection centers on the CEA’s analysis of stablecoin rewards—specifically, the idea that prohibiting yield on certain stablecoins would have little effect on bank lending or the broader credit market.

ABA Pushes Back On CLARITY Act Analysis

According to the American Bankers Association’s statement released on Monday, April 13, the “live” question for policymakers is not whether banning yield on payment stablecoins would change lending in the near term. 

Instead, the ABA says the central concern is what happens if yield on payment stablecoins is allowed—particularly whether it would encourage deposit flight, with the potential for deposit outflows to accelerate from community banks. 

The ABA argues that by concentrating on the effects of a prohibition, the CEA paper creates a “misleading sense of reassurance” while sidestepping the more consequential outcome: yield-paying payment stablecoins growing quickly.

In its critique, the country’s oldest national trade association pointed to the CEA’s headline conclusion, which it characterized as an estimate that prohibiting yield would increase bank lending by about $1.2 billion. 

The ABA responded that even if the direction of the estimates were correct, the figure is essentially a “rounding error” compared with typical quarterly shifts in bank lending. 

The association argued that even a directionally correct result still does not answer the key question policymakers need answered: what would be the lending and funding-cost impact of allowing yield as stablecoins expand from today’s market to a much larger one.

Stablecoin Sector To Surpass $1 Trillion?

The ABA emphasized why the size of the market matters. It said the baseline used in the CEA paper—described as an immature stablecoin market of roughly $300 billion—does not match the likely future scale. 

The ABA argued that when the stablecoin market grows to a projected range of $1–$2 trillion, yield would not be a minor feature. Instead, it would be the “mechanism” that could speed up migration out of bank deposits. 

In that larger-market context, the ABA said the credit effects could become economically meaningful even at the level of individual states. It cited its own analysis suggesting a $4–$8 billion reduction in lending in, for example, a single state like Iowa.

The Association concluded by warning policymakers not to take comfort from a study showing that prohibiting stablecoin yield might have a small near-term effect on aggregate lending. The association said that it is not the contested scenario. 

The contested scenario, according to the ABA, is whether allowing yield on payment stablecoins would accelerate deposit migration—again, especially from community banks—ultimately raising banks’ funding costs and reducing local credit availability.

Featured image from OpenArt, chart from TradingView.com 

Regulator Cites Tens Of Thousands Of Violations

South Korea’s Financial Intelligence Unit, operating under the Financial Services Commission, found that Coinone failed to verify the identities of users in roughly 70,000 cases.

The exchange was also accused of completing customer verification records even when key information was missing — and of allowing transactions to continue for customers whose identity checks had never been finished.

According to multiple South Korean media reports, the FIU flagged more than 10,000 transactions carried out with 16 foreign exchanges that had no registration with South Korean regulators. Regulators had warned Coinone about those dealings before. The exchange kept going anyway.

South Korea’s FIU fined Coinone $4M and hit the exchange with a three-month partial suspension over AML violations.

New customers are blocked from crypto deposits and withdrawals starting April 29.

— Token Metrics (@tokenmetricsinc) April 13, 2026

The FIU fined Coinone 5.2 billion won, equal to about $3.5 million. A three-month partial business suspension was also imposed, blocking new customers from depositing or withdrawing funds for the duration of the ban.

Chief executive officer Cha Myung-hoon received a formal reprimand, though reports note it carries no criminal weight — the action is administrative in nature. Coinone has 10 days to challenge the penalties before they are finalized.

Second Major Exchange Hit In A Month

This is not the first time South Korean authorities have gone after a major exchange in recent weeks. In March, Bithumb — the country’s second-largest crypto platform by trading volume — was fined $24 million and handed a six-month partial suspension over similar anti-money laundering failures.

That action came after Bithumb made headlines for a costly clerical error: the exchange accidentally sent customers 620,000 Bitcoin, valued at roughly $42 billion at the time, instead of 620,000 Korean won.

The blunder prompted the Bank of Korea to call on lawmakers to impose tighter controls on exchanges, including trading curbs that could kick in during unusual market activity or sharp price swings.

The exchange, ranked third in South Korea by size, now joins Bithumb as targets of what appears to be a widening regulatory push against crypto platforms in the country.

Officials said Monday that lawmakers should consider trading halt mechanisms tied to abnormal activity — a proposal that signals authorities are looking at structural fixes, not just fines.

How Coinone responds to the FIU’s action within its 10-day window will likely shape how the final penalties are written.

Featured image from Unsplash, chart from TradingView

Farage’s Stack BTC Video Prompts Scrutiny

On Monday, UK Liberal Democrat deputy leader Daisy Cooper asked the Financial Conduct Authority (FCA) CEO, Nikhil Rathi, to investigate Reform UK leader and Member of Parliament (MP) Nigel Farage over his ties to the crypto industry.

In the letter, the lawmaker highlighted Farage’s recent appearance in a promotional video for crypto treasury firm Stack BTC, in which he is also an investor, showing him purchasing roughly £2 million in Bitcoin.

As reported by Bitcoinist, the Reform UK leader bought 37 BTC, worth around $2.7 million, on Monday on behalf of the company, becoming the first sitting British MP and party leader to publicly back Bitcoin, Stack BTC noted.

Despite the triumph for crypto in British Politics, Cooper considers that Farage’s Bitcoin promotion, alongside his repeated support for digital assets, “raises extremely serious questions about potential market abuse, a conflict of interest, and exposure of ordinary people to financial harm.”

The lawmaker highlighted Farage’s campaigns to expand the use of digital assets in the UK, including establishing a Bitcoin reserve fund, reducing capital gains tax on crypto assets from 24% to 10%, and enacting legal safeguards to prevent banks from terminating accounts associated with digital currency transactions.

“Taken together, these facts beg the question whether Mr Farage is promoting cryptocurrencies through his political platform in order to inflate crypto values for his own financial benefit, as well as that of his party and his inner circle of donors,” Cooper argued.

She emphasized that “owning and trading cryptocurrencies is a perfectly legitimate activity when done in line with all relevant rules and regulations.” However, Cooper noted that Farage is an influential figure and no politician “should be exploiting their platform to potentially enrich themselves or specific vested interests.”

Based on this, the lawmaker considers that the FCA needs to establish “if this is another area in which the Reform UK leader is looking to copy the Donald Trump playbook,” citing the US first family’s profitable crypto projects and the conflict-of-interest calls from multiple democratic lawmakers over the past year.

She urged the FCA CEO to investigate whether Farage’s actions amount to “interference in the cryptocurrency market, whether they may constitute attempted market abuse, and whether his public statements may have exposed ordinary people to financial harm.”

UK Moves To Ban Crypto Donations

In the letter, Cooper also listed the $18 million crypto donations that Reform UK received in 2025 as a major concern. Last year, Reform UK became the first British political party to accept Bitcoin donations.

She highlighted the $12.2 million donation from Christopher Harborne, a major investor in Tether, the issuer of the world’s largest stablecoin, USDT. Harborne’s contribution became the largest political donation of its kind in UK history, drawing scrutiny from regulators.

Last month, the UK government announced measures to restrict political donations made in cryptocurrency and limit the amount that British citizens residing abroad can contribute to political parties.

Until recently, British law did not impose any restrictions on donations to political parties if they originated from individuals registered on the UK electoral register or from UK-registered organizations, such as trade unions.

Nonetheless, an independent review into foreign financial influence in British politics concluded that the threat of foreign financial interference is “real, persistent and sustained.” The review recommended stronger investigative and criminal tools to combat interference by foreign states.

With at least two-thirds of Reform UK’s funds reportedly originating from overseas donors, the new restrictions would significantly reduce one of the party’s most lucrative funding sources.

First Spending On Record

The group’s opening move was a $300,000 ad buy backing Clay Fuller, a Republican who won a special election to fill the Georgia 14th Congressional District seat left open after Marjorie Taylor Greene stepped down. That spending was formally reported to the Federal Election Commission and disbursed this week, roughly a month before Georgia’s Republican primary on May 19.

Fellowship did not stop there. The PAC posted a list of endorsements to its account on X, backing Republican candidates in five states. The list includes Alan Wilson for South Carolina governor, Blake Miguez for Louisiana’s 5th Congressional District, Mike Collins for a Georgia Senate seat, Julia Letlow for a Louisiana Senate seat, Pete Ricketts for Nebraska’s Senate race, and Nate Morris in Kentucky’s Senate contest.

A Familiar Playbook

The crypto industry has done this before. During the 2024 election cycle, Fairshake PAC — another crypto-backed group — poured more than $130 million into congressional races across the country.

Reports indicate the spending may have shaped outcomes in battleground contests, including the Ohio Senate race. Fellowship appears to be following a similar strategy heading into 2026.

Super PACs are allowed by federal law to accept unlimited donations from individuals, corporations, labor unions, and other PACs, as long as the spending remains independent from any candidate’s official campaign.

Fellowship filed its statement of organization in 2025. Its financial backers have not been publicly identified — a legal but notable feature of how these groups operate.

While money flows into midterm races, a major crypto bill sits unresolved in the Senate. The CLARITY Act, passed by the House of Representatives last July, was designed to be one of the most far-reaching pieces of legislation affecting the crypto and banking sectors.

It has since run into resistance over questions involving ethics provisions, stablecoin yield rules, and tokenized equities.

Reports say the Senate Banking Committee was considering a review session on the bill, but no date had been placed on the committee’s official calendar as of Monday.

A second Senate panel would also need to clear the legislation before it could advance to a full chamber vote. For now, the bill’s path forward remains uncertain — and the midterms may determine whether it ever gets one.

Featured image from Ivan Marc/Shutterstock, chart from TradingView

Crypto Market Liquidations Have Crossed $535 Million

According to data from CoinGlass, liquidations have piled up on cryptocurrency derivatives exchanges following the market volatility of the last 24 hours. “Liquidation” here refers to the forceful closure that any open contract undergoes after it has amassed losses of a certain percentage (as specified by the platform).

Below is a table that shows the relevant numbers related to the latest liquidations in the cryptocurrency sector.

In total, the market as a whole has suffered nearly $547 million in liquidations over the past day. Out of these, $446 million in contracts involved were short positions. This means that investors betting on a bearish outcome made up for over 81% of the liquidations. The dominance of short liquidations is naturally down to the fact that Bitcoin and other assets have gone up during the past day.

When broken down in terms of the individual symbols, BTC-related contracts appear on top, with $229 million worth of them getting flushed inside this window.

As is usually the case, Ethereum followed Bitcoin in second with $136 million in contracts involved. But interestingly, the third-largest asset in this metric wasn’t one of the usual suspects, but rather RaveDAO (RAVE), the asset currently ranked 27th by market cap. RaveDAO observing significant liquidations of $45 million is likely a result of the sharp 62% jump that it has witnessed over the last 24 hours.

A Mass liquidation event like today’s is popularly known as a squeeze. Since this squeeze involved bearish bets in the majority, it would be called a short squeeze. A property of a squeeze is that it involves a cascade of liquidations; an initial sharp swing in the price causes a market flush, which ends up feeding back into the price move, leading to further liquidations. As such, these events tend to be violent.

Liquidation squeezes aren’t exactly a rare sight in the cryptocurrency market, owing to the fact that coins can be volatile on a regular basis and positions tend to be overleveraged. Thus, while some positions have been flushed in the latest squeeze, it doesn’t mean that the risk of further liquidations has gone away.

The next investors affected could be those going long. As analytics firm Santiment has pointed out in an X post, the Ethereum Funding Rates have turned positive across exchanges, indicating the market balance has shifted toward long positions.

Generally, a squeeze is more likely to affect the side of the market that’s more dominant. Since the Funding Rates currently point to that side being the bullish investors, it’s possible that they could end up getting wrapped in a squeeze, should more volatility emerge.

BTC Price

Bitcoin pulled back to $70,500 on Monday, but the coin has kicked off Tuesday with a surge to $74,300.

Giancarlo announced his departure from Willkie Farr & Gallagher on Sunday, posting on X that he was done with legal practice for good.

Going forward, he said, his time would be spent advising founders, chief executives, and company boards in the fintech and digital assets space, alongside policy research and writing, and work with nonprofit programs.

From Government Office To Industry Adviser

His credentials in this area run deep. Giancarlo was sworn in as a Commodity Futures Trading Commission commissioner in 2014 under the Obama administration. US President Donald Trump later tapped him as chairman, a role he held from August 2017 through July 2018.

Some news: After six years building @WillkieFarr‘s Digital Works, I’m retiring from law practice and heading out on an exciting new road – focusing on strategic roles rather than day-to-day operational responsibilities. From here on, I’ll devote my time to advising founders &…

— Chris Giancarlo (@giancarloMKTS) April 13, 2026

During that stretch, the first Bitcoin futures markets in the US were given the green light on his watch — a milestone that helped open the door to mainstream financial participation in crypto.

The “Crypto Dad” nickname was earned honestly. Giancarlo was openly supportive of the sector at a time when most regulators kept their distance, and he pushed for clear rules rather than outright restriction.

His advisory work is not new, either. He has been guiding the crypto-focused bank Sygnum on regulatory affairs and strategic partnerships, according to reports. The full-time shift, though, marks a clean break from his legal career.

Banks And The Push For Clearer Rules

Just weeks before the announcement, Giancarlo appeared on Scott Melker’s podcast and weighed in on the state of crypto regulation in the US.

He played down concerns about major legislative packages stalling in Congress, arguing that the CFTC and the Securities and Exchange Commission retain enough authority to bring meaningful structure to the industry on their own.

At the same time, he acknowledged that regulatory ambiguity continues to hold banks back from deeper involvement in digital assets. Getting financial institutions comfortable with the space, he said, requires modern rules that match where finance is actually heading.

Pham’s move to MoonPay as chief legal officer drew attention when it happened last year. Giancarlo’s exit from law adds fresh weight to a trend that shows no sign of slowing — experienced regulators planting their flags in an industry they spent years watching from the other side.

Featured image from Jsbarefoot, chart from TradingView

The analyst’s data reveals a 57% collapse in Ethereum’s exchange supply: reserves have fallen from approximately 35 million ETH to 14.9 million ETH — a reduction that leaves significantly less ETH available for immediate sale than at any comparable point during the 2020-2021 period. The coins have not disappeared. They have moved into the custody of holders who are not sending them to exchanges to sell.

The inflow data confirms the behavioral picture. Exchange inflows have increased recently — but the scale remains dramatically below the peaks of the 2021-2022 cycle top, when inflows approached the 10 to 20 million ETH range. The current clusters are a fraction of those peaks. Large-scale distribution — the kind that characterized the previous cycle’s top — is not present in the data.

Ethereum testing resistance with 57% less sellable supply than its previous cycle peak, and without the distribution behavior that accompanied that peak, is a structurally different test. The overhead exists. The ammunition to sustain it is historically thin.

Two Signals. One Conclusion

The analyst’s framework rests on the relationship between two independent data points that are currently moving in a configuration that has historically mattered. The first is what has happened to exchange reserves: a 57% collapse that has removed the majority of ETH’s immediately available sell-side supply from the market.

The second is what has not happened to exchange inflows: the extreme deposit spikes — 10 to 20 million ETH ranges — that characterized the 2021-2022 distribution phase have not returned. Holders are not flooding exchanges with ETH to take profit or cut losses at scale.

That combination — supply depleted, distribution absent — describes a market where the structural pressure for downside has been significantly reduced without the structural signal of panic that typically accompanies cycle bottoms at their most acute. The market is not experiencing forced selling at a scale that matches previous major lows. It is experiencing quiet.

The price context adds the final dimension. Ethereum is currently moving near the lows of previous correction ranges — the price levels that, in prior cycles, represented the zone where the risk-reward balance shifted in favor of patient capital rather than continued selling.

The analyst names this carefully: a constructive signal under current conditions. Not a confirmation. Not a guarantee. A structural alignment between depleted supply, absent distribution pressure, and historically significant price levels that, taken together, describes a market where the conditions for recovery are present even if the catalyst has not yet arrived.

Ethereum Reclaims Weekly Pivot as Recovery Tests Structure

Ethereum is trading near $2,350–$2,400 on the weekly timeframe, reclaiming a key pivot level that has repeatedly acted as both support and resistance throughout the current cycle. After the sharp drawdown earlier in 2026, ETH has staged a recovery from the $1,600–$1,800 region, where strong demand emerged and halted the decline.

The current structure reflects a market attempting to transition back toward equilibrium. Price is now interacting with the 100-week (green) and 200-week (red) moving averages, which are converging near the $2,300 zone. This area represents a critical technical threshold: reclaiming it suggests stabilization, while failure would reinforce the broader corrective trend.

The 50-week moving average (blue) is flattening and beginning to turn upward, indicating improving short-term momentum. However, ETH has not yet established a clear higher high on the weekly timeframe, which keeps the recovery unconfirmed.

Volume patterns remain consistent with a post-capitulation environment. The spike during the sell-off indicates forced liquidations, while the subsequent normalization suggests reduced stress but not strong accumulation.

Structurally, Ethereum is at a decision point. Sustained acceptance above $2,400 would open the path toward $2,800–$3,100, while rejection would likely return price toward the $2,000 support zone.

Featured image from ChatGPT, chart from TradingView.com 

Binance Records Historically Low Bitcoin Deposits

As Monday drew to a close, the Bitcoin price saw a brief rebound back above the $73,000 mark, flipping sentiment bullish once again across the market. This new bounce may be attributed to several factors underneath the surface, such as the BTC transfer activity to cryptocurrency exchanges.

Currently, inflows to Binance, the world’s largest trading platform, have fallen to record low levels, indicating a significant change in the dynamics of Bitcoin flow. Darkfost, a market expert and data analyst, announced that BTC inflows have now reached levels last seen in 2022 as the market stays on hold.

The decline collides with growing uncertainty in the market, fueled by global events, making the current environment particularly difficult to interpret. Such a lack of visibility prevents investors from making conviction-driven positioning, mainly in risk assets such as Bitcoin. 

Despite these unfavorable conditions, panic is not appearing among BTC investors. According to data from the chart, the 30-day moving average now stands around 3,998 BTC, marking a more than 6-year low when compared to levels observed in the 2020 cycle.

This dramatic drop implies that fewer holders are transferring their BTC to crypto exchanges, a pattern sometimes linked to a decrease in the desire to sell right away. Furthermore, this trend can lead to the tightening of the available supply of BTC on these platforms, which could change the short-term behavior of the market.

A Massive Distinction From Periods Of Stress Or Euphoria

Even in periods of stress or euphoria, the aforementioned figure is far from those seen then. In July 2023, there was an average of 19,000 BTC sent to exchanges per day. Also, in May 2023, over 25,000 BTC were moved daily to exchanges on average. 

With a historical average of approximately 11,000 BTC, the present levels are about three times lower than that. Thus, a clear dynamic is being reflected by this sharp contraction in inflows. Investors are not exhibiting any desire to move their BTC onto exchanges to sell. 

However, they seem to be adopting a holding strategy, which mechanically reduces short-term selling pressure. As inflow activity dries up, this situation could be a sign of renewed confidence or a cooling phase before the next wave of volatility hits the market, as evidenced on Sunday.

Darkfost argues that a structural shift may also be at play here, with some flows currently being moved through alternative mediums such as ETFs (Exchange-Traded Funds). Using the vehicles ultimately reduces visible BTC movements toward crypto exchanges.

In the end, this kind of signal indicates a market that is more in a waiting period than a capitulation. At the same time, BTC holders remain largely passive rather than panicked, even in an uncertain situation.

Bitcoin And Ethereum ETF Performance This Past Week

Data from SoSoValue shows that Spot Bitcoin ETFs have seen stronger inflows than outflows since the start of last week. On April 6, Bitcoin ETFs posted their largest single-day inflow since the beginning of March, with more than $471.3 million flowing into these investment products. BlackRock’s IBIT had led this massive inflow with approximately $181.9 million. This was followed by Fidelity’s FBTC, which recorded inflows of about $147.3 million. 

Following this, Bitcoin ETFs saw sharp outflows for two consecutive days, with $159.05 million withdrawn on April 7 and another $125.55 million leaving the fund on April 8. The decline in flows coincided with the US-Iran ceasefire announcement, which ironically should have bolstered market sentiment and yielded more positive results. However, the outflows continued, with Fidelity’s FBTC recording the highest outflows, followed by Grayscale’s GBTC and BlackRock’s IBIT.

On April 9 and 10, investors appeared to shift significantly, likely due to easing geopolitical pressures. This change was reflected in strong demand, with Bitcoin ETFs recording total inflows of more than $598.5 million on both days. However, the rebound proved short-lived. As of today, April 13, the funds have turned negative again, recording more than $291.1 million in outflows.  

Similar to Bitcoin ETFs, Ethereum Spot ETFs have also recorded more inflows than outflows since last week. On April 6, the ETF posted its largest inflow since March 17, with more than $120.24 million entering the fund. However, this momentum was quickly reversed. The next two days saw notable outflows totaling $83.3 million, with most of these withdrawals coming from Fidelity’s FETH and BlackRock’s ETHA. 

Since this decline, Ethereum ETFs have returned to positive territory, recording three consecutive days of inflows totaling more than $159.5 million. The flow patterns observed across both Bitcoin and Ethereum ETFs indicate a similar trend, with investors adjusting their exposure in response to market conditions. 

How Solana And XRP ETFs Have Fared

Compared with Bitcoin and Ethereum ETFs, XRP and Solana ETFs have experienced relatively muted investor demand. XRP ETFs, in particular, have attracted only about $13.8 million in total inflows since last week, underscoring their reduced demand. 

On April 6, XRP ETF recorded zero flows, followed by modest inflows of $3.32 million on April 7. Activity stalled again on April 8, with zero flows, before a slight reversal on April 9, when the funds posted an outflow of $671,160. Momentum improved briefly on April 10, as XRP ETFs recorded their largest inflow since early February, with more than $9.09 million entering the funds, followed by an additional $1.46 million the next day.

In contrast, Solana ETFs have recorded total inflows of just $11.69 million since last week, reflecting relatively low participation. April 6 and 7 saw modest positive flows totaling over $1.17 million. This was followed by a sharp reversal, with outflows exceeding $17 million, before activity declined again on April 9 with zero flows.  

Demand briefly returned on April 10, when the fund attracted another $11.45 million, marking its highest inflow since early March. Overall, recent activity in both altcoin ETFs stands in stark contrast to investor behavior in Bitcoin and Ethereum ETFs, suggesting a more cautious stance toward altcoins and comparatively weaker demand. 

CryptoQuant analysts tracking Bitcoin’s exchange flow structure have identified a development that sidesteps the opinion divide entirely: since March, the flow of Bitcoin into futures exchanges — rather than spot exchanges — has been intensifying in a pattern that closely mirrors the behavior observed following the FTX collapse in December 2022.

That comparison carries weight precisely because of what it is not. It is not a price comparison. It is not a sentiment comparison. It is a structural behavioral match — the specific way capital was flowing through exchange infrastructure at the moment the last bear market bottomed and the next cycle began. The pattern appeared then. It is appearing now.

The analysts calling for a drop below $60,000 are reading the price chart. The analysts calling for a slow recovery are reading the macro environment. Neither group is talking about what the futures flow data is saying — which is that the market’s structural behavior is beginning to resemble something the on-chain record has seen before, at a moment that, in retrospect, mattered enormously.

The Pattern Is Present. The Confirmation Is Not Yet

The CryptoQuant analysts draw the interpretation carefully — and the care is warranted. The intensification of Bitcoin flows into futures exchanges rather than spot exchanges, mirroring the post-FTX behavior from December 2022, points toward a specific structural development: leveraged positioning is returning to the market.

Traders are not just holding Bitcoin. They are beginning to use it as collateral for directional bets — the behavioral signature of participants who believe a sustained move is approaching and want amplified exposure to it.

That behavior, appearing at this price level and this stage of the cycle, carries a specific historical implication. The last time this pattern emerged — following the FTX collapse, at what proved to be the cycle bottom — it marked the early stages of a new cycle rather than a continuation of the bear market. The analysts’ assessment follows that directly: the bear market may be drawing to a close.

The word “may” is doing necessary work in that sentence. Bitcoin is struggling to find direction after weeks of consolidation, and the market has not yet produced the price confirmation that would convert the structural signal into a declared trend reversal. The futures flow pattern describes what participants are doing. It does not yet describe where the price is going.

Two conditions currently coexist: a structural behavioral signal that historically preceded cycle recoveries, and a price chart that has not yet decided to reflect it. That gap — between what the on-chain data suggests and what the price has confirmed — is exactly where the market has lived for weeks. The resolution of that gap is the move the market has been consolidating toward.

Bitcoin Tests Resistance as Recovery Attempts Strengthen

Bitcoin is pushing toward the $74,000–$75,000 region, testing a key resistance zone after recovering from the sharp February breakdown. The chart shows a clear transition from capitulation to consolidation, followed by a gradual series of higher lows. This structure suggests that buyers are regaining control in the short term.

However, the broader trend remains unresolved. BTC is still trading below the 100-day (green) and 200-day (red) moving averages, both trending downward, which reinforces the presence of overhead resistance. The 50-day moving average (blue) has started to turn upward and is acting as dynamic support, indicating improving short-term momentum.

Volume dynamics provide important context. The spike during the February sell-off reflects forced liquidations, while the subsequent normalization suggests the market has stabilized but lacks strong conviction. The recent push higher has not been accompanied by a significant increase in volume, raising questions about the strength of the move.

Structurally, Bitcoin is approaching a decision point. A confirmed break above $75,000 would likely shift momentum and open the path toward the $80,000–$85,000 range. Failure to break higher could result in another rejection and a return to the $68,000–$70,000 support zone.

Featured image from ChatGPT, chart from TradingView.com 

Co-CEO Unveils Kraken’s Mission

Sethi said Kraken’s goal is to give customers access to advanced trading and “directional bets” that are often available only to institutions. He compared that aspiration to the kinds of quantitative and market infrastructure used by major names like Citadel, Jane Street, and JPMorgan. 

“What they want at the end of the day is what Citadel and Jane Street have, or JPMorgan has, and they want it accessible to them,” Sethi said. He added, “That’s our mission: How do we make all these products open. We want to be able to help enable what you want to do with your own capital.”

During the same appearance, Sethi also addressed broader concerns about technology—specifically, fears that artificial intelligence could significantly disrupt software-as-a-service businesses. 

According to Semafor’s report on the matter, he argued that those worries have been overstated. “There’s always a certain set of companies that get disrupted by technology, and that has continued to happen,” he said. 

He also noted that many modern businesses are already built on software, saying, “I also don’t think there are companies today that aren’t run by software in some ways, and so today we’re seeing AI just proliferating at a faster and faster pace.”

Deutsche Börse Deal

Kraken’s IPO filing comes on the heels of a major ownership move reported earlier on April 14. Deutsche Börse, the German exchange operator, said Tuesday that it acquired a $200 million stake in Kraken. 

The investment was made through the purchase of existing shares in a secondary market transaction, according to Reuters, and results in a fully diluted stake of 1.5%, Deutsche Börse said. 

Deutsche Börse said the new investment is intended to deepen that relationship. It described the expanded cooperation as covering regulated crypto, tokenized markets, and derivatives, along with improved liquidity for institutional clients across different geographies. 

Featured image from OpenArt, chart from TradingView.com 

In recent remarks, Garlinghouse pointed to May as the most important month to watch for passage, arguing that the stablecoin yield dispute, which has held up the legislation since January, is nearing a resolution.

Ripple CEO Signals Resolution Progress

Garlinghouse’s comments came during a panel at the Semafor World Economy Summit in Washington on April 13. According to reporting by 24/7 Wall St., Ripple’s executive told the audience that the dispute over stablecoin yield is nearing resolution. 

He suggested the political process is reaching the point where compromise becomes more likely, saying, “When people are at their peak frustration, that’s when they finally compromise, and it gets done,” before adding, “I think we’re there.”

While he did not name a specific day for a vote, Garlinghouse’s timeframe matches what he had previously signaled. His outlook had already shifted once: when he spoke at the FII Priority Miami Summit on March 27, Ripple’s CEO moved his expectation from April to the end of May. 

Other figures in the administration have echoed that progress is happening beyond just the stablecoin yield dispute. White House crypto adviser Patrick Witt said on April 13 that negotiations have made meaningful progress behind the scenes on issues beyond stablecoin yield. 

“All of these issues felt intractable and unsolvable at one point in time,” Witt said. He added that the fact that many of those problems have already been narrowed gives him confidence that the remaining hurdles can be addressed as well.

CLARITY Act Could Be Delayed Until 2027

Senator Thom Tillis is expected to release a revised draft of the stablecoin yield agreement as early as this week. If both sides accept the updated version, the Senate Banking Committee can finally schedule the markup that has been paused since January.

Even so, the bill still faces steps that can’t be skipped. Ripple’s CEO may be pointing to May as the likely target, but committee timing remains uncertain. 

Banking Committee Chairman Tim Scott has not yet set a markup date, and while some lawmakers are still aiming for late April, the schedule could still slide depending on how negotiations play out and how quickly the committee advances the text.

Senators Hagerty and Lummis have both said a late April vote is still the target. Senator Bernie Moreno, however, offered a sharper warning. 

He said that if the CLARITY Act does not reach the Senate floor by May, it could be shelved until 2027, citing the likelihood that midterm campaign activity will take over after summer and push major legislative action off the calendar.

At the time of writing, Ripple’s associated cryptocurrency, XRP, was trading at $1.37. It had surged by 5% over the previous week, in line with the broader crypto market’s recovery during that period. 

Featured image from OpenArt, chart from TradingView.com

Rising On-Chain Activity Contrasts With Declining Price

In a highly uncertain and volatile cryptocurrency environment, the Ethereum network appears to be thriving, experiencing robust interest and engagement. ETH’s current network strength is evident, particularly in the number of transactions processed on the blockchain each day.

The daily transaction counts on the network have exploded while price action continues to struggle to regain bullish momentum. This mismatch between market performance and fundamentals often indicates underlying strength that may not yet be represented in valuation.

Reports from Everstake, the largest global non-custodial staking infrastructure provider, revealed that the Ethereum network is making history, recording over 3.6 million transactions on April 12, 2026. As of today, this figure marks the strongest daily activity on the network since its existence. 

What makes this quite interesting is the fact that ETH’s price is still trading about 55% below its all-time high. The increase in on-chain activity indicates that consumers are still actively participating in the network despite the lack of price change.

EverstaKe added that this trend creates a notable divergence because network activity is at peak levels in the absence of complete price strength. In the past, such gaps have demonstrated a tendency to narrow over time.

Adding to the network growth, the platform highlighted that Ethereum is now one of the strongest foundations it has ever had. Since choosing ETH, there have been record levels of usage, a deeply established ecosystem, and continued progress in scaling and development.

In many ways, this progress highlights a simple dynamic where price typically follows fundamentals, not the other way around. Meanwhile, Everstake stated that the fundamentals are already in place.

Ethereum Sees Stablecoin Supply Peak

As the financial sector grows, the Ethereum network is steadily emerging as the major settlement layer for on-chain finance activity. The stablecoin supply managed on the leading network is rising at a significant rate over the years.

In an X post, Leon Waidmann, a researcher and optimist, shared that stablecoin supply on ETH has reached a new all-time high. Data shows over $180 billion has been added to the network over the past 3 years, representing a 150% increase within the period.

Currently, Ethereum controls about 60% market share in stablecoins. In the next 4 years, an additional $1.7 trillion is set to go on-chain, and ETH could dominate this revenue. Even if Ethereum’s market share eventually drops from 60% to 50%, it still means that by 2030, the ETH network will secure almost $850 billion in new stablecoin supply.

A technical analysis posted on X claims the market is once again tracing the same structure seen in prior bear phases, only this time with a slower tempo, deeper institutional involvement, and a more controlled trading environment. However, the outlook of this analysis is that the downtrend is still not complete.

Familiar Bitcoin Script Is Showing Up Again

The concept of the analysis is that the Bitcoin price keeps moving through the same emotional and structural framework from one cycle to the next. In that framework, the Bitcoin price first pushes into a parabolic advance, then enters distribution, suffers a violent break lower, stages a misleading recovery, and eventually grinds into a final capitulation. 

That is the same pattern that appeared in 2018 and again in 2022, and in this reading, 2026 is now occupying the same late-stage position, only on a larger scale and with lower volatility.

That timing element is important, and it supports an extended bearish case in the months to come. History shows prior cycle bottoms formed a year after the all-time high, not immediately after the first large drawdown. By that logic, the Bitcoin price may still be too early in the process for a lasting bottom, especially if this cycle peak is treated as the October 2025 high at $126,080.

Where Does Bitcoin Go From Here?

The technical structure is only part of the case. Technical analysis from a crypto analyst known as BLADE on the social media platform X leaned on on-chain signals, particularly long-term holder stress and NUPL, to argue that the reset is incomplete. 

Glassnode’s Net Unrealized Profit/Loss measures whether the network is sitting on aggregate paper profits or losses. The farther it moves from zero, the closer the market tends to get to major extremes. What this means is that true cycle lows usually arrive when investors are much deeper in pain, and sentiment has turned miserable.

CryptoQuant said on April 1 that Bitcoin spot demand is still in deep contraction despite growing institutional buying. This means that the market’s internal strength has not fully caught up with headline demand from large allocators, and the Bitcoin price might continue to struggle until it does.

There’s also an interesting template that Bitcoin might follow based on its previous two major bear markets. The 2017 bull run peaked and gave way to a bear market that ultimately caused an approximately 84% drawdown from top to bottom. The 2021 cycle followed a similar script, with Bitcoin’s top-to-bottom decline ending at about 77%.

At current prices around $74,680, Bitcoin is trading 40.8% below that October top, which means there could be more downside ahead. Furthermore, previous bear market bottoms arrived about 360 to 370 days after the prior cycle’s peak. This sequence would point to a potential cycle bottom somewhere in Q3 or Q4 2026.

Another Update On The Crypto Legislation

Republican U.S. Senator Thom Tillis (R-N.C.) claimed this Monday he aims to unveil a draft deal this week to break the stalemate over stablecoin yield between banks and crypto firms. According to Politico, he has been collaborating with Sen. Angela Alsobrooks (D‑Md.) on new CLARITY Act language designed to finally settle whether crypto companies can pay interest on idle stablecoin holdings.

According to the report, the text has already been shared with both banking groups and crypto firms. Banks still oppose key elements, the report says, and Tillis has left room for changes.

The already long-standing yield dispute is the main roadblock keeping the landmark CLARITY Act stuck in the Senate, even after the House passed its version last year. Although the GENIUS Act that was passed last year prohibits stablecoin issuers from paying interest directly to holders, it still allows third‑party platforms like exchanges to offer yield.

At the beginning of the month, Coinbase’s chief legal officer Paul Grenwal suggested that negotiators in the Senate were “very close” to a deal on the CLARITY Act’s most contentious crypto issue: the stablecoin yield.

Let’s remember the dispute lays on the fact that yield-bearing stablecoins compete directly with traditional bank deposits because they offer dollar-denominated assets that can move instantly on-chain while still paying attractive returns, thus making them a compelling alternative to savings and money-market accounts.

Banks fear this could drain deposits that fund their lending and investment activities, especially from younger and more digitally native customers who are comfortable holding value in tokenized form. As a result, they push for strict limits or outright bans on interest-like payments to stablecoin holders, arguing that such products should be regulated like banking and that unchecked yield could undermine financial stability and their core funding base.

From the crypto side, however, yield on parked stablecoin balances is seen as a fundamental feature: it’s one of the main ways exchanges and DeFi platforms attract and retain users by turning idle cash into a revenue-generating product. These returns help differentiate on-chain dollars from traditional bank accounts, support token incentive programs, and deepen liquidity across lending markets, perpetuals, and automated market makers.

For many platforms, cutting off or sharply limiting stablecoin yield would hit their core business model, weaken DeFi integrations, and make it harder to compete for global capital that can move to more permissive jurisdictions with a few clicks.

Lately, the emerging policy line seems to be in the direction of no “passive” yield for idle balances, but possible rewards tied to payments, transfers, and other “active use”. Tillis’ compromise draft is meant to codify around it, clarifying what counts as prohibited interest versus allowed activity-based rewards.

The way the U.S. defines stablecoin yield will shape dollar competition with foreign central bank digital currencies (CBDCs) and offshore stablecoin venues that still offer yield. U.S. exchanges may have to pivot to activity-based “rewards” and offshore platforms could attract yield-chasing capital.

Any final text will heavily influence stablecoin APY, liquidity, and where serious traders park their dry powder.

Cover image from Perplexity. BTCUSDT chart from Tradingview.

Goldman Sachs: A Different Kind Of Bitcoin Play

Goldman Sachs has filed paperwork with the Securities and Exchange Commission for a Bitcoin Premium Income ETF, a fund designed to give investors Bitcoin exposure while generating regular income through options trading.

The bank plans to put at least 80% of the fund’s assets into products tied to Bitcoin’s price — including shares of existing spot Bitcoin ETFs and options on those funds — rather than buying Bitcoin outright.

To produce income, Goldman intends to sell call options on Bitcoin ETF holdings at a premium. That strategy lets the fund collect fees from options buyers. The tradeoff is a cap on how much upside investors can capture if Bitcoin’s price shoots higher.

The Second Bank To Make A Move

Goldman’s filing comes on the heels of a similar push from Morgan Stanley, which launched its own spot Bitcoin ETF last week — making it the first bank-issued Bitcoin ETF on record.

Goldman Sachs is now the second major bank to enter this space, though its product takes a different approach. Morgan Stanley went the direct route with a spot fund. Goldman is building around options and indirect exposure.

SHOCK: Goldman jumping into the bitcoin ETF game.. with a filing for a Bitcoin Premium Income ETF pic.twitter.com/WszEIrQ2tV

— Eric Balchunas (@EricBalchunas) April 14, 2026

The filing landed as Bitcoin was already making a move. The leading cryptocurrency climbed as high as $76,000 on the day Goldman’s registration statement was submitted to the SEC, before pulling back to around $75,000.

Goldman Sachs: What The Filing Covers

According to the SEC document, the fund may hold spot Bitcoin ETF shares and Bitcoin ETF options directly. Goldman noted in its prospectus that the fund’s income-generating mechanism centers on selling covered call options against those holdings.

That kind of structure is already common in equity income funds, but applying it to Bitcoin marks a relatively new direction for a bank of Goldman’s size.

No fee details or a launch date have been disclosed. The SEC has not yet approved the fund. Goldman Sachs manages roughly $3.6 trillion in assets across its operations.

The filing adds to a broader wave of institutional involvement in Bitcoin-linked investment products. With two of Wall Street’s largest banks now formally in the game, the push to bring Bitcoin into mainstream finance through regulated vehicles shows no sign of slowing.

Featured image from Michael Nagle/Bloomberg/Getty Images, chart from TradingView

Understanding What The XRP Volume Surge Represents

The recent spike in XRP’s trading volume is not just a numerical increase; it reflects how market participants are engaging with the asset at this stage. On April 11, 2026, analyst Xfinancebull pointed to a significant imbalance between derivatives and spot activity, with futures volume reaching $1.74 billion compared to $295 million in spot trading, alongside a market capitalization of about $82.43 billion.

This contrast highlights a market that is active, but not in a straightforward way. Futures markets are typically used by traders positioning ahead of expected price movement, rather than reacting to immediate changes. The fact that such high derivatives activity is taking place while the price remains steady suggests that participants are preparing for a move—either up or down—rather than simply buying and holding the asset.

The exchange heatmap included in the data further supports this. Volume is spread across major global platforms, led by Binance at approximately $893.59 million and Coinbase at $576.69 million. Other exchanges such as Bybit, OKX, and Gate each contribute over $190 million, while Kraken, Bitget, Crypto.com, and Bitstamp add further depth. This widespread participation shows that the surge is not isolated, but instead reflects consistent activity across the broader market.

How Sustained Volume Could Shape Market Direction

The key implication of this sustained volume lies in what it reveals about market behavior during a stable price phase. When high volume comes in without moving the price, it usually means accumulation and distribution are happening at the same time. Some participants are buying heavily, while others are selling into that demand, keeping prices steady.

This behavior often happens before a breakout. Once one side, either the buyers or the sellers, runs out of supply or demand, the price typically moves sharply in the direction of the stronger side.

At the same time, the relatively lower spot volume compared to futures trading introduces an element of caution. It indicates that while traders are actively positioning through derivatives, full commitment in the underlying asset remains measured. This balance helps explain why the price continues to move sideways despite the scale of activity behind it.

Overall, the spike in XRP volume means the market is preparing for a significant move. Large amounts of capital are already in play, positions are being built across multiple exchanges, and leverage is high. The only missing piece is a trigger strong enough to break the current balance between buyers and sellers, which would then push XRP out of its current range.

Expert Reveals How Holders Can Earn Passive Income

In an X post, Cage stated that in the next few years, crypto investors will likely be able to earn 5% to 10% on their holdings in multiple ways. He specifically alluded to XRP, noting it isn’t proof of stake, but that yield is coming through a new infrastructure being built. The expert added that today’s options are limited and that the altcoin is mostly just idle capital, but that is changing. 

As to what yield could look like, Cage stated that the lending markets could provide 3% to 8% yield, institutional vaults could provide 5% to 12% yield, and RWA integrations could provide 4% to 10% yield. Additionally, he mentioned cross-chain yield, with the Flare network already providing ways for XRP holders to earn yield on its network. 

Other firms of yields for holders could also come through ‘Set it and forget it Yield accounts,’ wallets, applications, and exchanges that embed yields for several products. Cage also cited risky DeFi products that could give XRP holders up to 20% yield but advised against them. 

He described Collateralized Debt Positions (CDPs) as the ‘big one’ for holders to earn yields, in which they use their holdings as collateral. They can borrow against their XRP, access liquidity without selling their asset, and the loans are not taxable events. Cage added that this is what billionaires do when they borrow against their stocks rather than sell them, triggering taxes. 

Pundit Highlights Common Yield Strategies

XRP pundit BankXRP also recently highlighted common yield strategies, including CeFi lending and competitive APY. He also mentioned XRPL AMM liquidity pools, which give yields to holders who provide liquidity to the pool. Lastly, the pundit alluded to Flare’s FXRP and earnXRP mechanism. 

It is worth noting that XRP treasury company Evernorth is collaborating with XRPL developers to introduce native XRP lending through the proposed XLS-66 amendment. This is expected to unlock up to $100 billion in idle XRP capital, as holders, including institutional investors, lend their holdings for yield. 

Evernorth Chief Business Officer Sagar explained that this development was key, as it would provide a safer way for holders to earn yields without bridging their assets to other networks. He also noted that bridging one’s assets to other networks triggers a taxable event, which is why it is better to earn yields natively on the Ledger. 

At the time of writing, the XRP price is trading at around $1.36, up over 3% in the last 24 hours, according to data from CoinMarketCap.

Why Rising Bullish Sentiment Can Cause More Downside

Bitcoin’s sentiment is now slowly turning bullish again, which is a reflection of its price action in recent days. However, according to crypto analyst Max, the gradual return of optimism across social media and trading circles is a warning sign. 

Max, who shared his outlook on X alongside a multi-cycle Bitcoin chart, proposed that the re-emergence of bullish sentiment at this point is precisely what should concern investors. “When sentiment slowly starts turning bullish again,” he wrote, “that’s usually your sign that the bottom isn’t in yet.”

Max pointed out that recent discussions around a cycle bottom forming already, along with predictions of a historic rally, mirror sentiment conditions that have always appeared before further downside moves. In short, the crowd turning optimistic too early could mean the market has not yet completed its corrective phase.

This outlook is based on the fact that the Bitcoin price has not yet produced the structural conditions that have historically confirmed cycle lows. He identifies three specific cycle low signals that are currently absent on the Bitcoin chart: total capitulation, repeated sweeps of the lows, and a confirmed change in market structure on the weekly timeframe.

Bitcoin Price Chart. Source: @_ctm_crypto On X

Cycle Timing Puts The Bottom In October

The most interesting part of this technical outlook is the cycle comparison overlaid by Max onto Bitcoin’s full price history. Previous Bitcoin cycles show a consistent rhythm of extended accumulation and expansion phases followed by lengthy corrections.

From the 2013, 2018, and 2021 cycle tops, Bitcoin required around 365 days of decline before reaching a definitive bottom. Interestingly, each cycle was characterized by a smaller decline by the previous one. The 2013 top was followed by a 427-day decline of 87%, the 2018 top brought a 365-day drop of 83%, and the 2021 top saw a 365-day correction of about 75%. 

The projected path suggests a similar structure is still playing out in the current cycle since the October 2025 peak. Projecting that structure forward from the 2025 cycle top, Max’s chart targets October 2026 as the likely bottom window, with a projected price of $40,000. 

This bottom would align with both the duration and magnitude of previous bear phases, instead of the much faster recovery some market participants are expecting. At the time of writing, Bitcoin is trading at $74,590, up by 5.4% in the past 24 hours.

Kraken Fights Back Extortion Demands

On Monday, Kraken’s Chief Security Officer (CSO), Nick Percoco, revealed that a criminal group is extorting the crypto exchange, threatening to release videos of their systems exposing client data.

In a security update, the CSO affirmed that Kraken had identified and shut down two instances of inappropriate access to limited client support data since 2025. Per the post, the crypto exchange received a tip about a video shared on a criminal forum. The video reportedly showed access to Kraken’s client support system.

The exchange “immediately launched an investigation and quickly identified the individual involved as a member of our support team,” Percoco explained, “Their access was revoked immediately, a full investigation was conducted, additional security controls were put in place and a limited number of affected clients were notified.”

More recently, they received another tip with a new video showing similar activity, prompting a new investigation to identify the parties involved, terminate their access, and notify the affected clients.

“Shortly after access was terminated, we began receiving extortion demands,” the security chief stated. “The criminals threatened to distribute materials from both the February 2025 incident and the recent incident to media outlets and on social media if we did not comply.”

Percoco emphasized that the exchange’s systems were never breached and funds were never at risk. In addition, he noted that “only a very small number” of client accounts, approximately 2,000 or 0.02% of clients, were potentially viewed across both incidents.

Kraken has now publicly rejected the criminal demands, declaring that they “will not pay these criminals” and “will not ever negotiate with bad actors.”

In the announcement, the exchange highlighted that it has been collaborating with industry partners and law enforcement to “investigate and disrupt insider recruitment efforts targeting not only crypto companies, but also gaming and telecommunications organizations.”

Based on intelligence gathered from the two incidents and extensive analysis, Kraken believes there is sufficient evidence to identify and arrest all individuals involved, but did not share additional details as the investigation continues. However, they urged anyone with relevant information to contact the exchange directly.

This incident comes just a month after Kraken scored a major victory for the crypto industry, becoming the first crypto company with direct access to the Federal Reserve’s core payment system after winning the Kansas City Fed’s approval for a Fed master account.

Crypto Community Raises Insider Access Concerns

Crypto investors and Kraken users online reacted to the news, questioning the exchange about the details of the two incidents and criticizing the exchange for offshoring customer support staff.

“So, basically, you outsourced it to shady third-party companies (or even worse, your internal recruiters are sleeping), and you got hacked twice or more. You made your customers vulnerable to wrench attacks,” an X user wrote under Percoco’s post.

However, details of whether the inappropriate data access was from an in-house support team or an overseas third-party support staff have not been revealed yet.

Another crypto community member pushed back on Kraken’s “very small number” of clients clarification, asserting that “this is not the metric you think it is… of those 2000 accounts, they are probably the ones with balances worth wrench attacking.”

Others drew a parallel between this incident and Coinbase’s data breach controversy from last year. For context, Coinbase CEO Brian Armstrong revealed in May 2025 that malicious actors had bribed a handful of support contractors overseas to access the company’s internal tools.

This led to the leak of names, email addresses, limited transaction records, and partial Social Security numbers of around 1% of the exchange’s users. Then, the attackers attempted to blackmail Coinbase using the breached information, demanding a $20 million Bitcoin (BTC) ransom for the sensitive data.

Reuters later alleged that Coinbase had been aware of the customer data leak months before it disclosed it, also raising concerns about transparency and insider threats.

Tearing Down The Mystery Behind RAVE DAO

RaveDAO (RAVE) was launched back in December 2025, making it a fairly new cryptocurrency in the space. It first burst into the scene in what seemed to be a pretty insider-dominated sale, with a total supply of 1 billion, and the tokens from the sale vested.

As for the utility, the RaveDAO website says that the project is meant to be the future of on-chain entertainment. They do this by hosting events around the world, with past events billed across countries such as the UAE, Singapore, South Korea, among others.

The RAVE token was launched on the Ethereum Layer 2 network, Base, owned by Coinbase, and quickly gained widespread acceptance. According to its CoinMarketCap page, the RAVE token was quickly listed on top exchanges such as Binance, Coinbase, and Bitget.

With widespread influencer and KOL support, the token’s social media quickly grew to tens of thousands of followers. But while the project itself is interesting, the real ‘tea’ is what happened in the days leading up to its over 4,000% rally.

A Real Pump Or A Classic Manipulation?

In the days following the pump, on-chain sleuths and investigators had dug into the on-chain activities of the RAVE team to unveil what appears to be a sinister manipulation scheme. According to the Evening Trader Group, a multisig wallet linked to the team had begun a massive accumulation trend using intermediary wallets. By the time the accumulation was done, the wallet had accumulated over $40 million worth of RAVE, quickly multiplying its profit.

As investigators dug deeper, the true holder concentration showed just how deep it went. According to on-chain data, the team currently controls more than 90% of the total supply. This concentration has led to manipulation allegations against the RaveDAO team as community members demand answers.

The surge also caught the attention of the popular on-chain investigator, ZachXBT, who reached out directly to co-founder @wildwoodmoo on X. However, there has been no response from the co-founder, who hasn’t been active on the social media platform since February.

At the time of writing, the RAVE token is up by more than 4,500% in the last month. This has pushed its unlocked market cap above $3 billion, and its Fully Diluted Valuation (FDV) to over $13 billion. Its trading volume has ballooned, garnering over $4 billion in trading volume on Binance Perps alone, and its growth continues to befuddle investors, who have taken to calling it another Binance “crime” token.

A Company Built Around A Single Asset

Stack BTC, listed on the Aquis exchange and chaired by former UK Chancellor Kwasi Kwarteng, bought 37 Bitcoin on Monday for roughly $2.7 million, or about £2 million. The purchase price worked out to approximately $72,385 per coin. The company now holds 68.19 BTC in total.

Stack BTC markets itself as a way for UK investors to gain crypto exposure through public markets — essentially a listed vehicle that holds Bitcoin so ordinary shareholders don’t have to hold it themselves. Its share price climbed 7.3% on Monday, closing at $14.42, up from $13.42 at Friday’s close.

BREAKING: Nigel Farage has purchased £2m of Bitcoin for Stack BTC – becoming the first sitting MP and the first UK political party leader in history to publicly buy Bitcoin.

A landmark moment for Bitcoin in British politics.$STAK @Nigel_Farage @blockchain @kwasi_stackbtc… pic.twitter.com/O614kKe5TN

— Stack BTC (@stackbtc_) April 13, 2026

Farage already had skin in the game before Monday’s announcement. He disclosed a $286,000 equity stake in Stack BTC, giving him a 6.31% minority holding in the company. Kwarteng holds a stake as well. Both investments were disclosed in March.

In a video tied to Monday’s purchase, Farage said a Bitcoin treasury company could not function without actually holding BTC. Kwarteng said the firm had made significant progress over recent weeks.

Reform UK Pulled In $18M In Crypto Donations Last Year

The announcement lands at an awkward moment for Farage politically. Over the past year, Reform UK collected around $18 million in crypto-linked donations — more than either the ruling Labour Party or the Conservatives.

That figure drew scrutiny from regulators and transparency groups. The UK government responded by pushing forward plans to temporarily prohibit crypto donations to political parties. UK lawmakers have since called for a moratorium on such contributions.

The proposed ban would cut off one of Reform UK’s most productive funding streams. Farage has not publicly addressed that conflict directly.

Reports indicate that no other sitting British MP or party leader has taken a comparable financial position in Bitcoin. Stack BTC described Farage’s involvement as a landmark moment for Bitcoin in British politics.

Whether that framing holds depends partly on what happens next in Parliament, where the crypto donation restrictions are still working their way through.

Featured image from Protos, chart from TradingView

SEC Draws Guardrails For Crypto Interfaces

According to the guidance, some crypto trading interfaces—explicitly including decentralized finance (DeFi) front-ends, wallet extensions, and mobile applications—could fall outside the broker-dealer framework if they meet a set of strict conditions. 

The key point is that this is not a broad “permission slip” for every interface that touches crypto. Rather, the SEC is outlining a specific path for interfaces structured in a way that does not involve traditional trade intermediation.

One of the most important requirements is that users must control their own keys. In other words, the interface cannot become a point where custody shifts to the platform or where the operator effectively takes over the user’s ability to initiate and sign transactions. 

The guidance also emphasizes that the interface must be purely facilitative: it should take inputs from the user, convert those inputs into on-chain commands, and then allow the user to sign. It cannot perform discretionary routing, make recommendations, or otherwise steer users toward particular investment outcomes. 

Fees are another focal area. The SEC’s staff says fees must be fixed or otherwise agnostic, and the interface must provide full disclosures. The guidance further notes that platforms need proper compliance policies. 

Together, these conditions are meant to distinguish between an interface that simply helps a user execute a transaction they control, and an arrangement that looks more like an investment intermediary—something broker-dealer rules are designed to regulate.

SEC Tone Shift Under Paul Atkins

The staff clarification is also limited in scope. It applies to interfaces handling “crypto asset securities,” not to Bitcoin (BTC). That distinction matters because the SEC has long treated Bitcoin as a non-security digital commodity. 

As a result, Bitcoin self-custody and peer-to-peer (P2P) transactions have historically been outside the broker-dealer reach described in this guidance.

Even with those limits, the tone of the guidance is significant. Under Chair Paul Atkins, the SEC appears to be reinforcing the idea that self-custodial, non-intermediated activity belongs outside the broker-dealer structure. 

This is a notable shift in emphasis compared with the Gensler era, when many enforcement actions were seen as casting a wide net over interfaces touching digital assets, even when the underlying mechanics involved users signing transactions themselves.

Atkins has also suggested there may be an “innovation exemption” on the way, which could potentially extend more relief to tokenized securities trading that relies on decentralized infrastructure. 

In simple terms, the SEC is signaling that it recognizes there may be ways to build market access using decentralized tools without recreating the traditional broker-dealer model.

Featured image from OpenArt, chart from TradingView.com 

Strategy Has Added 13,927 BTC To Its Treasury

As shared by Strategy co-founder and chairman Michael Saylor in a new X post, the treasury company has furthered its Bitcoin buying spree. The new acquisition involved a total of 13,927 BTC, bought for $1 billion or $71,902 per token.

This is a sizeable purchase and a step up from the company’s last two buys of 1,031 and 4,871 coins. Saylor hinted at the purchase being significant in his usual Sunday X post with the company’s Bitcoin portfolio tracker, this time using the caption “Think ₿igger.”

Following this acquisition, Strategy has witnessed its holdings cross the 780,000 BTC milestone. Also, its total investment is approaching the $60 billion mark, with its current value sitting at $59.02 billion.

According to the filing with the US Securities and Exchange Commission (SEC), Strategy made the new purchase between April 6th and 12th and funded it using sales of its STRC at-the-market (ATM) stock offering.

With 780,897 BTC in Strategy’s wallets, its holdings alone account for about 3.9% of the entire circulating supply of the cryptocurrency. This makes it by far the largest public holder of BTC.

Strategy has continued its Bitcoin accumulation despite the fact that the cryptocurrency’s spot price has been trading below the company’s cost basis of $75,577 since the crash at the start of February. At the current price, the firm’s massive holdings are about 6.3% underwater.

Interestingly, Strategy actually doesn’t need much of a return on its BTC investment to sustain its operations. As Saylor has explained in an X post, the company’s break-even BTC annual rate of return is just 2.05%. “If Bitcoin grows faster than that over time, we can cover our dividends indefinitely without issuing new $MSTR shares,” noted the chairman.

Strategy isn’t the only digital asset treasury firm that has maintained a consistent buying schedule despite the bearish shift in the wider sector. Bitmine, the largest Ethereum treasury company, has also been adding to its reserves week after week.

According to the latest Monday press release from Bitmine, it participated in accumulation of another 71,524 ETH over the past week. This happens to be the largest weekly addition to the firm’s holdings since December 2025 and continues a pattern of larger buys from the last few weeks. Thomas “Tom” Lee, the firm’s chairman, said:

Bitmine has maintained the increased pace of ETH buys in each of the past four weeks, as our base case ETH is in the final stages of the ‘mini-crypto winter.’

After the acquisition, Bitmine’s reserves have grown to 4,874,858 ETH, equivalent to 4.04% of the total Ethereum supply in circulation.

BTC Price

Bitcoin has pulled back from its weekend high as its price has dropped to the $71,100 level.

That experiment was part of a broader study published recently, in which researchers tested 428 large language model routers — 28 paid and 400 free — collected from public online communities.

What they found was alarming. Nine routers were actively inserting malicious code into traffic passing through them. Two were using evasion techniques to avoid detection. Seventeen accessed AWS credentials belonging to the researchers. One stole actual cryptocurrency.

How Routers Became A Security Blind Spot

LLM routers sit between a developer’s application and AI providers such as OpenAI, Anthropic, and Google. They work as intermediaries, bundling API access into a single pipeline.

26 LLM routers are secretly injecting malicious tool calls and stealing creds. One drained our client $500k wallet.

We also managed to poison routers to forward traffic to us. Within several hours, we can directly take over ~400 hosts.

Check our paper: https://t.co/zyWz25CDpl pic.twitter.com/PlhmOYz2ec

— Chaofan Shou (@Fried_rice) April 10, 2026

The problem is structural. These routers terminate encrypted internet connections — known as TLS — and read every message in plain text before passing it along. That means anything sent through them, including private keys, seed phrases, and login credentials, is fully visible to whoever operates the router.

According to the researchers, the line between normal credential handling and outright theft is invisible from the client’s end. Developers have no way to tell the difference. A router that looks like a legitimate service can silently forward sensitive data to a third party without triggering any alarm.

Co-author Chaofan Shou said on X that 26 routers were found to be “secretly injecting malicious tool calls and stealing creds.”

The study also flagged what researchers called “YOLO mode” — a setting built into many AI agent frameworks that lets agents run commands without stopping to ask users for approval.

A malicious router combined with an auto-executing agent could move funds or exfiltrate data before a developer even notices something went wrong.

Crypto Security: Free Access Used As Bait

Reports from the study indicate that free routers are especially suspect. Cheap or no-cost API access appears to be used as an incentive to get developers to route traffic through infrastructure that may be harvesting credentials in the background.

Even routers that start out clean are not safe — the researchers found that previously legitimate routers can be quietly turned malicious once operators reuse leaked credentials through poorly secured relay systems.

The recommended fix for now is straightforward: keep private keys and seed phrases out of any AI agent session entirely.

For the long term, researchers say AI companies need to cryptographically sign their responses so that the instructions an agent executes can be mathematically traced back to the actual model — cutting off the ability of any middleman to tamper with them undetected.

Featured image from Xage Security, chart from TradingView

A CryptoQuant analysis tracking XRP’s derivatives structure across major platforms has identified a development that reframes the current weakness as something more specific than a broad market correction. Binance — the exchange that processes the largest share of XRP futures volume globally — recorded an open interest decline of approximately 721.49 million XRP. That is not a routine position adjustment. That is a near-complete evacuation of leveraged exposure from the market’s most systemically significant trading venue.

The scale of the Binance decline is the first data point that demands context. When open interest contracts are this sharply on a single exchange that reflects broader market trends, the movement typically signals one of two things: deliberate risk reduction by traders who have decided the current environment does not justify maintaining exposure, or forced liquidations triggered by price volatility removing positions that could not withstand the pressure.

The line between those two explanations matters — because one describes a market-clearing excess, and the other describes a market still under stress.

The Pattern Repeats Across Two More Venues

The Binance decline does not stand alone. Bybit recorded an open interest drop of approximately 132.10 million XRP — the second largest decline in the dataset and a meaningful reduction in its own right, even against the scale of Binance’s movement. Bitfinex added a further 10.96 million XRP to the total. Combined across all three venues, the aggregate position closure reaches approximately 864 million XRP removed from the XRP derivatives market in a single period.

That multi-venue confirmation is the finding that transforms the Binance reading from a platform-specific event into a market-wide signal. Three exchanges with different user bases, different ownership structures, and different geographic footprints, all recording simultaneous open interest declines, point to a single systemic cause rather than three separate explanations.

Traders are reducing XRP exposure across the board. The risk appetite that built these positions has withdrawn from the market at scale.

The report’s forward assessment holds both possibilities without resolving them prematurely. A sharp, broad-based drop in open interest is consistent with cautious sentiment and weakening short-term momentum — the bearish reading. It is equally consistent with the clearing of excess leverage that creates the structural conditions for a stronger move when liquidity returns and new positions begin forming — the constructive reading.

Which interpretation prevails depends on what arrives next: continued selling pressure that confirms the bearish thesis, or a catalyst that fills the vacuum the position closures have created. The market has cleared. The direction of what refills it is the question the data cannot yet answer.

XRP Remains Under Pressure as Range Tightens

XRP continues to trade just above the $1.30 level, maintaining a narrow consolidation range after the sharp breakdown that defined February’s price action. The chart reflects a clear transition from trending behavior to compression, with price moving sideways between roughly $1.25 and $1.40.

Despite the stabilization, the broader structure remains weak. XRP is still trading below the 50-day (blue), 100-day (green), and 200-day (red) moving averages, all trending downward. This alignment confirms that bearish momentum has not reversed. Recent attempts to push higher have repeatedly failed near the 50-day average, indicating persistent overhead supply.

The February capitulation wick, accompanied by a spike in volume, suggests a liquidation-driven event that likely marked short-term exhaustion. However, the subsequent decline in volume signals reduced participation rather than renewed demand. The market is no longer under stress, but it is also not attracting strong buyers.

Structurally, XRP is compressing near support. The $1.30 level is holding, but without conviction. A break below $1.25 would likely trigger another leg lower, while a move above $1.50 is required to shift momentum and challenge the broader downtrend.

For now, XRP remains in a state of equilibrium, awaiting a catalyst to resolve direction.

The price action at the end of last week is starting to generate optimistic views for the Bitcoin price, but a pattern that has repeated across every major Bitcoin market cycle shows that the leading cryptocurrency is still in a sell zone.

A Repeating 4-Year Cycle That Ends The Same Way

Technical analysis of Bitcoin’s price action on the weekly candlestick timeframe chart shows an interesting observation. The analysis was done by a crypto analyst called Tony Research, who looked at one of the most consistently observed structures in Bitcoin’s history: the four-year cycle. 

The analysis looked at the following durations from bottom to bottom across three distinct cycles. Cycle 1 (2015 to 2018) ran for 1,431 days; Cycle 2 (2019 to 2022) covered 1,421 days; and the current Cycle 3 (2023 to 2026) is tracking at approximately 1,390 days. 

The Gaussian Channel indicator on the weekly timeframe chart shows that each of these cycles has followed the same general structure. The structure involves a recovery from a bear market bottom, a bull run that carries the BTC price to new all-time highs, and then a final distribution phase before a major drawdown. 

Bitcoin formed bull market tops in November 2013, December 2017, and November 2021, with each cycle spanning approximately four years from peak to peak. Consistent with this structure, the most recent cycle appears to have peaked on October 6, 2025, at just above $126,000. 

Price action trading between $60,000 and $76,000 is, in Tony’s view, not for nothing but a reflection of indecision at a critical point in the cycle. The conclusion is that this range is the final stage before a deeper correction.

Bitcoin Might Be In The Sell Zone

History shows that the moment Bitcoin crossed back beneath the upper band of the Gaussian Channel signified the entry into what is the terminal distribution phase. The same signal has now appeared on the current chart, and this reinforces the idea that BTC is trading in a zone where the final drop might happen any time. 

In another analysis, Tony outlined an approach to Bitcoin that has, by his assessment, outperformed the vast majority of retail traders over a four-year period. The approach is based on Bitcoin’s relationship with its 200-day moving average. 

Whenever the price falls below the MA200, the instruction is to buy and accumulate. When Bitcoin breaks back above the MA200 and has been trading above it for approximately 1,000 days, the instruction is to sell. 

At present, BTC has already spent many months above this moving average. Therefore, the cryptocurrency might not be in a phase where aggressive accumulation makes sense.

A CryptoQuant report drawing on DeFiLlama data has identified a recovery that goes beyond the return of capital. After the post-2021 correction erased the speculative froth from the DeFi market, the $95 billion now locked in on-chain protocols reflects something the 2021 peak did not: sustained inflows driven by real demand rather than yield-chasing momentum. The capital has returned. This time, it appears to be staying.

The structural shift the report identifies beneath the TVL figure is the more consequential development. DeFi is no longer being evaluated primarily as a high-yield speculation venue. It is being re-evaluated as financial infrastructure — a replacement for the intermediary layer that traditional finance places between users and their assets. The distinction is fundamental: in traditional finance, institutions hold assets on behalf of users. In DeFi, users hold their own assets via smart contracts. Trust moves from institutions to code.

At the center of that shift is self-custody — and in Japan, that shift is becoming practical rather than theoretical. Hashport Wallet is lowering the barrier to private key ownership for mainstream users, making the infrastructure of self-custody accessible to a population that has historically kept its financial assets in institutional hands.

The DeFi Infrastructure Is Assembling. Japan Is Watching Closely

The report identifies stablecoins as the connective tissue that makes DeFi functional rather than theoretical. Price-stable assets solve the fundamental friction that prevented cryptocurrency from replacing traditional payment infrastructure: volatility.

When the medium of exchange fluctuates 10% in a session, it cannot serve as a foundation for payments, transfers, or lending. Stablecoins remove that friction. Their expanding global market size is not a crypto trend — it is the growth of a settlement layer that real-world financial activity increasingly depends on.

The Ethereum network data provides the on-chain confirmation. Transaction activity has surged recently — and the report draws the distinction that matters most in interpreting that surge. When network activity increases alongside rising prices, it suggests organic demand rather than speculative positioning. Users are not just betting on Ethereum. They are using it. That combination — activity growth and price growth occurring together — is the signature of a strengthening on-chain economy rather than a reflexive bubble.

Japan is translating these global developments into a domestic financial model with a specific architectural choice. JPYC — a yen-denominated stablecoin — makes the entire DeFi stack practically accessible to Japanese users and institutions in local currency. The friction of currency conversion, the barrier of dollar-denominated protocols, the regulatory complexity of foreign stablecoin exposure — JPYC addresses all three simultaneously.

What JPYC and Hashport are building together is not a crypto product. It is a national financial access layer: self-custody infrastructure paired with a local-currency settlement asset, delivering the full capability of global DeFi to a population that holds some of the world’s largest household savings. That combination — accessibility, sovereignty, and local currency denomination — is what the report identifies as a uniquely viable model for regulated economies entering on-chain finance.

Stablecoin Dominance Stalls After Sharp Expansion

Stablecoin dominance has entered a consolidation phase after a strong upward move that defined late 2025 and early 2026. The chart shows a clear expansion from roughly 7% to above 13%, reflecting a significant shift in capital positioning. That rise typically signals a defensive market environment, where participants rotate out of volatile assets into stablecoins.

Since peaking near the 14% region in February, dominance has stabilized around 13.2%, forming a horizontal range rather than continuing higher. This shift from expansion to consolidation suggests that the initial risk-off move has already occurred, and the market is now in a holding pattern rather than actively de-risking further.

Technically, the structure remains constructive. Stablecoin dominance is holding above its 50-day (blue) and 100-day (green) moving averages, both trending upward, while the 200-day (red) continues to rise below. This alignment confirms that, despite the pause, the broader trend of capital preservation remains intact.

Structurally, this is a plateau at elevated levels. A break above 14% would signal renewed risk aversion, while a move below 12% would indicate capital rotating back into crypto assets. For now, the market remains cautious, not yet risk-on.

Featured image from ChatGPT, chart from TradingView.com 

In comments made on Monday, South Korea’s central bank suggested that crypto exchanges should use new mechanisms designed to prevent mistakes like the one that led to an erroneous payment involving 620,000 Bitcoin (BTC) in February.

Bithumb Case Details

Local media reports say the BOK pointed to the absence of circuit-breaker style systems as a key reason such incidents can escalate. The central bank highlighted that the crypto asset sector, compared with traditional finance, generally has “weaker internal controls and lower regulatory standards.” 

The Bithumb incident itself, according to the Bank of Korea’s description at the time, involved staff distributing Bitcoin without the required approvals. The exchange allegedly allowed employees to send BTC without supervisor clearance and without verification through internal monitoring departments. 

The BOK also noted that the damage was made worse by delays in recognizing what had happened and responding appropriately. It said Bithumb’s fraud detection system did not function as expected, which contributed to the scale and impact of the mistake.

BOK Calls For Real-Time IT Checks

Looking ahead, the Bank of Korea said it believes crypto exchanges should consider system-level protections similar to the Korea Exchange (KRX) circuit breakers. 

The idea is to give markets an automatic “pause” mechanism during abnormal activity—such as large-volume orders or sudden, sharp price swings—so trading can be halted when conditions indicate something is going wrong. 

Beyond trading halts, the BOK also stressed the need for better technology to reduce human error. It said exchanges should have IT systems that can automatically, and in real time, verify that internal ledgers match blockchain balances, and stop erroneous payments before they propagate. 

In other words, the Bank of Korea is pushing for real-time checks that can confirm balances accurately and prevent mistakes from turning into costly incidents.

Featured image from OpenArt, chart from TradingView.com 

Geopolitical Shock Drives Bitcoin Short Interest

Several negative factors across the broader cryptocurrency sector and the world are bolstering Bitcoin’s recent pullback. Currently, heightened macroeconomic and geopolitical tensions are once again spilling into the crypto market, causing Bitcoin and other digital assets to retest key support price levels.

In an X post, Darkfost, a verified CryptoQuant author and data analyst, revealed that BTC is experiencing renewed heavy short pressure following the breakdown of the US-Iran talks. After a week of suggesting an improvement in the geopolitical situation, the expert argues that the negotiations scheduled for this weekend will ultimately put an end to that hope.

Due to the unsuccessful negotiations, there is now more uncertainty in the global markets, which has caused traders to take more short positions. At this point, Bitcoin’s price action is now being shaped by macro headlines, flipping sentiment toward a more cautious and volatile state.

The news about the unsuccessful negotiations was announced by US Vice President JD Vance during the weekend. According to Vance, no agreement had been reached between Iran and the US, especially due to ongoing disagreements over nuclear issues. Following the announcement, the price of BTC fell by around 3%, revisiting the $70,000 range. 

BTC Sell Volume On Binance Sees Sharp Growth

Darkfost highlighted that investors remain bearish and are leading toward the downside despite a drawdown of nearly 42% from its last peak. At the time of the post, sell volume on Binance derivatives was valued at nearly $1 billion, reinforcing the selling pressure. The rise in sell volume underscores the level of uncertainty across the BTC market, as evidenced by the wave of bearish positioning from both small and large investors.

Shorts continue to dominate funding rates, which are currently negative at -0.0065%. For reference, a 0.01% implicit interest rate is incorporated into Binance’s funding rate calculation. When funding rates drop below this level, it often indicates that short positions are already the dominant part of the market. This trend reflects significant bearish pressure in the very short term.

However, the market has historically tended to move against the majority when this type of consensus is formed. As a result of this, the dynamic is typically more subtle during bear markets. Even when it causes short-term reactions, their scope and duration are often constrained.

With shorting activity building among investors, the focus now shifts to whether the fresh wave of uncertainty will lead to more declines or pave the way for a dramatic reversal in the near term.

The Move Made By Shiba Inu’s Founder Ryoshi

In an X post on April 10, @Shibizens, followers, and supporters of the Shibarium ecosystem revealed a fun fact about Shiba Inu that continues to guide its direction and operations to this day. They revealed that following Shiba Inu’s mid-2020 debut, Ryoshi had sent approximately 50% of its massive supply of 1 quadrillion tokens, about 505 trillion SHIB tokens, to Vitalik Buterin, the founder of Ethereum (ETH). 

The transfer was initially described as a gesture of respect and acknowledgment. However, Buterin later revealed that the real motive was a marketing strategy aimed at generating attention, similar to how SpaceX CEO Elon Musk helped drive interest in Dogecoin. 

As a result, in May 2022, Buterin burnt over 410 trillion SHIB, permanently removing them from circulation. This was valued at over $6 billion in a single transaction at the time. The Ethereum founder stated that his reasons for burning the meme coin were that he didn’t want to be a “locus of power” in the project. 

Shibizens note that Ryoshi’s decision to transfer over 500 trillion SHIB to Buterin effectively removed access to the meme coin’s remaining supply, eliminating any possibility of centralized control, with no keys and no way to manage those funds. This move further reinforced Shiba Inu’s decentralization, as the ecosystem reportedly has no tokens reserved for developers and no hidden supply, leaving it fully community-governed.

Excluding Buterin’s half, Ryoshi had locked the remaining 50% of SHIB’s supply in Uniswap liquidity pools and threw away the keys. The tokens were locked in as foundational trading liquidity for the market, ensuring that anyone could swap ETH for SHIB and vice versa automatically and at any time, without a centralized exchange. 

While highlighting these events, Shibizens also explained how token burns work. According to them, users must buy SHIB tokens before they can send them to dead wallets, permanently removing them from circulation. They noted that without owning or buying coins, burns cannot be executed to increase SHIB’s scarcity over time.

SHIB Whales Continue Buying As Price Drops

New updates from Shiba Inu analysts have shown that whales are currently accumulating SHIB, viewing low prices as a buy-the-dip opportunity. Notably, the Shiba Inu price is down more than 4% over the past seven days, closely tracking the broader market’s dip, largely driven by geopolitical risk aversion, according to CoinMarketCap data.

Following the recent decline, Shiba Inu is now trading around $0.0000057, with no clear signs of a recovery in sight. The meme coin also appears to be tracing the downward trajectory of Bitcoin, which recently fell due to a shift in investor sentiment after failed US-Iran peace talks and a looming Strait of Hormuz naval blockade.

XRP Payments Prove To Be 60% Cheaper Than SWIFT

Diana, an XRP advocate on X, made a striking revelation about the cryptocurrency on April 10. According to a crypto enthusiast, Japanese banks recently presented live data showing a staggering 60% cost savings when institutions use XRP compared to SWIFT for cross-border payments. 

At the 2026 XRP Tokyo conference in Japan, major banks in the country revealed live pilot results showing that the altcoin dramatically outperformed SWIFT across certain metrics. They had tested and directly compared XRP and SWIFT in real time, running transactions with the cryptocurrency through actual remittance corridors between Japan and Southeast Asia. The pilot test showed that not only was the cryptocurrency 60% cheaper than SWIFT, but that settlements could be completed in just under 4 seconds. 

This speed is a staggering gap compared to SWIFT, which typically takes 1-5 business days to complete a transaction. SWIFT works by routing payments through a chain of connected banks, where each institution must verify, process, and forward the transaction to the next before it reaches its final destination. Depending on the number of intermediaries involved, the process can take a long time to execute, making it inefficient, particularly for businesses and individuals who require fast, low-cost international transfers. 

How Ripple Keeps Transactions Extremely Low-Cost And Fast

In her post on X, Diana outlined three major reasons why XRP is more cost-effective than SWIFT. She noted that during cross-border transfers, it serves as a bridge asset to streamline and accelerate payments. How this works is that the XRP Ledger instantly converts a sender’s currency into XRP, transfers it across borders in seconds, and converts it into the recipient’s local currency upon arrival. This eliminates the need for multiple currency conversions via costly intermediaries. 

Diana further noted that funds move across the network in seconds because, unlike SWIFT, there are no intermediaries to slow down payments. She also pointed out that XRPL does not have pre-funded accounts like SWIFT, meaning banks are no longer required to lock up large sums of capital in overseas accounts to facilitate international transactions. According to her, this feature can unlock significant capital for financial institutions, freeing up billions of dollars that had been sitting idle and allowing banks to deploy that liquidity more productively across their operations. 

Notably, Diana revealed that during the XRP Tokyo conference, Ripple announced the expansion of its On-Demand Liquidity (ODL) platform to include 12 new currency pairs. This means that the crypto company can now facilitate instant, low-cost transactions across a significantly wider range of currencies, expanding the altcoin’s adoption into more corridors and increasing its daily demand with every transaction processed. 

Falling XRP Open Interest On Exchanges

XRP’s price is struggling with renewed bearish pressure, driven by recent war tensions between the US and Iran. After this sudden decline in price, a noticeable shift is unfolding in the derivatives landscape of the altcoin.

Related Reading: XRP Waning Price Action Drives Supply Deeper Into The Loss Territory

Xaif Crypto, a market expert and investor, took to the X platform to announce that XRP’s Open Interest (OI) continues to decline across major cryptocurrency exchanges. The wave of outflow of leveraged positions indicates that traders are withdrawing in the face of heightened uncertainty or locking in gains to prevent further losses on their investments.

According to the expert, the open interest has been bleeding out since the blow-off in November 2025. Looking at the chart on the 30-day time frame, the OI change is currently barely above level 0 across Binance, the world’s leading trading platform, Bybit, and OKX.

This decline in open interest frequently indicates a cooling period in market activity or a consolidation phase, during which speculative momentum starts to wane. As a result, the market expert has predicted an explosive move for the altcoin in the near future, allowing it to recover key resistance levels.

In another X post, Xaif Crypto has drawn the attention of market participants to the XRP Taker Buy/Sell ratio on the Binance platform. As of Saturday, the metric has surged to a new all-time high, a classic positive condition that could shape the short-term outlook for the altcoin.

It is worth noting that this metric measures between market buy and sell orders, and currently, buyers are taking over the order flow. Xaif Crypto stated that sellers are exhibiting signs of exhaustion, which points to renewed conviction among investors as bullish pressure intensifies.

Despite waning market action, buyers are demonstrating aggressive buying activity, with smart money steadily stacking up their holdings, a clear indication of a real accumulation phase among holders.

Crypto Exchanges’ Reserves Are Drying Up Fast

A striking trend is turning across the XRP market, as tokens are leaving crypto exchanges at a rapid pace. When coins are leaving trading platforms, it often points to growing conviction as traders choose to hold their assets in private custody rather than sell them on these exchanges. It also reflects tightening market liquidity, which could play a role in determining the next significant price move.

Related Reading: User Activity On XRP Ledger Contracts With Declining Active Wallet Numbers

As reported by SMQKE, there are just 1.7 billion XRP available across all crypto exchanges, suggesting a smaller amount of the altcoin available for sale or trading. This is the lowest level of the altcoin held on trading platforms over the past 7 years. 

In a 21Shares report, the asset manager referred to this trend, which collides with growing institutional ETF (Exchange-Traded Fund) demand, as “the supply-shock mechanism.” The company added that “this intersection of scale and scarcity is the primary engine for a non-linear repricing throughout 2026.”

A Retirement Fund Built Over Years

Dutton had been stacking Bitcoin since 2017, treating it as a long-term retirement plan. On Saturday, he posted about the loss on X, telling his 67,500 followers the coins had vanished in an instant.

He said he downloaded what appeared to be the Ledger Live app — a self-custody crypto application — from Apple’s App Store on a new MacBook. The app was fake. Once inside, it prompted him to enter his seed phrase. He did. The money was gone.

“I been in the crypto circus since 2017,” he wrote in a follow-up post. “Today they caught me off guard. It was my own damn fault for not being more diligent. But let it serve as a warning. There’s so many scams.”

Blockchain investigator ZachXBT traced the stolen funds shortly after, finding that the Bitcoin had been moved to deposit addresses tied to the crypto exchange KuCoin across nine separate transactions.

I had a really tough day today I lost my retirement fund in a hack/Scam when I switched my @Ledger over to my new computer and by accident downloaded a malicious ledger app from the @Apple store. All my BTC gone in an instant.

— G. Love (@glove) April 11, 2026

KuCoin responded to ZachXBT’s post with a statement typically addressed to its customers. Dutton did not disclose which link led him to the fraudulent download.

Fake Wallet Apps Have Fooled People Before

This is not the first time scammers have pulled off this exact move. Back in 2023, a counterfeit version of the Ledger Live app appeared on Microsoft’s app store and drained nearly $600,000 from multiple users before it was removed.

Hi I traced out your 5.92 BTC stolen and it was all laundered via @kucoincom deposit addresses in the following transactions:

6f5c8eb6b01774626f33527e0cb03c0d1860447acacd6079e69bf41b459bcf1f 9ee1288f941b2c3775ebd125eefeebdc713aa160bf2cf9d18661fd07f84ce891…

— ZachXBT (@zachxbt) April 12, 2026

Microsoft later acknowledged the app had made it through its review process undetected. Apple had not responded to a request for comment.

Dutton’s case is one piece of a much larger problem. According to the US Federal Bureau of Investigation, Americans lost more than $11 billion to crypto-related fraud in 2025 — up from $9 billion the year before.

Seed phrases are the master keys of self-custody crypto wallets. No legitimate wallet application asks users to type one into a screen. That’s the line Dutton crossed without realizing it — and by the time he did, there was nothing left to recover.

Featured image from Pexels, chart from TradingView

Ripple CEO’s Comments About Bitcoin Resurface

XRP pundits COACHTY and XRP Queen drew attention to a FOX interview by the Ripple CEO, in which he predicted last year that Bitcoin could reach $200,000. He noted that this was an upgrade from his earlier prediction of $175,000. Garlinghouse explained that he believed a BTC rally to $200,000 was not ‘unreasonable’ given the current regulatory landscape. 

The Ripple CEO stated that people underestimate how the United States, the world’s largest economy, has gone from a headwind to a tailwind. It is worth noting that Garlinghouse was responding to a question highlighting that Cardano founder Charles Hoskinson had predicted Bitcoin could reach $250,000 by year-end 2025. 

However, the Ripple CEO didn’t provide a timeline for when Bitcoin could reach $200,000, which means his prediction remains valid. The focus is currently on the CLARITY Act, which pundits have predicted could spark the next bull run for Bitcoin and the broader crypto market when it passes. 

One of these pundits includes Fergani, who recently predicted that Bitcoin could rally to $200,000, in line with the CEO’s prediction, partly thanks to the CLARITY Act. The pundit also noted that institutional interest in crypto is increasing, which will also contribute to this rally to a new all-time high (ATH) for the leading crypto. The CLARITY Act is also expected to boost crypto adoption by providing regulatory certainty for institutional investors, who remain on the sidelines. 

Garlinghouse Fails To Give XRP Prediction

The Ripple CEO said that he could not give an XRP prediction because the altcoin is too “close to home,” alluding to his company’s massive XRP holdings. Ripple also notably uses XRP for the majority of its operations, including its payment services, as a bridge currency. However, it is worth noting that Garlinghouse has become more vocal about XRP since the settlement of the SEC lawsuit last year. 

On several occasions this year, the CEO has described XRP as their “North Star,” highlighting how important the token is to their operations. At the start of the year, he also reiterated that XRP has always and will remain the heartbeat of their vision. As part of this vision, it is worth noting that Ripple recently integrated XRP and RLUSD into Ripple Treasury, marking the first native on-chain enterprise treasury.

At the time of writing, the XRP price is trading at around $1.32, down in the last 24 hours, according to data from CoinMarketCap.

Bitcoin Realized Profit Crossed $20M/Hour During Rally

In a new post on X, on-chain analytics firm Glassnode has talked about the latest trend in the Bitcoin Realized Profit, which is an indicator that measures, as its name suggests, the total amount of profit that BTC addresses/investors are realizing through their transactions.

Below is the chart shared by Glassnode that shows how the 24-hour simple moving average (SMA) of this Bitcoin metric has fluctuated over the last few months.

As is visible in the graph, the 24-hour SMA of the Bitcoin Realized Profit has seen a couple of spikes of a notable scale during the last few days. The spikes came as BTC recovered from its recent lows and broke back above the $73,000 level. Thus, it would appear that investors took the recovery opportunity to exit with profits.

During the spikes, profit-taking exceeded $20 million per hour. Since this investor is selling, BTC has retraced back below $71,000, indicating that the profit realization likely played a role in the rally topping out.

This is actually a pattern that has been witnessed a few times during the recent consolidation range already. “Every approach to the $70k–$ 80k band faces thin liquidity and profit-taking pressure, capping the bounce,” noted the analytics firm. Given that the latest rally has also been obstructed by profit-taking, it would appear that fresh liquidity capable of absorbing the selling pressure is still absent from the market.

The continued sideways movement from Bitcoin has meant that a chunk of the userbase has remained stuck underwater. As Glassnode has pointed out in another X post, a huge number of addresses on the BTC blockchain continue to be in loss.

As displayed in the above graph, the Bitcoin Number of Addresses in Loss, an indicator tracking wallets holding coins at a net unrealized loss, has seen some temporary declines alongside price surges, but as BTC has failed to maintain any recovery, the indicator has kept touching high levels.

Currently, there are 13.5 million addresses sitting in a loss. “This indicates that a meaningful portion of the network acquired coins above the current spot price,” explained the analytics firm. In the scenario that BTC’s current pullback continues, the metric could reach back to the highs above 16 million from earlier in the year.

BTC Price

Bitcoin is back at $70,800 following its pullback over the weekend.

According to crypto exchange KuCoin, the shift is already underway, with hash rate actively migrating toward what analysts are calling the “Global South.”

That geographic spread, KuCoin argues, actually strengthens the Bitcoin network by reducing its exposure to any one country’s political or energy shocks.

It is a different kind of decentralization — not the kind Satoshi Nakamoto imagined, but decentralization just the same.

The Opposite Paths Of Two Technologies

While Bitcoin mining grows more concentrated in terms of hardware and industrial scale, artificial intelligence may be moving the other way.

Alex Thorn, head of research at Galaxy, made that case on Sunday, pointing out that AI started its life in massive, corporate-controlled data centers.

bitcoin mining began decentralized (CPUs, GPUs) and became centralized (ASICs, industrial-scale farms)

AI may follow the opposite path: it started centralized in giant hosted clusters, but as frontier model gains slow (from data scarcity, context limits, and memory bottlenecks)… pic.twitter.com/J2indQsTt8

— Alex Thorn (@intangiblecoins) April 12, 2026

Now, as frontier models run into constraints — data scarcity, memory limits, context bottlenecks — open-source alternatives are gaining ground. Smaller models are getting cheaper and more capable. Some already run directly on phones and laptops.

“If local models keep getting smaller, cheaper, and more efficient, AI may become increasingly personal and on-device,” Thorn said.

Bitcoin mining started the opposite way. Ordinary people once mined coins from home computers. That era is long gone.

Today, mining requires either specialized ASIC hardware or access to an industrial-scale facility. The gap between a casual participant and a serious miner has never been wider.

A $119 Billion Market Taking Shape

The push toward on-device AI processing has a name: edge computing. It refers to running AI models locally — on the device itself — rather than routing data to a remote server.

Data shows the global edge AI market was valued at roughly $25 billion in 2025. Based on projections from Grand View Research, that figure is expected to reach close to $120 billion by 2033, a jump of nearly 300% over eight years.

The growth is being driven by the spread of connected devices, demand for real-time processing, and growing concern over data privacy. Industries that cannot afford delays — manufacturing, healthcare, logistics — are among those pushing adoption forward.

For Bitcoin, the concern runs in the other direction. Increasing concentration of mining power raises questions about long-term network security.

A network where just a handful of large players control most of the hash rate is more vulnerable to disruption than one spread across thousands of independent operators.

Geographically, the migration away from the US may ease some of that pressure. Whether it is enough remains an open question.

Featured image from Unsplash, chart from TradingView

Why The Bitcoin Price Is Still Bearish Despite Reaching $73,000

Last week, the Bitcoin price surged high, rising more than 5% and reaching $73,000 before meeting resistance. This has naturally led to more positive sentiment after weeks of negative sentiment, bringing a much-needed relief rally to investors who have suffered major losses.

Despite this, Captain Faibik does not believe that this calls for celebration and is instead choosing a very conservative stance. As for the current uptrend, the crypto analyst believes it could eventually continue, putting a possible peak right between $77,000 and $78,000 due to the liquidity there.

Other than this liquidity grab, there seems to be nothing else suggesting that the bitcoin price has turned bullish. Even after the push upward to get liquidity, the next direction is expected to be downward, triggering a possible 20% correction in this regard. This correction, as the analyst explains, could lead the price to push back into the $54,000-$56,000 area.

If this trend does play out and the price does push this low, it could mean a new cycle low for the digital asset. This will erase the current cycle support, which still lies at $60,000. Nevertheless, the crypto analyst points this out as a possible play, saying that the bears are actually still in control of the Bitcoin price.

Despite being bearish on Bitcoin, the crypto analyst remains bullish on the altcoin market. He explains that while stabling most of his funds, a good chunk (30%) is currently sitting in the altcoin market, which the analyst expects to be be more bullish than Bitcoin from here. According to the analyst, investors need to be patient and wait for confirmation first before making a move.

Sun Claims His Wallet Was Frozen First

Tron founder Justin Sun, who poured more than $100 million into the project across two separate investments, went public on X with a pointed accusation: that WLFI quietly built a backdoor into its smart contract infrastructure — one that lets the team freeze, restrict, or block access to user funds without warning.

I have always been an ardent supporter of President Trump and his crypto friendly policy.

As an early supporter who invested heavily in World Liberty Financial, I did so because I believed in the vision that was presented to the public: a decentralized finance platform that…

— H.E. Justin Sun (@justinsuntron) April 12, 2026

Sun said he was not just a critic watching from the outside. His own crypto wallet was blacklisted in 2025, he claimed, making him the project’s first and largest victim. He called the feature the opposite of what decentralized finance is supposed to stand for.

WLFI has not issued a formal public response to the allegations.

Borrowed Millions Against Its Own Tokens

The hidden control accusation arrived alongside a separate controversy that had already been gaining attention. According to blockchain analytics firm Arkham Intelligence, WLFI deposited close to 2 billion of its own tokens into the Dolomite lending protocol and borrowed more than $31 million in stablecoins against them.

The project now accounts for roughly 55% of Dolomite’s total liquidity — a concentration that has raised eyebrows among observers tracking the platform’s exposure.

Earlier transactions pointed in a similar direction. Reports indicate WLFI put up $14 million worth of its in-house stablecoin, USD1, to borrow $11.4 million USDC in February.

Another $12.5 million in USD1 was moved directly to Coinbase Prime, bypassing the lending system entirely. In total, on-chain data shows the project used approximately 5 billion of its self-issued tokens to pull in around $75 million in outside liquidity — a structure critics have compared to circular financing.

The market has not been kind. WLFI’s token dropped below $0.08 and has shed more than 20% over the past 30 days. With the USD1 lending pool running at near-full capacity, users looking to withdraw face tightening conditions.

Reports also note that 3 billion WLFI tokens were moved during the first week of April, adding to the unease.

Sun ended his public statement with a demand: unlock the tokens, and operate with transparency. Whether the team acts on that — or responds at all — remains to be seen.

Featured image from David Hume Kennerly/Getty Images, chart from TradingView

A new statement from Brian Armstrong has added new weight to calls for Congress to move the Digital Asset Market Clarity Act, just as pressure is coming from Washington to bring the bill back into focus.

Treasury Steps In As Urgency Builds In Washington

One of the most consequential voices in American crypto just changed sides. Brian Armstrong, CEO of crypto exchange Coinbase, declared on social media that it is time to pass the Clarity Act, publicly endorsing the Digital Asset Market Clarity Act of 2025 in a post on X, the same legislation he had twice rejected previously.

The comment by Armstrong is in response to a forceful Wall Street Journal opinion piece by Treasury Secretary Scott Bessent and is one of the first few signs that the legislative standoff over US crypto market structure may finally be reaching its end.

Discussions around the CLARITY Act increased after Scott Bessent publicly called on lawmakers to act, noting that the United States risks falling behind in shaping the future of digital finance without clear regulations. In the opinion piece, Bessent mentioned how Congress has already spent years attempting to define how digital assets should be treated and that the time for debate is running out.

The Treasury Secretary also noted the difference in other jurisdictions with clearer regulatory rules, such as Abu Dhabi and Singapore. Therefore, passing the CLARITY Act is important to bringing back blockchain developers and crypto entrepreneurs to the United States after much of the industry relocated to these countries.

“There is one way to give developers and entrepreneurs the comfort to reshore: durable law,” he said.

The piece also connected the CLARITY Act to its predecessor, the GENIUS Act, the stablecoin framework that President Trump signed into law in July 2025. The Genius Act proved that progress is possible, but the progress cannot be fully realized without support from the CLARITY Act.

Armstrong Expresses Support

Armstrong responded to Bessent opinion, noting how it is time to pass the Clarity Act. 

“Grateful for all the bipartisan work among Senators and staff over the past several months to make this a strong bill,” the Coinbase CEO said.

Armstrong’s response to Bessent’s remarks is a notable turn for Coinbase, which has played a complicated role in the bill’s journey to being passed. In January 2026, he publicly withdrew Coinbase’s support for the Senate Banking Committee’s draft, stating that the version was materially worse than the current regulatory status quo and that Coinbase would rather have no bill than a bad one. 

SEC Chair Paul Atkins also backed the Treasury Secretary’s comments, stating in a post on X how it’s high time for Congress to future-proof against rogue regulators and advance comprehensive market structure legislation to US President Donald Trump’s desk.

Featured image from Pexels, chart from TradingView

That change is still small, but it is arriving as BTC recently reached an intraday high of $73,720 and as macro fears tied to the US-Iran conflict are changing.

The Defensive Phase Is Starting To Fade

Bitcoin’s market structure has been telling a story of restraint for many months. Capital moved to the sidelines, and stablecoins got bigger. Notably, the Bitcoin realized cap, a measure of the aggregate cost basis of all coins in circulation, plunged deep into negative territory, which is a sign that the market had absorbed significant unrealized losses. 

This Bitcoin realized cap is the premise of the capital rotation setup, which was shared in a technical analysis by a crypto analyst that goes by the name Darkfost.

At the end of February, Bitcoin’s realized cap change fell to about negative $28.7 billion, which is one of the signs that capital tied to the cryptocurrency had moved into a deeply defensive posture. At the same time, stablecoin market capitalization grew by more than $6 billion, showing that investors were moving funds still in the crypto market instead of keeping that exposure in Bitcoin. According to the analyst, it was the first time this kind of rotation had appeared since the last bear-market phase.

However, the tide may be quietly changing, and the timing of that change has not gone unnoticed. Darkfost’s updated reading shows Bitcoin’s realized cap change recovering to about negative $3 billion, while stablecoin capitalization has fallen to around negative $1 billion. 

This means that capital that had been parked on the sidelines appears to be moving back out of shelter and into Bitcoin again. The move is not large enough yet to call it a full risk-on reversal, but it does suggest that investor positioning is no longer as defensive as it was just weeks ago.

Capital Rotation Net Position Change

Price Action And ETF Flows Support The Recovery Story

Perhaps the most striking element of this observation is the timing. The early stages of capital re-exposure to Bitcoin began when geopolitical tensions had not been fully resolved.

US Spot Bitcoin ETFs received $471.32 million in net inflows on April 6 alone, the strongest single day in almost three months, precisely as global markets were absorbing the uncertainty of a US-Iran ceasefire deadline. Bitcoin is currently trading near $71,746, after reaching an intraday high of $73,720, which keeps it close to a sustained recovery in the new week.

If capital keeps rotating out of stablecoins and back into BTC, then the on-chain setup suggests the recovery rally may have room to continue.

Featured image from Unsplash, chart from TradingView

Active Addresses Trends Reveal Changes In User Activity

In a Quicktake post on CryptoQuant, Crazzyblockk highlights readings obtained from the 30-Day Change In Exchange Active Addresses metric. For context, this metric tracks how much the number of unique active addresses interacting with exchanges has increased or decreased over the past 30 days. By extension, it also helps to indicate whether exchange usage (and thus trading activity) is rising or falling.

According to Crazzyblockk, there has been a widespread shrinkage in active addresses across several exchanges, both relative to and percentage-wise. The analyst explains this is a sign that these addresses (which are known for their unique transactions) are interacting progressively less than they used to. By extension, this situation makes liquidity increasingly scarce over time. However, more than just liquidity would be affected by this dynamic; the crypto pundit expects this to further translate as less capital movement and thinner order flow, which would ultimately result in less efficient execution environments.

&

Stronger Circulation Of Capital

Interestingly, the case is directly opposite on Binance, the world’s leading exchange by trading volume. On Binance, Crazzyblockk says there is an evident positive change in both absolute and relative terms. Because the metric tracks bidirectional activity, the quant explains that the growth recorded “reflects stronger circulation of capital rather than one-sided movement,” and that it also “suggests that user activity is not only entering but also continuously interacting within the platform.”

Hence, the dynamic on Binance appears to be a redistribution event rather than a flat-out decline in market activity. In this case, market involvement is more accurately described as moving towards exchanges capable of handling higher levels of interaction. Interestingly, this could strengthen the overall structure of the crypto market. As Crazzyblockk explains, “higher active address density typically aligns with deeper liquidity and stronger price discovery.” Thus, if the historical pattern holds during the current cycle, the crypto market at large could be in the early stages of an uptrend.

At the time of writing, the Bitcoin price stands at $71,600, recording a 1.84% downside move over the past 24 hours. Performing similarly to the world’s leading cryptocurrency, Ethereum is valued at $2,218. According to data from CoinMarketCap, the second-largest cryptocurrency has declined by only 0.5% since the past day.

That came as the broader push for the bill picked up new urgency from lawmakers and industry figures who fear the window for action is closing fast.

Deadline Pressure Builds

US Senator Cynthia Lummis said the country may not get another serious shot at the bill before 2030.

In a post on X on Friday, she said this was the “last chance” to pass the CLARITY Act until at least that year and warned against letting the country’s financial future slip away.

This is our last chance to pass the Clarity Act until at least 2030. We can’t afford to surrender America’s financial future.

— Senator Cynthia Lummis (@SenLummis) April 10, 2026

Her warning landed at a sensitive moment. Industry participants have grown more uneasy about the bill’s prospects this year, with November midterm elections threatening to shift congressional priorities and slow work on crypto legislation.

Lummis’ comments framed the fight as one that cannot sit on the shelf much longer.

David Sacks, the former White House AI and crypto czar, echoed that view a day earlier. He said Senate Banking, followed by the full Senate, should pass market-structure legislation and said he believes US President Donald Trump would sign it into law.

The GENIUS Act, signed by President Trump last year, established U.S. leadership on stablecoins.

The CLARITY Act, also known as market structure legislation, would do the same for all other digital assets by providing clear rules of the road.

Secretary Bessent is right: the… https://t.co/rBkE9b5Usq

— David Sacks (@DavidSacks) April 9, 2026

Industry Push Gathers Steam

The pressure is not coming from lawmakers alone. Chris Dixon, a16z Crypto’s managing partner, said rules that are clearly defined help both consumers and entrepreneurs.

That line has become a common argument inside the industry, where many firms say clearer oversight would help the US pull in more innovation and more retail demand for crypto assets.

That view has spread across different corners of the sector. Immutable founder Robbie Ferguson said on April 3 that the CLARITY Act could make the past decade of gaming growth look small by comparison.

Coinbase CEO Brian Armstrong also shifted his tone on Friday, saying it was time for the bill to move after months of delays.

Even with that momentum, a key problem remains. Grewal said on April 2 that the bill may be close to a Senate Banking Committee markup, but he also said the path forward depends on agreement over stablecoin yield.

That issue has kept the legislation from moving cleanly, even as support has built among companies and some regulators.

Regulators are now adding their voices too. SEC Chairman Paul Atkins said the time had come for Congress to move market-structure legislation to Trump’s desk and to protect the system from what he called rogue regulators.

The CLARITY Act has since become a test of whether Washington can settle crypto rules before the political calendar closes in.

Featured image from Unsplash, chart from TradingView

Bitwise Updates List Of Countertrading Parties In Hyperliquid ETF Filing

On Friday, April 10th, Bitwise submitted its second amendment to its spot Hyperliquid with the SEC, introducing new names to the list of approved trading counterparties ahead of an imminent launch in the US. This latest filing included FalconX, Flowdesk, Nonco, and Wintermute as approved trading counterparties for the asset manager.

Earlier in its first amendment filing in December 2025, Bitwise revealed the fund’s BHYP ticker, an annual management fee of 0.67%, and a proposal to generate additional profit through HYPE staking. Also, the asset management fund had listed three trading counterparties at the time, including A1 (now dropped off), Nonco, and Solios (disclosed as a d/b/a of FalconX).

In a post on the social media platform, Bloomberg senior ETF analyst Eric Balchunas highlighted the second amendment filing, saying that this latest update suggests that the fund’s launch might be imminent. Despite competition from two other asset managers, Bitwise looks set to win the race for the first spot ETF linked to Hyperliquid’s native token, HYPE.

21Shares followed with an application of its own to launch a Hyperliquid ETF in October 2025, while Grayscale submitted its own filing in late March 2026. Upon approval (which looks like a matter of when rather than if), Bitwise’s HYPE ETF will debut on the NYSE Arca stock exchange and offer investors exposure to the spot price of Hyperliquid.

HYPE Price Overview

Despite the raging market uncertainty this year, Hyperliquid’s native token HYPE has been one of the best performers so far. In fact, it can be said that the decentralized perpetual futures trading protocol has been one of the major winners from the Middle East tensions, as traders looked to gain market exposure even outside of regular trading hours.

Data from CoinGecko shows that the price of HYPE is up by more than 65% year-to-date and almost 200% in the past full year. As bullish momentum returned to the cryptocurrency market his week, investors have seen the altcoin’s price reclaim the $40 mark, jumping by nearly 20% in the past week.

As of this writing, the price of HYPE sits just beneath $43, reflecting a nearly 3% jump in the past 24 hours.

OTC Dominance In Bitcoin Transactions Signals Potential Supply Shock 

In a QuickTake post on April 11, market analyst GugaOnChain shares recent data from the “Bitcoin: OTC vs Exchange Dominance Share (24h %)” indicator, showing that OTC transactions now account for 82.26% of total settlement volume, placing the market firmly within the “Institutional Alert Zone” (80–90%).

Out of a total daily settlement volume of 706,000 BTC, valued at approximately $51.5 billion, only about 17.14% flowed through traditional centralized exchange (CEX) order books. This imbalance shows that public liquidity on exchanges is drying up, with large players increasingly inclined to trade off-market.

Considering this development, GugaOnChain warns traders against taking short positions in the current environment. This is because the dominance of OTC accumulation suggests a potential supply shock; therefore, any spike in spot demand can trigger sharp and violent upward price movements that would liquidate such bearish positions. 

To validate that this OTC activity reflects genuine accumulation rather than distribution, the seasoned analyst introduces additional data from the “Bitcoin: Exchange Inflow – Spent Output Age Bands” metric. The findings here showed that only 94.68 BTC of coins older than six months were deposited into exchanges over the last 24 hours. Compared to the 706,000 BTC moved across the network during the same period, this indicates that long-term holders remain largely inactive and are not selling into current price strength.

Related Reading: Analyst Predicts Ethereum Price Will Rise 400% To $8,000 In 6 Months, And There’s A Pattern Behind It

Coinbase Dominates Residual Exchange Flows

Within the remaining 17.14% of trading activity on centralized exchanges, GugaOnChain sheds further light on capital distribution, thereby reinforcing institutional influence. American exchange Coinbase leads decisively, accounting for 58.21% of all CEX flows. Its dominance is closely tied to its role as custodian for 8 of the 11 U.S. spot Bitcoin ETFs, making it a primary gateway for institutional capital.

Binance follows with 22.13%, maintaining its position as the largest global exchange by volume, though its user base remains more retail-driven. Meanwhile, Kraken captures 6.44% of flows, reflecting its focus on regulatory compliance and institutional clients, albeit at a smaller scale. Together, this distribution highlights a market increasingly shaped by institutional players, both on and off exchanges.

Are Investors Using BTC As A Hedge Against Inflation?

In a recent post on the X platform, pseudonymous market pundit Darkfost shared that a behavioral shift among Bitcoin investors is occurring at the moment. The crypto analyst revealed that this trend can be observed through the rotation of liquidity over the past few weeks.

Highlighting data from Checkonchain, Darkfost based their analysis on the Capital Rotation Net Position Change, which measures the flow of funds between major cryptocurrencies (Bitcoin, in this case), stablecoins, and fiat currencies. This metric tracks whether investors are moving their capital into riskier assets (risk-on sentiment) or to risk-free assets (flight-to-safety sentiment).

In addition, the Capital Rotation Net Position Change metric calculates the 30-day net change in the digital asset’s realized capitalization. According to Darkfost’s post, Bitcoin’s realized cap fell to an extreme low of -$28.7 billion at the end of February.

At the same time, while BTC’s realized cap dwindled, the stablecoin market capitalization began to steadily increase, reaching more than $6 billion. This rise in the stablecoin market cap reflects a clear intention from investors to protect their capital, while its coincidence with Bitcoin’s realized cap drop marks the first time for such a rotation since the previous bear market.

According to Darkfost, this behavior seems to be experiencing a gradual shift, with the Bitcoin realized cap recovering to -$3 billion, while stablecoin capitalization declined to -$1 billion. This shift suggests that investors are slowly starting to re-expose themselves to the market, which can be seen in BTC’s recent price action.

Darkfost added:

For now, this remains a modest development, but if this dynamic continues, Bitcoin could potentially extend the ongoing recovery rally. It is all the more interesting to observe that this dynamic began to emerge precisely as uncertainties surrounding the Iran conflict were reaching their peak.

The analyst concluded that it appears that some investors are starting to view Bitcoin as a hedge against inflationary and macroeconomic risk, especially in the current global market landscape.

Bitcoin Price At A Glance

As of this writing, the price of BTC stands at around $72,800, reflecting no significant change in the past 24 hours. According to data from CoinGecko, the premier cryptocurrency is up by more than 8% on the weekly timeframe.

Institutional Capital Accelerates Ethereum Adoption

In a recent X post, The Etherealize revealed that Ethereum is rapidly emerging as the dominant layer for tokenized treasury products, with over $22.5 billion in fund assets already tokenized on the network, representing roughly 71.9% of the total market share across all blockchains.

The momentum is being driven by industry heavyweights like JPMorgan Chase, which launched its MONY market fund on ETH in early 2026, joining established offerings such as BlackRock’s BUIDL and Franklin Templeton’s on-chain money fund. These are institutional-grade treasury management products. These products are suited for autonomous agents with idle capital needs operating on permissionless infrastructure, allowing agents to access the system without a brokerage account.

Ethereum is steadily evolving into the most viable financial layer for autonomous agents managing real capital. The Etherealize has also mentioned that an autonomous agent with a $500,000 treasury will need a stable requirements money market fund with a predictable yield, deep liquidity, minimal smart contract risk, and no centralized counterparty that can freeze or seize its assets. This is where the ETH DeFi ecosystem is beginning to stand out, and it meets these criteria.

The hacks and losses persist, but they are increasingly rare and concentrated at the speculative edges of the ecosystem. A stable core of application has proven remarkably robust through repeated stress events, and that track record shows what other chains can’t replicate. This growing stability is reflected in the declining share of DeFi losses relative to total value locked (TVL) on the ETH mainnet.

How Institutional DeFi Moves Beyond Experimentation

The tokenized finance could see a defining moment, one that markets may only fully appreciate in hindsight. Marc Baumann, the Founder of fiftyonexyz, has pointed out that Broadridge Financial Solutions has already processed over $8 trillion per month in tokenized repo settlements and has now taken a critical step beyond settlement by enabling real on-chain governance for tokenized equity.

At the same time, Galaxy Digital is serving as the staking provider for BlackRock’s ETHB staked Ethereum ETF, linking institutional capital directly into blockchain infrastructure. Together, these firms are involved in enabling the first on-chain shareholder vote for tokenized equity.

Baumann explained that the proxy voting market is estimated at $200 billion, and traditional players such as custodians, transfer agents, and proxy solicitors should pay attention, as the infrastructure for a new financial layer of institutional DeFi is being built by firms that already run on Wall Street. Rather than emerging from a purely crypto-native startup, the transformation is being driven by the same companies that process 401(K).

Treasury Secretary Calls US Senate Banking Committee To Action

Over the past week, individuals and stakeholders from different quarters of the government and private sector have been weighing in on the crypto market structure bill, the CLARITY Act. These conversations have swirled around negotiations over how to treat stablecoin rewards, as the US lawmakers return to Washington DC next week.

The bill, which has been on the table of the Senate Banking Committee since January, has been stalled by concerns over ethics, tokenized equities, stablecoin yield, and other crypto-related issues. However, the Senate Banking Committee is expected to reconvene and hold a hearing to vote on the bill before the end of the month.

According to a study conducted by White House economists, it was found that stablecoin rewards, the primary issue with the CLARITY Act, are unlikely to have a significant impact on bank lending or the broader credit market. At the same time, top White House officials have continued to push for the passage of the crypto bill.

In his latest attempt on Wednesday, April 8th, Treasury Secretary Scott Bessent released an op-ed in the Wall Street Journal, calling on the lawmakers to pass the crypto market structure bill.

The Treasury Secretary’s opening read:

The U.S. has long shaped financial markets. Clear rules, credible enforcement, and a willingness to adapt to innovation have made the American approach to market regulation the world standard. But maintenance of this leadership is far from guaranteed. To preserve it and rise to the challenge before us, Congress must pass the Clarity Act. Senate floor time is scarce, and now is the time to act.

In a Thursday follow-up post on the social media platform X, Bessent said that it is time for the Senate Banking Committee to hold a markup and send the CLARITY Act to the US President Donald Trump’s desk.

Coinbase CEO Says It’s Time To Pass CLARITY Act

Coinbase CEO Brian Armstrong, in a response to Bessent’s post on X, said he agrees with the Treasury Secretary’s opinion piece and that it is time for the crypto market bill to pass. “Grateful for all the bipartisan work among Senators and staff over the past several months to make this a strong bill,” the crypto CEO wrote.

Armstrong’s latest endorsement of the bill comes about three months after his company threatened to pull support for the crypto market structure legislation “as written.” However, procedures regarding this bill’s passage appear to be clearing up now, as the US looks to take a lead in cryptocurrency regulation.

Bitcoin Past Cycle Patterns Signal Next Bottom 

A crypto market analyst known as Philarekt on X has predicted the precise timeline and target for Bitcoin’s final cycle bottom. To support his predictions, the expert presented a chart comparing Bitcoin’s past market cycles from 2013 to 2026, showing when each bull run began, when the bear market ended, and how long each phase lasted. 

According to Philarekt, Bitcoin’s bull phase usually begins the moment it confirms a final bottom and typically lasts about 1,450 days before reaching a peak and then reversing into a new bear market. In 2013, BTC peaked near $1,100 before falling more than 87% and forming a bottom about 365 days later. A similar trend appeared in the 2017 cycle, where Bitcoin topped around $19,000 after rallying for 1,450 days, then dropped more than 85% before bottoming in 2018, approximately 365 days later. 

During the historical 2021 cycle, the same behavior was observed. Bitcoin had reached an all-time high above $69,000 before declining by over 79% into its 2022 bear market bottom. Based on this repeating structure, Philarekt believes Bitcoin has already reached its highest price target for the current cycle and is now progressing toward its final bottom, which the analyst expects to form within the same 365-day timeframe. 

BTC Price Projection And Bottom Target

While many analysts still expect a new all-time high to emerge in this cycle, Philarekt identifies the rally above $126,000 on October 6, 2025, as Bitcoin’s final top. He confirmed that BTC is now in a prolonged bear market, mostly trading sideways within a broader downtrend that has pushed its price as low as $60,000 since its peak. 

At the time of writing, Bitcoin is trading above $72,500, reflecting a more than 42% decline in value from its ATH. Based on Philarekt’s projections, BTC could still fall by around 64% from the $126,000 top, potentially marking the cryptocurrency’s price bottom at around $41,400. 

In terms of timing, Bitcoin is already 187 days into its bear market decline as of April 11, 2026, with only 178 days remaining until Philarekt’s projected bottom. This would place the cryptocurrency’s price floor around early October 2026, matching the timeline of its current ATH.

Featured image from Unsplash, chart from TradingView

Now, this sudden resurgence has sparked conversations among the crypto crowd on whether the Bitcoin price has formed a structural bottom yet. According to a prominent crypto founder, the world’s largest cryptocurrency might still experience “one final dump” before the end of this bear phase.

On-Chain Signal Points To One More BTC Drop

In an April 10 post on the X platform, the Alphractal founder and CEO, Joao Wedson, highlighted an emerging signal that suggests that the Bitcoin price still likely has one more trip to the downside. This projection is based on an on-chain insight that suggests that BTC’s price tends to move toward a cycle bottom when the Investor Price falls below the Long-Term Holder (LTH) Realized Price.

Wedson explained the relevance of this on-chain insight and why it emerges before a major price and an ensuing coin accumulation. According to the on-chain data expert, the Investor Price is a metric that measures the average cost of economically active coins, and, when it falls below the LTH Realized Price, suggests fresher capital has flowed in at lower prices than long-term investors paid.

Wedson wrote on X:

This usually happens after distribution phases, when demand weakens, and marginal buyers step back. Long-term holders historically sell less when the price approaches or dips below their cost basis.

As shown in the chart above, the LTH Realized Price appears to be breaking above the Investor Price, indicating a transition phase in which weaker hands exit while stronger hands gradually absorb supply. However, it is worth noting that this absorption is slower than expected, which explains why the Bitcoin price often falls into an intermediate accumulation range.

Moreover, with Investor Price below LTH Realized Price, market surges tend to quickly wane as they meet supply (selling pressure) from investors looking to exit at their breakeven prices. This phenomenon caps the current upside potential of the premier cryptocurrency, reinforcing possible sideways to downward price movements until a new demand impulse appears.

Finally, Wedson noted that the current Bitcoin price structure historically aligns with mid-cycle resets rather than final bottoms, mirroring a market “digesting” prior excesses, rebalancing cost bases, and moving coins to the more patient investors. “The environment favors time-based accumulation over momentum-driven expansion,” the Alphractal founder wrote.

Bitcoin Price At A Glance

As of this writing, the price of BTC sits just above the $73,100 mark, reflecting a nearly 2% jump in the past day.

XRP Holders Face Risks From Quantum Computers

Concerns about quantum computers and digital asset security resurfaced following new remarks from Vet, an XRP Ledger dUNL validator. He explored potential risks, focusing on how transaction activity and the exposure of wallet keys could increase an holder’s vulnerability in a future in which quantum technology poses a threat.

According to Vet’s post on X, about 300,000 XRP accounts, holding a combined 2.4 billion tokens, have yet to make a transaction. Because their public keys have never been exposed, he noted that these accounts are currently considered resistant to quantum computing attacks.

The report also found that only two XRP accounts with much larger balances, totaling 21 million tokens, have stayed dormant for over five years. Unlike accounts that have never executed a transition, these dormant accounts have exposed public keys, making them more vulnerable if quantum technology advances and becomes a threat. 

Vet explained that large, inactive whale accounts are extremely rare in the XRP ecosystem. He stated that most the altcoin is held in active accounts where public keys are already visible, but users can reduce risks by changing their keys if new threats emerge. 

The validator noted that this setup is different from Bitcoin, where large amounts of BTC are typically held in inactive wallets and have exposed public keys due to older address formats. Due to this contrast, even if both crypto networks adopt similar security strategies to defend against quantum threats, the altcoin will likely require its own tailored method to protect large, inactive holder accounts. 

This is partly because only a limited amount of XRP, roughly 0.03% of the total supply, is held in dormant accounts that could face this type of quantum risk. Given how small this portion is, it does not pose a major concern for the XRP network as a whole. 

Concluding his post, Vet emphasized that no quantum computers capable of threatening public blockchain systems currently exist. He noted that by the time such technologies are developed, the industry will have evolved and implemented effective countermeasures against these threats. 

How Holders Can Protect Their Accounts

Following Vet’s comments about potential quantum computing threats to XRP holders, questions emerged about how users could protect their accounts once funds are moved between wallets. Vet explained that the XRP Ledger is account-based and supports signing key rotation, allowing users to change the keys that authorize transactions without switching accounts. 

He acknowledged that this approach is not a complete fix. However, quantum-resistant cryptographic algorithms could eventually be introduced to strengthen the network further. Vet also confirmed that escrow funds may be less exposed to quantum risks, suggesting that token escrows with hashlock could be costly for attackers.

This price surge amid an extended bear market has triggered certain market dynamics that could lead to a deep retrace if the current rally proves unsustainable.

Bitcoin Touches CoP Floor – What Comes Next? 

In an X post on April 10, Sminston With reports that Bitcoin’s price is within the Power Law estimate of the present Cost of Production (CoP). For context, the Power Law (PL) plots Bitcoin’s price on a logarithmic scale, with upper bands representing the overheated zone and lower bands the undervalued zone.

Meanwhile, Cost of Production, as the name implies, is the average cost miners incur to produce 1 BTC. It includes factors such as electricity, hardware, and other operational costs.  When the price falls below the CoP, miners become largely unprofitable, leading to operational shutdowns.

&

Today's Bitcoin price sits right at, or just barely below, the Power Law estimate of the current cost of production (CoP) floor: $73,234

As lower levels to catch a possible next fall, we have around $60k (1st quantile PL floor), and probably worst case, current CoP est at $53k. pic.twitter.com/7nIzu8NrJK

— Sminston With (@sminston_with) April 10, 2026

With Bitcoin now trading around the (CoP), it is said to be at its fair value, i.e., a balance that is neither cheap nor expensive. If Bitcoin were to lose this structural support level, the Power Law chart indicates a steep correction will follow. In this regard, the 1st quantile PL floor lies around $60,000. This would represent a normal correction floor market, driven by weak hands’ exits and steady accumulation by strong hands and long-term holders. 

In a worst-case scenario where the price fails to hold above this level, it could fall to the lower CoP estimate of $53,000. This is a deep market stress territory accompanied by macro shocks and panic selling among investors. It could also represent another key accumulation zone for long-term holders.

Bitcoin Hash Rate Settles Around 873.19 EH/s

Bitcoin’s hashrate is currently stabilizing around 873.19 EH/s, according to CoinWarz data. Although the network briefly surged toward the 1.2 ZH/s mark twice over the past week, it has failed to sustain a breakout above this level, a threshold it hasn’t consistently cleared in the last six months, with the previous occurrence dating back to December.

At press time, the premier cryptocurrency trades at $72,709, reflecting weekly and monthly gains of 9.03% and 4.13%, respectively.

That milestone came alongside a sharp rise in new users, with 284,000 first-time participants joining the network between January and March, according to on-chain analytics provider Artemis.

New User Growth Accelerates Across The Board

Active addresses climbed to 12.6 million during the quarter, based on data from DeFiLlama. The 82% quarter-over-quarter increase in new accounts drew attention across the industry, with analysts pointing to cheaper transactions made possible by Layer-2 scaling networks as a key factor drawing people in.

DeFi applications, token activity, and NFTs were all cited as areas where new participants have been showing up.

In Q1, new users on @ethereum surged 82% QoQ to 284k pic.twitter.com/jVYtR4Zwd5

— Artemis (@artemis) April 10, 2026

Capital has also been moving into the network. Ethereum recorded net inflows of more than $2 billion among leading blockchains in early 2026, Artemis data shows. That kind of money flow suggests institutional and retail interest has not dried up, even as the token price has stayed mostly flat.

Price Stays Stuck While On-Chain Numbers Climb

ETH traded in a narrow band around $2,105 to $2,200 through much of the quarter — far below the highs the asset hit in prior cycles. The gap between record-breaking network usage and a stagnant price has puzzled market watchers.

Reports indicate that capital flows and exchange deposit activity have become stronger indicators of price movement than on-chain usage figures, a shift from patterns seen during earlier market cycles.

Exchange reserves have also been falling. One analyst noted that holders appear to be pulling ETH off platforms and keeping it, a sign that selling pressure may be limited at current price levels.

Much of the growth in new users has been attributed to the continued build-out of Layer-2 infrastructure, which has cut the cost and time required to complete transactions on the network.

Reports say entry barriers have dropped significantly as these systems have matured, opening the door to users who might have avoided the network when fees were higher.

Analysts who track new address creation consider the numbers a marker of real adoption rather than short-term speculation. Whether the price eventually reflects that activity remains an open question.

Featured image from Unsplash, chart from TradingView

Number of Bitcoin Millionaires Crashes 14%

A Finbold research has revealed a 14% decline in the number of Bitcoin wallets holding at least $1 million in the first quarter of this year. This notably came as the Bitcoin price crashed from a yearly high above $97,000 to as low as $60,000 on February 6, pushing many wallets below the $1 million threshold. 

The research noted that the total number of Bitcoin addresses holding at least $1 million fell from 148,084 to 127,494 between January 1 and March 31, 2026. This represents a loss of almost 14% in the first quarter of this year. The report noted that this significant crash in the number of Bitcoin millionaires is likely due to the BTC crash in the first quarter rather than widespread selling activity. 

It is worth noting that the number of BTC millionaires has continued to decline since the end of the first quarter, with the figure currently standing at 119,878, according to BitInfoCharts. This comes despite Bitcoin’s recovery since its February 6 low, suggesting that some of these wallets have offloaded holdings as the price has recovered.  

However, it is worth noting that the number of BTC addresses holding $10 million or more has rebounded from the lows at the end of the first quarter. The Finbold research revealed that there were 14,261 addresses in this category at the end of the first quarter. At the time of writing, the number of addresses stands at 15,036, according to BitInfoCharts. 

LTHs Still Well Underwater

In an X post, on-chain analytics platform Glassnode revealed that the 30-day SMA of the LTH Relative Unrealized Loss currently sits at 14% of Bitcoin’s market cap. They noted that this figure remains substantially below the levels at which BTC formed bottoms in previous bear markets, with the average at around 70% of market cap. 

This metric captures the total unrealized loss held by LTHs normalized by market cap, reflecting the huge losses that Bitcoin’s most convicted holders are sitting on. Based on historical cycles, the current figure suggests that BTC isn’t yet close to a bottom despite its recent recovery. Glassnode warned that there is still weak spot demand despite the recent recovery, with the softer futures activity suggesting that the recovery still lacks strong conviction. 

Related Reading: Higher Before Lower: How Bitcoin Price Will Get To $240,000

At the time of writing, the Bitcoin price is trading at around $72,800, up in the last 24 hours, according to data from CoinMarketCap.

Regulatory Shift May Determine Who Bitcoin Market Participants Are

In a QuickTake post on CryptoQuant, the education group XWIN Research Japan explains why Japan’s FIEA reforms could push Bitcoin towards a more mature, stable market environment. The market experts begin by highlighting Japan’s significant presence in the crypto world, with about 13 million extant accounts holding assets worth ¥5 trillion ($34.4 billion). 

However, Japan’s total digital asset portfolio is considered relatively small compared to even the Bitcoin market cap of $1.3-$1.4 trillion. Hence, the education group notes that the most important variable in this dynamic is not the number of participants, but the amount of money they bring into the market. In this case, the institute highlights that as Japan’s regulations improve, institutions, corporations, and other high-net-worth investors may increasingly enter, in turn increasing each account’s allocation. 

Interestingly, a key part of this reform involves classifying cryptocurrencies more like traditional financial products. This would introduce stricter standards around transparency, disclosure, and intermediary responsibilities. While this might sound restrictive, it actually also lowers barriers for large institutions that require regulatory clarity before entering new markets.

Capital Inflows Could Be The Real Catalyst 

XWIN Research Japan points out that the bigger opportunity lies in the potential inflow of external capital. According to the group, Japan’s total financial assets are estimated at around ¥2,100 trillion. Hence, if just 0.1% of that capital were reallocated into Bitcoin, it could result in inflows of roughly ¥2 trillion (about $13 billion). In comparison, a 0.5% allocation would push that figure to around $65 billion – comparable to the scale of inflows seen during the first year of US spot Bitcoin ETFs.

Historically, inflows of this magnitude have been strong drivers of the flagship cryptocurrency, often leading to price gains of 10–30%. Thus, it becomes apparent that Bitcoin’s price action is becoming less about speculation and more about sustained capital flows. An example of this shift is seen in the aftermath of ETF adoption.

For Japan, the impact of this reform will ultimately depend on whether similar investment channels – such as ETFs and regulated funds – are introduced. As of this writing, Bitcoin is trading at about $72,861, up 1.36% from yesterday.

Microsoft’s Defender Security Research Team went public last week with details of a vulnerability it first caught in April 2025. The flaw lived inside a widely used software component called the EngageLab SDK, version 4.5.4.

Because that SDK is baked into thousands of Android apps, a single malicious app could trigger a chain reaction that reached far beyond itself.

How The Attack Works

The method is called “intent redirection.” An attacker’s app sends a specially crafted message to any app running the flawed SDK version. Once that message lands, the targeted app is tricked into handing over read and write access to its own data — including stored seed phrases and wallet addresses.

Android’s built-in sandbox system, which normally keeps apps from seeing each other’s data, was bypassed entirely. According to Microsoft, the attack affected more than 50 million apps across the Android ecosystem, with roughly 30 million of those being crypto wallets.

The vulnerability did not require the user to do anything wrong. No suspicious links. No phishing pages. Just having the wrong apps installed at the same time was enough.

Response From Microsoft And Google

Microsoft moved quickly after its discovery. By May 2025, the company had brought Google and the Android Security Team into the response. EngageLab released a fixed version — SDK 5.2.1 — shortly after.

Reports indicate that both Microsoft and Google have since directed users on how to verify whether their wallet apps have been updated through Google Play Protect.

Officials also pointed to a broader concern: apps installed as APK files from outside the Play Store are at higher risk, since they bypass the security checks that Google applies to apps listed in its official marketplace.

For most users who update their apps regularly, the risk has likely passed. But for anyone who has not updated since mid-2025, the recommended action goes beyond a simple app refresh.

Security teams are advising those users to move their funds into entirely new wallets, generated with fresh seed phrases. Any wallet that was active and unpatched during the exposure window should be treated as potentially compromised.

The disclosure comes alongside a separate Android chip vulnerability flagged the previous month and a new US Treasury initiative that pairs government agencies with crypto firms to share cybersecurity threat information — a sign that mobile security in the crypto space is drawing attention at the highest levels.

Featured image from Bleeping Computer, chart from TradingView

Why The Ethereum Price Could Rally 400%

In the analysis, Leshka.eth points out a pattern that had previously appeared on the Ethereum price and led to an explosive rally. The pattern, which the analyst points out on the ETH/BTC chart, first began back in 2016, beginning with a long consolidation of the Ethereum price at lower levels.

Once the Ethereum price had broken out of the consolidation trend, it entered into what ended up being an accumulation trend. This accumulation saw the price ping-pong up and down over time, before it eventually hit a low. This then led to the last part of the pattern, which is the rally stage. By the time the Ethereum price was done rallying in the 2017 bull market, the price had risen by more than 1,500%. This pushed it up from $56 for it to peak at $1,151.

Now, this same pattern has been flagged by the crypto analyst, but on a much larger scale. Where the last consolidation trend had lasted for months, this one has lasted for years, starting in 2018 and then ending in 2021. Then the next stage of accumulation has lasted for years, from 2021 to 2026.

Given the longer timeframe that each portion of the pattern has taken this time around, the crypto analyst believes that this would lead to a more explosive run. In addition to this, there is also the fact that institutions are buying more ETH than they were in the past, with supply on exchanges dwindling by the day.

Taking all of these into account, Leshka says this is setting the stage for the next Ethereum price rally. The target rally at this time is a 3-4X from here, which would put the Ethereum price at a minimum of $6,000 and a high above $8,000. Either way, this would mean a new all-time high for the cryptocurrency. As for when this could play out, the crypto analyst expects this to happen in the next six months, so the ETH price could hit new peaks this year if it plays out.

ECB Greenlights Crypto Oversight Centralization

On Friday, the European Central Bank backed the EU’s proposal to integrate the bloc’s capital market through a centralized entity, seeking to boost the region’s competitiveness and harmonize regulation, Reuters reported.

The financial regulator expressed its full support for enhanced EU-level oversight of systemically important, cross-border financial market participants, including major trading platforms, central counterparties, central securities depositories, and crypto asset service providers (CASPs).

“The ECB fully supports the ‌Commission ⁠proposals, which constitute an ambitious step towards deeper integration of capital markets and financial market supervision within the Union,” it said in an opinion. It’s worth noting that the opinion is required by the Commission’s legislative process, but is not binding for lawmakers.

The plan, led by France and Germany, was initially suggested during the development of the Markets in Crypto-Assets Regulation (MiCA). It proposes transferring the power to authorize new businesses and supervise all crypto asset service providers to the bloc’s market watchdog, the European Securities and Markets Authority (ESMA).

In October, ESMA’s Chair, Verena Ross, disclosed that the EU’s executive branch was in the process of formulating regulations to grant enhanced authority to the regional regulatory authority and push for a “more integrated and globally competitive” capital market within Europe.

She argued that nation-level regulation takes significant effort to build up specific new resources and expertise 27 times in different national supervisors, which “could have been done more efficiently once at a European level.”

The ⁠ECB’s Friday opinion noted that ESMA will need adequate resources and staffing to handle the increased responsibilities. Furthermore, it suggested a gradual transition from national to EU-level supervision to minimize disruption.

Now, the Commission’s proposal will be negotiated between EU governments and the European Parliament, with discussions expected to last several months before the law is finalized.

EU’s Proposal Could Undermine MiCA’s Credibility

Despite the ECB’s support, some EU countries and crypto industry participants have opposed the EU’s proposal, arguing that it could undermine the efforts of national watchdogs and businesses over the past few years to regulate the industry and implement the bloc’s comprehensive framework for crypto assets.

Smaller EU nations, including Luxembourg, Ireland, and Malta, have expressed concerns about the proposal and ESMA’s ability to oversee the crypto market, arguing it could weaken their financial sectors.

Notably, ESMA questioned Malta’s process for approving pan-EU licenses for crypto companies last year, finding the national regulator only “partially met expectations,” despite having adequate staffing and technical infrastructure.

As reported by Bitcoinist, Robert Kopitsch, secretary general of Blockchain for Europe, said in November that reopening MiCA at this stage could introduce legal uncertainties, potentially delaying the authorization process and diverting attention and resources from the practical task of consistent implementation.

Kopitsch believed that a shift towards a more centralized supervisory model should occur based on “concrete experience and evidence gathered from MiCA’s initial years of implementation.” He also pointed out that local regulators have had more direct and frequent interactions with firms.

Andrew Whitworth, the founder of Global Policy Ltd., confirmed that transferring oversight would require additional resources to manage the current workload handled by local regulators. He acknowledged that this change could be challenging at the moment, considering the current implementation status and the need to adjust the goalposts

Judith Arnal, associate senior research fellow at the Centre for European Credit Research Institute (ECRI) and board member at the Bank of Spain, has also said that the recent attempts to amend the bloc’s crypto rules, particularly in the stablecoins sector, risk “undermining MiCA’s credibility as a coherent and globally influential regulatory framework.”

Amid backlash circulating on social media, critics allege that the USDC issuer failed to stop the stolen funds, even though the stablecoin has mechanisms—such as freezing and blacklisting—that can be used to disrupt illicit transfers.

Circle Explains USDC Freezing Process   

The timeline behind the accusations centers on April 1, 2026, when Drift Protocol was drained of about $285 million, with the exploit reportedly representing more than half of the protocol’s total value locked (TVL). 

A substantial portion of the stolen assets, according to reporting surrounding the incident, was converted and routed through USDC via Circle’s Cross-Chain Transfer Protocol (CCTP).

Circle did not immediately respond to the online criticism. After weeks of silence, the company published an official blog post authored by Chief Strategy Officer Dante Disparte, addressing the dispute over freezing and compliance actions. 

Disparte said Circle’s ability to freeze USDC is not discretionary in the way critics sometimes frame it, arguing instead that freezing is something Circle does only when the law compels action.

The firm’s executive wrote that “when Circle freezes USDC,” it is not because the company has decided unilaterally to remove assets from a specific party. Rather, he said the firm freezes because “the law requires us to act.” 

Disparte further linked the freezing debate to a broader regulatory goal, saying Circle is working with policymakers in the US and internationally to develop “safe harbor” frameworks and to modernize regulations. 

The aim, he wrote, is to create legal structures that allow issuers, exchanges, and other ecosystem participants to respond more decisively to illicit activity—faster, but without opening new pathways for abuse that could undermine open financial systems. 

ZachXBT Calls Out Freezing Explanation

Despite the firm’s defense, critics have continued to challenge the company’s position. One of the responses came from on-chain sleuth ZachXBT, who posted “The Circle USDC Files” last week. 

In that report, ZachXBT alleged more than $420 million in compliance failures. He now addressed the blog statement, claiming Circle’s actions resulted in 240 million directly funding North Korea across multiple hacks—while arguing that Circle had hours to act in clear-cut cases involving illicit transfers.

ZachXBT’s criticism attacked the apparent mismatch between the firm’s stated freeze framework and what he described as operational delays or choices not to use available tools quickly enough. He questioned Circle’s compliance record explicitly, asking, “How is that compliance for USDC?” 

Finally, ZachXBT argued that Circle’s blog post “contradicts itself” and attributed the controversy to a leadership problem, rather than a purely legal or procedural constraint.

As of this writing, the firm’s stock (CRCL) was trading at $88.78, up 4% in Friday’s trading session.

Featured image from OpenArt, chart from TradingView.com 

A CryptoQuant analysis tracking Ethereum’s exchange reserve structure has identified a development that directly changes the conditions under which the current resistance test is occurring. ETH reserves are declining not on one platform, not on two, but across Coinbase, Binance, Gemini, and OKX — the four major venues that collectively represent the deepest and most liquid ETH trading infrastructure available.

That multi-venue confirmation is the analytical distinction the report draws most sharply. A reserve decline on a single exchange can reflect any number of platform-specific explanations — custody transfers, institutional migration, exchange-internal movements. When the same directional decline appears simultaneously across four separate venues with different user bases and ownership structures, the platform-specific explanations lose their credibility. What remains is the structural one: ETH is leaving the sell side of the market on a broad, coordinated basis.

Ethereum testing resistance above $2,200 in a market where the available supply of ETH ready to be sold is shrinking across every major venue is a structurally different test than the ones that failed before it. The overhead has not disappeared. It has thinned, and thinned overhead responds differently to buying pressure than deep overhead does.

The Numbers Behind the Drain Are Not Small.

The CryptoQuant data gives the multi-venue supply contraction its precise dimensions. On Coinbase, Ethereum reserves fell from 5.6 million to 3.2 million between early August 2025 and April 9, 2026 — a reduction of 2.4 million ETH removed from America’s largest institutional trading venue over eight months. On Binance, reserves dropped from 4.75 million to 3.3 million ETH over the same period — 1.45 million ETH withdrawn from the exchange, processing the largest share of global ETH derivatives volume.

Those two figures alone describe a sustained, eight-month supply drain of nearly 4 million ETH across the market’s two most systemically important venues. Then the other exchanges add their own data.

Gemini recorded a single-day reserve drop of approximately 74,000 ETH on February 19 — an institutional-scale withdrawal concentrated into a single session. OKX produced the most dramatic reading of all: reserves fell from approximately 990,000 ETH on March 20 to just 167,000 ETH by April 9 — an 83% collapse in under three weeks.

Taken together across all four venues, the scale of the withdrawal is not ambiguous. Millions of ETH have left the immediately available sell-side pool over the past eight months, and the pace has not slowed. The market pushing against resistance above $2,200 is doing so with a fraction of the sell-side depth that existed when the current cycle began. That is not a minor structural detail. It is the context in which every buyer and seller is currently operating.

Ethereum Holds Key Weekly Level as Structure Compresses

On the weekly timeframe, Ethereum is holding near the $2,200 level, a zone that is increasingly defining the market’s structural pivot. This level has acted as both support and resistance across multiple cycles, and the current interaction suggests a market in transition rather than trend continuation.

The broader structure shows that Ethereum remains below its prior cycle highs, with the recent rejection from the $4,000–$4,500 region confirming a lower high. However, the decline that followed found support above the rising 200-week moving average (red), which continues to act as a long-term structural floor. This is a critical detail: despite volatility, the macro trend has not fully broken down.

The 50-week (blue) and 100-week (green) moving averages are converging near current price levels, reflecting compression. Price is now trading around these averages, indicating equilibrium between buyers and sellers rather than directional control.

Volume patterns reinforce this interpretation. The spikes during sell-offs point to liquidation-driven moves, while the recent normalization suggests reduced stress but also limited conviction.

Structurally, Ethereum is coiling within a broad range. A sustained move above $2,500–$2,800 would signal renewed strength, while a loss of $2,000 would expose the 200-week support. For now, the market remains balanced, awaiting resolution.

Featured image from ChatGPT, chart from TradingView.com 

A Shift Away From Payment Rules

For years, crypto in Japan was governed under the Payment Services Act, a framework built around digital money and transactions rather than investment activity.

That changes under the newly approved amendment to the Financial Instruments and Exchange Act, known as the FIEA.

The revision treats crypto assets the same way the law treats stocks and bonds — as financial products subject to stricter rules, required disclosures, and explicit prohibitions on insider trading.

Finance Minister Satsuki Katayama addressed reporters after the cabinet approved the bill. “In response to changes in financial and capital markets, we will expand the supply of growth capital while ensuring market fairness, transparency, and investor protection,” she said.

Crypto officially became financial assets in Japan. Big day! https://t.co/1t5gOiMhmP

— Sota Watanabe (@WatanabeSota) April 10, 2026

The Financial Services Agency had been signaling this shift since late 2025. The cabinet’s approval this week moves that plan out of the proposal stage and into formal legislation.

Penalties Rise Sharply For Unlicensed Operators

The new law carries real consequences for bad actors. Prison sentences for unlicensed crypto operators would jump from a maximum of three years to 10. Fines would increase from ¥3 million to ¥10 million.

JUST IN: Japan officially approves bill to recognize cryptocurrency as a financial asset.

— Watcher.Guru (@WatcherGuru) April 10, 2026

Trading on undisclosed information — insider trading — would be explicitly banned under the FIEA framework, a prohibition that did not exist under the old payment services rules.

The changes also come with new paperwork requirements. Issuers will be required to file annual disclosures, bringing them closer in line with publicly listed companies.

Registered firms will also be renamed, from “crypto asset exchange operators” to “crypto asset trading operators” — a small change in language that reflects the larger shift in how the government now views the industry.

Whether the law takes effect in fiscal year 2027 depends on the current parliamentary session. If passed during the ongoing session, that timeline holds. Reports indicate the FSA has been laying the groundwork for this transition for months.

Japan has long been one of the more active countries in setting rules for digital assets. This latest move brings its regulatory approach closer to the standards applied to traditional financial markets, covering investor protections, market oversight, and criminal penalties in one consolidated framework.

Featured image from PlanetofHotels.com, chart from TradingView

HKMA Has Released First Stablecoin Licenses After A Delay

According to HKMA’s website, two entities have now become registered stablecoin issuers in Hong Kong: Anchorpoint Financial Limited and The Hongkong and Shanghai Banking Corporation Limited.

Hong Kong launched its stablecoin bill called the Stablecoins Ordinance back in August 2025, establishing a licensing regime for stablecoin issuers. Under this law, parties interested in issuing fiat-tied cryptocurrencies in the Chinese city have to first obtain a license from the HKMA.

Major names quickly lined up to apply for a license. This included HSBC and Anchorpoint Financial Limited. The latter is a joint venture (JV) created by Standard Chartered, Animoca Brands, and Hong Kong Telecom. In total, the HKMA ended up receiving applications from 36 entities. Despite the high interest, though, Eddie Yue, the financial regulator’s chief executive, said in February that a “very small number” of licenses would be granted in the first wave.

Yue also said that these licenses would arrive in March, but in the end, no licenses were issued during that month, suggesting a delay from the HKMA. However, today, on April 10th, the first batch has finally gone out.

With just two licenses being handed out, Yue indeed set up the correct expectations. As mentioned earlier, Standard Chartered’s JV and HSBC are the applicants who have received the first approval. Thus, these banks have a head start over the rest when it comes to stablecoins in the region.

Hong Kong’s stablecoins advance is just one example of positive regulation that these fiat-tied tokens have seen the world over in the past year. One of the most important wins for the sector has been the GENIUS Act signed into law by United States President Donald Trump last year.

Because of all the regulatory momentum and adoption, the stablecoins sector has performed relatively well amid the wider downturn in the digital assets market. As data from DefiLlama shows, stablecoins have seen their combined market cap move sideways at all-time highs (ATHs) since Q4 2025. In the same period as this flat phase in these fiat-tied tokens, Bitcoin has gone down by more than 42%.

While the stablecoin market cap is significant in size, the vast majority of it is covered by just two assets pegged to the US Dollar: USDT and USDC. Moves like the euro-pegged token from a consortium of major European banks could shake up this dominance, but it only remains to be seen how the landscape will evolve.

Bitcoin Price

At the time of writing, Bitcoin is floating around $72,200, up more than 8% in the last seven days.

An Arab Chain report tracking XRP activity on Binance has identified a bilateral decline that goes beyond simple price consolidation. Both 30-day accumulation and 30-day distribution have fallen to their lowest levels since 2021 — not just one side pulling back, but both simultaneously.

The 30-day accumulation has stabilized at approximately 2.06 billion XRP, while distribution sits at approximately 2.09 billion XRP. The difference between them — a net negative of approximately -36 million XRP — reflects a slight but persistent tilt toward selling in a market where overall activity has nearly disappeared.

That combination — minimal buying, minimal selling, with selling marginally in front — describes a market in suspension rather than recovery. Investors are neither adding to their positions nor aggressively reducing them. The $1.30 level is holding not because buyers are defending it with conviction, but because sellers have not yet pushed hard enough to break it.

The silence is four years old. In markets, that kind of silence rarely persists indefinitely — and when it ends, the direction it breaks tends to move fast.

Both Sides Have Pulled Back

The report places the current activity levels in a historical context that sharpens their significance. The last time XRP accumulation and distribution on Binance were both this low simultaneously was 2021 — a year that preceded one of the most dramatic price movements in XRP’s history. The bilateral nature of the decline is what makes the current reading structurally meaningful rather than simply quiet. When only sellers step back, it is a supply story. When both sides step back together, it is a market holding its breath.

The interpretation the report assigns to this condition is precise and consistent with the historical record. Periods of declining bilateral activity — where buying decreases alongside selling rather than in isolation — typically signal a transitional phase rather than a permanent state. The market is not breaking down. It is reorganizing. Participation is contracting toward the participants with the highest conviction in either direction, clearing out the noise before the next directional move establishes itself.

The net negative accumulation of -36 million XRP adds the directional tilt that prevents this from being a purely neutral reading. The silence is not perfectly symmetrical. Selling is marginally ahead of buying — not enough to drive price lower on its own, but enough to confirm that the slight pressure present in the market is pointed in one direction.

Bilateral lows at four-year extremes. A net negative tilt. A transitional phase that the historical record suggests resolves into movement rather than continued stagnation. The question the data cannot yet answer is which direction that movement takes — and that answer belongs to whatever catalyst arrives first.

XRP Compresses Near Support as Momentum Fades

XRP continues to trade in a tight range just above $1.30, reflecting a market that has shifted from trend to compression. After the sharp February breakdown, which was marked by a high-volume capitulation wick, price has stabilized but failed to generate meaningful upside continuation. The current structure is defined by low volatility and narrow price movement, indicating indecision rather than strength.

Technically, XRP remains in a bearish alignment. Price is trading below the 50-day (blue), 100-day (green), and 200-day (red) moving averages, all of which are sloping downward. This confirms that the broader trend has not reversed. Attempts to push higher have consistently stalled below the 50-day average, suggesting persistent overhead supply.

Volume dynamics reinforce this interpretation. The February spike reflects forced selling and liquidation, while the subsequent decline in volume signals reduced participation. There is no clear evidence of aggressive accumulation entering the market.

The key level remains $1.30. It is holding, but not with conviction. Structurally, this is a market in suspension, not recovery. A break below $1.25 would likely accelerate downside, while a move above $1.50 is required to signal a shift in momentum. Until then, XRP remains compressed within a weakening trend.

Featured image from ChatGPT, chart from TradingView.com 

The operation also identified more than $45 million in cryptocurrency fraud tied to the same network of scams.

A Cross-Border Sweep Vs. Phishing

Operation Atlantic was run in March and brought together the NCA, the US Secret Service, the Ontario Provincial Police and the Ontario Securities Commission.

The NCA said the effort focused on people who had already lost crypto, or were at risk of losing it, through approval phishing, a scheme that tricks users into handing over wallet access without meaning to.

That method has made scams harder to spot because the victim is often the one who authorizes the dangerous action. Instead of sending coins directly to a thief, users are pushed into signing a malicious approval that gives scammers permission to move assets out of the wallet later. Binance described that kind of fraud as one of the most damaging scams aimed at crypto users.

The NCA said the operation identified victims across the UK, the US and Canada, and one UK victim was thought to have lost more than £52,000.

Officials said the public-private effort helped law enforcement act while some funds were still traceable, with private firms helping identify victims in real time and trace suspicious transactions.

What Binance Said It Did

Binance said its Special Investigations team supported the operation on site in London, where staff helped with live account screening and scam intelligence. The company also said it identified scam websites that were still active during the operation and passed along information that could help with asset seizure efforts.

The exchange said no funds were frozen on Binance accounts. That point matters because it suggests the criminal proceeds were being held elsewhere when the sweep took place, even though Binance still played a role in tracing the wider scam network.

Officials from the NCA said the operation is now being followed by further analysis of the intelligence gathered during the crackdown. The agency also told victims to watch out for recovery scams, warning that criminals often return under a new name and promise to get stolen crypto back for a fee.

Featured image from Unsplash, chart from TradingView

The move has kept momentum building after the initial surge following the truce, with some analysts arguing that the market is approaching a point where short positions could be forced to unwind rapidly.

Bitcoin Nears Key Liquidity Zone 

In a Friday assessment, market analyst Ali Martinez said attention is shifting to a large liquidity pool sitting just above the current price region. His view is that shorts are increasingly “trapped,” and that the window for exits is tightening. 

Martinez suggested that a push toward $75,300 could wipe out roughly $80 million worth of short positions. He warned that this could set off a cascading effect—an initial wave of liquidations that then accelerates into a sharper, faster move as the broader market reacts.

The mechanism Martinez described is familiar in crypto markets: when liquidity sits in a concentrated area, price can be driven into it in order to force traders to cover. 

In his framing, market makers and large holders often move prices toward high-liquidity zones to “flush” speculators, using the buyback pressure that results from liquidations as fuel for an upward drive. 

Support Levels Tied To Concentrated Supply Areas

Martinez also tied this near-term setup to an earlier analysis about where Bitcoin’s supply is concentrated. He previously argued that BTC sits above a broad supply cluster spanning roughly $73,200 down to $63,100, describing it as a region where a large number of holders have “voted” through their cost basis. 

In his interpretation, as long as Bitcoin trades inside that band, those investors are psychologically incentivized to defend their entries, which can help stabilize the price.

However, he cautioned that if $63,100 fails to hold, Bitcoin may move into what he called a “liquidity vacuum.” In that scenario, Martinez said the next meaningful support level would be significantly lower, leaving fewer buyers willing—or able—to absorb selling pressure.

Beyond the immediate liquidation narrative, Martinez also pointed to what he described as a long-standing technical “Decade Trendline,” which he characterized as one of Bitcoin’s most respected technical reference points. 

For nearly ten years, he said the ascending trendline has historically acted as a “Parabolic Guard,” with prior touches preceding major expansions. 

According to Martinez, Bitcoin is approaching this line now, between roughly $56,000 and $60,000, and that historically this is where “smart money” tends to complete accumulation before the next leg upward.

However, Bitcoin would need to decline by a further 23% and 17%, respectively, from its current trading price of over $73,000 to reach the range indicated by the expert. 

To identify what he referred to as the “Line in the Sand,” Martinez said he looks to CVDD, or Cumulative Value Days Destroyed. 

In his view, the current CVDD value is around $47,960. He described it as the “ultimate structural foundation,” and added that if the broader macro environment deteriorates, this is the level where he expects a violent reversal to the upside.

Featured image from OpenArt, chart from TradingView.com

Concerns about quantum computing breaking Bitcoin’s cryptography have grown following recent findings from Google researchers. Bernstein analysts, however, say the quantum threat is only a technical challenge that the network can adapt to over time.

Bernstein Analysts Dispel The Bitcoin Quantum Threat

Google’s research team recently established that breaking the elliptic curve cryptography protecting Bitcoin and other crypto transactions could be achieved with far fewer resources than estimated. 

According to research findings by Google published in a recent whitepaper, a quantum machine running fewer than 500,000 physical qubits could be able to break Bitcoin’s cryptography in the near future, down from earlier estimates of around 10 million. 

Google also warned of on-spend attacks, where a sufficiently fast quantum computer could derive a private key from an exposed public key within Bitcoin’s average 10-minute block confirmation window, giving an attacker a roughly 41% chance of redirecting funds before a transaction settles. 

However, analysts at Bernstein are taking a more measured view by describing quantum computing as a manageable upgrade cycle for Bitcoin. In a recent note to clients, Bernstein analysts led by Gautam Chhugani said that the network has enough time to respond before the threat becomes practical, while also providing estimates that point to a multi-year window for preparation.

The firm estimates Bitcoin and the broader crypto industry have a three- to five-year runway before quantum computers reach the scale required to mount real attacks. 

Interestingly, this timeline aligns with Google’s own 2029 migration benchmark, cited in the same whitepaper. Google had acknowledged in its paper that the time remaining before cryptographically relevant quantum computers arrive still exceeds the time needed to complete a migration to post-quantum cryptography capable of protecting against these threats.

“We think that the quantum should be seen as a medium to long term system upgrade cycle rather than a risk,” the note said.

Vulnerability Is Narrower Than It Appears

The paper by Google’s research team took the crypto industry by surprise, and rightly so. The entire Bitcoin network and crypto industry by extension is built on the premise of blockchain security. Therefore, the possibility that computers that can threaten this security can be built by the end of the decade is a threat to the future of the entire industry.

Interestingly, the Bernstein note also pointed out that the risk is not evenly distributed across the Bitcoin network. The primary exposure lies in wallet-level cryptography, particularly in older Satoshi-era legacy wallet addresses that have revealed their public keys or reused them multiple times. 

Bitcoin’s mining process, which relies on SHA-256 hashing, is not considered meaningfully threatened by quantum advances in the same way.

The cryptocurrency industry is also now in a place where many institutional players like Circle, Strategy, BlackRock, and Fidelity are likely to play a constructive role in mitigating any quantum computing threat.

Profit Supply On Bitcoin Contracts To Multi-Year Lows

Bitcoin’s price may have witnessed a brief upswing, reclaiming the $72,000 mark, but the underlying structure remains highly bearish. The prolonged negative price performance has started to influence BTC’s market dynamics, with supply in the loss territory rising at a fast rate.

With the price of Bitcoin falling sharply, Darkfost, a market expert and CryptoQuant’s verified author, revealed that profit supply has collapsed, nearing levels last seen in the last bear market phase. This decline, which reflects the strain of recent market activity, indicates that an increasing percentage of holders are either at breakeven or sitting on unrealized losses.

Darkfost stated that nearly 1 BTC out of 2 is held at a loss as of Thursday. To be precise, the share of Bitcoin supply still in profit is estimated at around 59%, a level that almost aligns with what was observed during the last bear market. According to historical data, the average level sits closer to about 75% of supply in profit. Therefore, the current market cycle is now below typical levels. 

These levels can trigger periods of capitulation or consolidation, but they also frequently indicate a decline in market confidence and a diminished motivation to sell. While it may seem counterintuitive to some crypto players, the expert claims that the market clearly needs investors to make profits in order to maintain a positive momentum. 

However, the key level to watch out for is 50%, which could completely flip the market structure, as bear markets have often bottomed around this area. Given the market state, this metric should be closely watched since it helps assess when losses or profits become significant across the market, allowing for a relatively straightforward strategy.

Specifically, this strategy involves accumulating when losses hit extreme levels, putting some investors ahead of a majority of players. It also helps to manage exposure when profits approach 100%. As profit margins shrink across the network, the current environment seems more of an accumulation phase than selling at this stage.

BTC Bear Market Is Still Active

As the debate regarding a bear market bottom heats up, a crypto analyst has offered insights on the matter, noting that Bitcoin has yet to hit a bottom. The expert’s analysis is backed by signals from the BTC Market Value to Realized Value (MVRV) Z-Score. While some considered the $60,000 level as the bear market bottom for BTC, the expert has dismissed this narrative. 

According to the expert, the MVRV has not yet fallen into the green bottoming zone, which means the bear market is still active. In terms of timing, the analyst has predicted an additional 6 months into the bear market. As a result, another major drop for BTC is inevitable.

Bitcoin LTH Losses Currently Equivalent To 14% Of The Market Cap

As pointed out by on-chain analytics firm Glassnode in an X post, the Unrealized Loss among the Bitcoin long-term holders has been elevated recently. The “long-term holders” (LTHs) here refer to to the BTC investors who have been holding their tokens since more than 155 days ago. This group is considered to include the resolute “HODLers” of the market.

Since the last quarter of 2025, BTC has significantly gone down along with the wider cryptocurrency sector, and these long-term holders have also naturally been affected. An indicator that can be useful for gauging the effect of a drawdown on investors is the “Unrealized Loss,” which measures, as its name suggests, the total amount of loss that BTC investors are carrying right now.

The metric works by going through the transaction history of each token in circulation to determine whether its last transfer price was greater than the current spot price. Coins that fulfill this condition are assumed to be at a loss equal to the difference between the two prices. The Unrealized Loss sums up this value for all tokens of the loss type.

In the context of the current topic, a modified form of the indicator called the Relative Unrealized Loss is of interest. This metric represents the holder loss as a percentage of the market cap.

Now here is the chart shared by Glassnode that shows the trend in the 30-day simple moving average (SMA) of the Bitcoin Relative Unrealized Loss for the LTHs:

As displayed in the above graph, the 30-day SMA of the Bitcoin LTH Relative Unrealized Loss has observed a rise over the last few months, a consequence of the bearish price action as well as the maturation of coins bought at the market top into the LTH cohort.

Today, the indicator’s value is sitting at 14%, meaning that the loss held by the diamond hands is equivalent to 14% of the total valuation of the cryptocurrency. This is the highest degree of pain that the LTHs have faced since 2023.

It’s visible from the chart, however, that the last two bear markets both saw the indicator spike to much higher levels, with notable peaks of around 70% forming during their bottoms.

While it’s uncertain whether the latest Bitcoin cycle will also have to see a similar level of pain among the LTHs before a bottom, the fact that the Relative Unrealized Loss still significantly lags behind could be noteworthy.

BTC Price

Bitcoin has recovered back above the $72,000 mark with its latest rally.

Ripple Launches First Treasury Management System

Ripple has announced the launch of the first Treasury Management System with native digital asset capabilities this April. The system is part of its newly rebranded Ripple Treasury, developed following its acquisition of GTreasury. It introduces Digital Asset Accounts and a Unified Treasury designed to strengthen the company’s enterprise offerings.

With the new Treasury Management System, Ripple Treasury can now enable CFOs and their treasury teams to view, hold, receive, and manage fiat and digital liquidity across bank and custody providers within a single system. This feature removes the need to switch between platforms and manually check records or combine data. Currently, no other treasury system provides this capability, giving Ripple Treasury and its users a major competitive edge. 

The new treasury development could be positive for the XRP price as it strengthens Ripple’s role in real-world financial infrastructure, especially with large companies. If more businesses use Ripple Treasury to manage their fiat and digital assets in one system, it could increase demand and trust in Ripple’s technology. Over time, this kind of adoption could trickle down to fuel XRP’s usage in payments. Even if XRP is not directly used in every function of the new system, stronger institutional demand for Ripple’s products could improve market confidence and support upward price pressure. 

XRP Price Allegedly Faced Targeted Attacks

In other news, Cardano founder Charles Hoskinson has made controversial remarks about Bitcoin and XRP’s resolved legal battle with the US SEC that began in 2018. In an X post published by market analyst Xaif Crypto, Hoskinson suggested that Bitcoin’s dominance could collapse the moment another digital asset surpasses it in market capitalization.

He argued that Bitcoin lacked the same level of technical capabilities, utility, and growth backers seen in crypto projects like Ethereum and XRP have. He also said that BTC’s strength and price acceleration are largely driven by market sentiment and perception, as well as its long-standing global adoption.

Furthermore, the Cardano founder claimed that after XRP briefly surpassed Ethereum in 2018, the cryptocurrency was immediately bombarded with legal attacks that stalled its growth and public image. According to him, these attacks were targeted and aimed at preventing XRP’s price and market value from rising to the point of potentially challenging Bitcoin’s dominance later. His controversial statements have been well received by members of the XRP community, who have continued to support the cryptocurrency through years of regulatory and market setbacks. 

Another major development that could have even greater implications for Ripple and the XRP price is the recent progress in the highly anticipated CLARITY Act. On April 8, the White House released a new report that significantly downplays concerns raised by banks about stablecoin yields, an issue that has been slowing movement on the bill.

According to the report, banning stablecoin yields would offer minimal benefit for traditional banks. It estimates that such a restriction would increase bank lending by only 0.02%, or roughly $2.1 billion—a number considered negligible when compared to the potential gains these yields could bring to stablecoin users. 

In simple terms, the report suggests that the arguments made against stablecoin yields may have been exaggerated, as it would pose no significant threat to banks’ lending activity. With this update, the government appears to be taking a more supportive stance toward stablecoins, a shift that could benefit XRP, Ripple’s stablecoin RLUSD, and the broader crypto market. 

Institutional Interest In Ethereum Keeps Expanding

Ethereum may be experiencing prolonged sideways price action, but institutional investors in the sector are unfazed by the bearish performance. During the downward trend, a steady wave of institutional demand is building around the leading altcoin, putting it in the spotlight.

Over the past few months, public companies have been accumulating the altcoin at a relentless pace. These companies are steadily increasing their holdings rather than slowing down in the face of market uncertainty, indicating a strong long-term belief in Ethereum’s place in the developing digital economy.

In a post on the X platform, Leon Waidmann, a market expert and research head at Lisk, revealed that these public companies have scooped up approximately 7.4 million ETH in a period of 12 months. This figure represents a 6.1% of the total circulating supply of ETH.

Even after a massive wave of accumulation, these public companies are still buying ETH, persistently tightening available supply. Such a sustained accumulation by institutions strengthens the narrative of ETH as a strategic asset for corporate treasuries.

As of May 2025, the cumulative ETH treasury holdings of institutional and corporate players were sitting at near 0. However, by April 2026, over 6.5 million ETH have been scooped off the market, demonstrating ETH’s position as a leading crypto asset with short and long-term potential.

These ETH are being moved into treasury reserves, rather than cryptocurrency exchanges, suggesting a holding sentiment, especially for the long term. As a result, these coins are not available to sell without board approval, shareholder disclosure, and regulatory filings. In a market deep in bearish conditions, public companies’ ETH holdings continue to climb, as they add more coins every single month.

ETH Staking Rises To Historical Levels

While institutional accumulation has spiked, Ethereum staking activity has also experienced a sharp uptick. After persistent staking activity, the number of ETH staked has now reached a new all-time high, reflecting growing participation in the network’s proof-of-stake system.

As seen in the chart, over 32% of all ETH’s entire supply is now locked away in staking contracts. In May 2021, the total number of staked ETH was 18 million, marking a 16% of its entire supply. Meanwhile, by March 2026, the figure had increased to a staggering 40 million ETH or 32% of its entire supply.

Waidmann added that the 32% of ETH’s total supply is not present on cryptocurrency exchanges or in wallets waiting to sell. Rather, they are stored in staking contracts and actively being used to secure the Ethereum network.

Ripple Issues 9.9 Million RLUSD On Ethereum

Ripple has issued 9,900,000 RLUSD on the Ethereum network, marking a fresh expansion of its stablecoin footprint across multiple blockchains. The minting activity was spotted by the Ripple Stablecoin Tracker, which monitors treasury-level movements and changes in supply.

The issuance is demand-driven, meaning RLUSD is created in response to activity from exchanges, institutional participants, and retail users. Tokens are generated through Ripple’s Treasury smart contract system, allowing supply to expand in a controlled and traceable manner.

Each RLUSD token is backed 1:1 by US dollar reserves or cash equivalents held in regulated custody accounts. This ensures price stability while supporting usage across Ethereum-based platforms, including decentralized finance applications and trading venues.

This mint follows a period of aggressive supply contraction, where more than $230 million RLUSD was burned in roughly a week. This included a single large burn of 180 million RLUSD within hours, along with additional reductions across both Ethereum and the XRP Ledger.

At the same time, RLUSD continues to expand its trading footprint. A new listing on the Bitrue exchange introduced trading pairs linking RLUSD with PAXG and XAUT, both tokenized gold assets. A Deloitte report also placed RLUSD reserves at $1.56 billion, above its circulating supply of $1.49 billion tokens, reinforcing its fully backed structure.

How RLUSD’s Expansion Signals A Shift In Global Trading

The real significance of RLUSD’s movement onto Ethereum lies in how it changes the mechanics of trading itself. By existing across both Ethereum and the XRP Ledger, RLUSD becomes a bridge asset that can move liquidity between ecosystems that previously operated in parallel.

This means traders and platforms can access stable dollar liquidity more directly within DeFi environments, without needing to exit into traditional banking rails or rely on slower settlement layers. It also allows liquidity to adjust more fluidly, as issuance increases when demand rises and supply contracts when activity cools.

The result is a more responsive market structure. Stable assets like RLUSD can now support trading strategies that depend on speed, cross-chain access, and deep liquidity across multiple venues. The integration with tokenized gold pairs on Bitrue further extends its use case into real-world asset exposure, connecting digital dollar liquidity with commodity-backed instruments.

In practical terms, this type of system reduces friction in global trading. It improves capital efficiency, shortens settlement pathways, and allows liquidity to flow more naturally between centralized exchanges and decentralized markets.

Ultimately, RLUSD’s expansion on Ethereum, its controlled supply mechanics, and its growing market integration point toward a trading environment that is more connected, more adaptive, and more efficient.

A Transnational Operation Against Crypto Phishing Scams

Operation Atlantic is a rare case of law enforcement moving in near real time to block scammers before funds fully disappear on‑chain. The operation is a joint UK–US–Canada venture led by the UK’s National Crime Agency and the US Secret Service, targeting crypto investment and “approval phishing” scams. The multiparty operation is also joined by private industry partners like Chainalysis. The blockchain data and analytics company announced the partnership in a yesterday’s post on their website.

As stated by Chainalysis:

Operation Atlantic’s objective is simple but ambitious: spot victims and compromised wallets in real time, freeze and secure illicit funds before they can be laundered through exchanges or services, generate new investigative leads on the fraud networks behind these scams, and lay the groundwork for ongoing investigations based on the intelligence collected during the operation.

The operation, announced last month, has yielded its first striking results.

According to a new report from the National Crime Agency (NCA) of the United Kingdom, more than 20,000 victims have been identified, with over 20,000 wallet addresses flagged and more than $12 million in suspected scam proceeds frozen.

More than $45 million stolen in cryptocurrency fraud schemes has been identified around the world.

The report also highlighted that the operation identified one UK victim that lost more than £52,000 to this type of fraud.

In approval phishing scams, victims are tricked into signing malicious on‑chain approvals that grant the scammers permission to drain tokens directly from their wallets. These attempts are often disguised as investment opportunities or “account security” prompts.

Such tactics are increasingly favored by organized fraud networks because they bypass traditional password theft and rely on users misunderstanding what they are signing.

Just yesterday, our sister website NewsBTC reported that South Korean authorities are rolling out a new standardized withdrawal‑delay across all exchanges in order to prevent damage from phishing scams that depend on speed.

Last month, the Solana memecoin issuance platform Bonk.fun was hichjacked by a phishing scam that set up a fake “Terms of Services” (TOS) signature prompt which, when signed, allowed the drainer to move the unaware user’s funds.

At the beginning of the month, the social network X announced it is in the process of rolling out its toughest anti-crypto scam measure to date, particularly design to combat phishing scams.

As law enforcement becomes more adept at tracing and freezing stolen funds, scam operations will likely move to more complex laundering routes, creating both new tail risks and new on‑chain data signals for sophisticated traders to track.

Cover image from Perplexity. BTCUSDT chart from Tradingview.

Clean Wave Structure Points To A Larger Move Brewing

The XRP price climbed as high as $1.39 on April 8 as a Pakistan-brokered ceasefire between the US and Iran led to a wave of short liquidations across the crypto market, and sentiment changed from extreme fear to cautious neutral optimism.

But crypto analyst CasiTrades, who has been tracking XRP’s wave structure, saw something different in the price action. The bounce, she says, was exactly what the chart needed to complete a corrective structure. Now, the real move is set to begin.

According to CasiTrades, the recent XRP price bounce in XRP was the completion of a corrective phase. The move into the 0.618 Fibonacci retracement level, which is visible on the chart around the $1.35 to $1.40 range, helped confirm what she identifies as a clean Wave 2 in an Elliott Wave structure.

This move completed the counter-trend move without breaking the broader bearish count. Despite the strength of the bounce, it failed to break above these Fibonacci levels, and XRP is now back to trading at $1.32. Therefore, the next projected move is a Wave 3 impulse that continues the correction.

What The Chart Is Saying

CasiTrades’ analysis lays out a five-wave impulsive decline playing out on the one-hour timeframe. According to her count, XRP had already completed Wave 1 down and Wave 2 up by the time the ceasefire bounce peaked. With Wave 2 now likely completed, attention turns to what typically follows in Elliott Wave theory: Wave 3, which is the strongest and fastest move in the sequence. 

The target for Wave 3’s conclusion is somewhere around $1.09, and this corresponds to a 0.618 Fibonacci retracement level. A fourth-wave bounce to $1.20 is expected next. After that, a fifth-wave continuation could follow, with the 0.786 extension at $1.0854 and the 0.854 extension at $0.862 serving as deeper structural targets if the move plays out fully.

The current macro environment offers few bullish factors that can negate the bearish outlook. The two bullish factors are the CLARITY Act markup, which is scheduled for the second half of April, and any progress on the Iran ceasefire. However, if the CLARITY Act stalls and the war drags on, XRP’s $1.30 support could break, and the price could fall lower.

StarkWare chief product officer Avihu Levy has put forward a scheme called Quantum Safe Bitcoin, or QSB, that he says could make new BTC transfers resistant to quantum attacks without changing the Bitcoin protocol.

The proposal is designed to work even against a large quantum computer running Shor’s algorithm.

A Workaround Inside Bitcoin’s Existing Rules

Levy’s plan stays within the crypto’s current legacy script limits and does not require a soft fork. Instead of relying on elliptic curve math, QSB swaps in a hash-to-signature puzzle.

In simple terms, the sender must find an input whose hash output happens to look like a valid ECDSA signature, a process that depends on brute-force work rather than the kind of math quantum computers are expected to break.

That makes the scheme unusual. It does not try to rebuild Bitcoin from the ground up. It tries to bolt on a narrow shield using rules that already exist.

The researchers describe it as a temporary answer while the bigger question of its long-term quantum defense remains unsettled.

Praise, Pushback And A Narrow Use Case

StarkWare CEO Eli Ben-Sasson called the work “huge” and said it essentially makes Bitcoin quantum-safe today. But not everyone agrees with that framing.

Bitcoin ESG specialist Daniel Batten said the claim goes too far because the paper does not address exposed public keys or dormant wallets.

He pointed to an estimated 1.7 million BTC sitting in early P2PK addresses that could be vulnerable if a quantum computer becomes powerful enough to crack them.

The new scheme also comes with a sharp limit on who might use it. According to the proposal, it is more complex than a standard BTC transaction and only makes sense for large transfers. The reported compute cost makes it a poor fit for routine payments.

THIS IS HUGE. Bitcoin is Quantum-Safe TODAY.

Even if a quantum computer appeared, one that breaks the conventional Bitcion signatures, it shows a practical way to create safe Bitcoin transactions. WITH NO CHANGE TO BITCOIN PROTOCOL!!! https://t.co/ireGc3ai7W

— Eli Ben-Sasson | Starknet.io (@EliBenSasson) April 9, 2026

The debate around quantum risk has already split the Bitcoin community. Some argue for leaving Bitcoin unchanged to preserve its original design.

Others want vulnerable coins frozen or burned. A separate group wants the protocol upgraded to support quantum-safe signatures.

Levy’s proposal lands in the middle of that fight, giving users a last-resort option while skipping the need for network-wide consensus.

The researchers still say protocol-level changes are the better long-term path. They also acknowledged that the QSB approach is non-standard, does not scale to all users, and does not cover use cases such as the Lightning Network.

The timing of the paper matters too. Google published research in March that added fresh pressure to the debate, and Lightning Labs chief technology officer Olaoluwa Osuntokun followed with a quantum fallback prototype on Wednesday.

Featured image from Pixabay, chart from TradingView

A $1,632 Valuation Model Built On Flow

XRP is currently trading around $1.30 to $1.33, down 64% from its all-time high of $3.65. However, this hasn’t deterred many members of the XRP community from touting bullish price levels. 

This time, the bullish outlook is based on a calculator model that pushes the cryptocurrency into four-digit territory. The calculator is based on a valuation model developed by Susan Athey, a board member at Ripple, and Robert Mitchnick of Stanford Graduate School of Business, published in a paper titled A Fundamental Valuation Framework for Cryptoassets.

This calculator model uses a set of assumptions that influences how value is derived for XRP. The specific inputs that produced the $1,632 figure are $19 trillion in total estimated daily transaction volume, an average holding period of five days between transactions per XRP unit, $30 trillion in store-of-value demand, a five-year timeline to reach those volumes, and a 5% discount rate to bring the future value to present terms. 

When these variables are combined and distributed across an estimated 60 billion circulating tokens, the result is a valuation that far exceeds anything seen in current market pricing.

Pundit Says Stop Watching Price

The more interesting part of the prediction is the philosophy behind the price number. Particularly, the pundit dismissed price as the wrong metric entirely. “People argue about price. They’re not even looking at the variables,” he said.

What this means is that the output itself is less important than what the inputs imply. The input implies that XRP could one day serve as a bridge across global financial flows comparable in scale to the entire foreign exchange market.

The $1,632 figure is just one example in a growing list of ultra-bullish projections from XRP enthusiasts online. A common thread runs through all of them. They rely on the idea that XRP will capture a meaningful share of multi-trillion-dollar financial markets, whether in cross-border payments or tokenized real-world assets. Once that assumption is locked in, the math tends to escalate quickly above $1,000.

However, the basic market-cap arithmetic makes that scenario essentially impossible. A $1,000 XRP price would imply a market capitalization above $60 trillion, which is more than double U.S. GDP.

That disclaimer has done little to stop organizers from aggressively promoting the event around Trump’s potential presence.

Senators Fire Off A Letter

Three Democratic senators — Elizabeth Warren, Richard Blumenthal, and Adam Schiff — sent a letter to Bill Zanker, the man behind the TRUMP memecoin launch, demanding to know whether the president actually plans to show up.

Based on reports by Politico, the senators accused organizers of using Trump’s name to push coin purchases that generate transaction fees for him and his family, all while his attendance remained uncertain. The event is set for Trump’s Mar-a-Lago property in Florida.

The senators put it plainly. They wrote that organizers were promoting the conference by holding out the prospect of a presidential appearance to potential attendees — and that doing so was encouraging people to buy the coin.

What makes the situation thornier is that April 25 is already taken. Trump announced on March 2 that he planned to attend the White House Correspondents’ Association Dinner in Washington, DC — his first time going since boycotting it throughout his first term.

Two major events. One day. One president. The White House did not respond to requests for comment on his schedule.

SATURDAY, APRIL 25 AT MAR-A-LAGO!

The Most Exclusive Crypto and Business Conference in the World & Gala Luncheon with PRESIDENT TRUMP and 18 other SUPERSTARS.

Strictly Limited to only 297 attendees. Are You In?

Register Here: https://t.co/MBo3UBrzje pic.twitter.com/CWOVNK1kbU

— TrumpMeme (@GetTrumpMemes) March 12, 2026

A Coin With A Schedule Problem

This is not the first time Trump has shown up — or been expected to show up — at a crypto event. Reports indicate he attended the Bitcoin 2024 conference and a separate dinner for TRUMP memecoin holders back in May 2025. The April 25 event would be the second such gathering for holders of the coin.

The conflict has drawn attention beyond just scheduling. Critics say it raises questions about whether access to the president is being tied to participation in a financial product that benefits him directly. Organizers have not publicly addressed whether Trump will appear or whether the event will go ahead as planned.

The controversy lands at a difficult moment for crypto regulation in the US. The CLARITY Act — a bill aimed at setting a legal framework for digital assets — passed the House in July 2025.

The Senate agriculture committee moved it forward in January, but the banking committee put a halt to further action. Concerns over tokenized equities, stablecoin yield, and ethics stalled the process. As of Thursday, no new markup date had been set.

The White House weighed in Wednesday, saying a proposed ban on stablecoin yield in the bill would do little to protect bank lending — a claim aimed at cooling opposition from both the banking and crypto industries.

Featured image from Getty Images, chart from TradingView

Bitcoin’s Net-Watchers Start Building Their Blackwall

The ticking clock marking 2029 as the possible “deadline” for quantum computers to be able to break Bitcoin and Ethereum’s cryptography has made devs roll up their sleaves and get to work.

The recent spike of the Bitcoin quantum-panic or “quantum FUD” (fear, uncertainty and doubt) has moved on from the initial chaos that ensued following Google’s “doomsday” whitepaper to a race against an enemy that doesn’t yet exist. In the past days, two Bitcoin devs landed at different proposals aimed to protect Bitcoin from the future threat of quantum attacks.

One of them consists in a “Taproot kill‑switch + zk‑proof recovery” path for existing UTXOs (Unspent Transaction Outputs). The other is a QSB (Quantum Safe Bitcoin), a transaction‑level construction that makes individual spends quantum‑safe today without any soft fork (rule changes that stay compatible with old software).

Both approaches assume Shor‑style quantum computers (quantum computers based on Shor’s algorithm) will nuke the math behind Bitcoin’s current signatures (ECDSA/Schnorr), but they differ on how much of Bitcoin needs to change: consensus rules vs user‑level tooling.

Let’s examine both proposals closely.

The first solution comes from Olaoluwa Osuntokun, co‑founder and CTO of Lightning Labs (the main company building the Lightning Network implementation) and Tim Ruffing, co‑author and contributor on Schnorr/Taproot, multisignature schemes like MuSig2 and a maintainer of Bitcoin’s core elliptic‑curve library.

On a post made on the social media X on April 8, Osuntokun resurfaced Ruffing’s July 2025 whitepaper on Bitcoin’s post-quantum security in order to propose a solution for one of the problems presented in the paper: “to create a variant of seed-lifting that doesn’t reveal the wallet’s master secret”. He called this “zk-STARK proof”.

in the face of quantum adversary, a commonly discussed emergency soft fork for Bitcoin would be to disable the Taproot keyspend path (https://t.co/Gzx8NVui3N), effectively turning it into something that resembling BIP-360

assuming an existing precautionary soft-fork to add a pq…

— Olaoluwa Osuntokun (@roasbeef) April 8, 2026

In plain language, Osuntokun’s tool creates a special cryptographic proof (the zk‑STARK) that lets you prove you really have the original wallet secret behind a given Taproot address, and that you used the standard wallet rules to get from that secret to this address. They crucial aspect of the zk-STARK proof is that it does this without ever revealing the secret itself, or any private keys, to anyone.

If, in the future, Bitcoin does a quantum‑defense soft fork that disables normal key‑based spends, many BIP‑86 Taproot wallets could be stuck and unable to move coins. With this proof, those users get an extra “escape hatch”: they can prove ownership of their Taproot coins via the seed‑derivation proof and move funds in a new, quantum‑safe way, even though the old key‑spend path is turned off.

He discussed all the technicalities behind this on the Bitcoin dev mailing list.

The solution has found acceptance, and it’s been generally received very well in the crypto community.

Looks like this potentially solves the thorniest issue around quantum proofing Bitcoin: confiscation of coins.

A PQ soft fork like BIP360 effectively “confiscates” coins by permanently disabling spends from certain “vulnerable” wallets where public keys have been revealed.… https://t.co/wV49BIXmx2

— Vijay Selvam (@VijaySelvam) April 9, 2026

The second, and more polemic solution, comes from Avihu Mordechai Levy, a cryptography engineer at StarkWare who works on zero‑knowledge proofs and STARKs. His whitepaper, published yesterday, shows how to make individual Bitcoin transactions quantum‑safe today, using Lamport‑style one‑time signatures plus a “hash‑to‑signature” proof‑of‑work puzzle, with zero changes to Bitcoin’s base protocol.

Quantum-Safe Bitcoin Transactions Without Softforkshttps://t.co/1lx5waX9VV pic.twitter.com/Ni7pA6dEsC

— Avihu Levy (@avihu28) April 9, 2026

QSB replaces the old signature‑size PoW (which quantum attacks could completely break by finding tiny ECDSA r‑values) with a RIPEMD‑160‑based puzzle that only relies on hash pre‑image resistance, which is merely weakened, not destroyed, by Grover’s algorithm (quantum tech).

Again in plain language, what QSB does is it throws away the old “make the signature tiny” proof‑of‑work trick, because a strong quantum computer could cheat that by exploiting the elliptic‑curve math. Instead, QSB uses a new puzzle built on the RIPEMD‑160 hash function. Breaking a hash like that is extremely hard, even with a quantum computer.

QSB fits in legacy script limits and gives around 118‑bit post‑quantum pre‑image security. However, it costs hundreds of dollars in off‑chain GPU work per transaction and requires non‑standard bare scripts mined via private relay services. This is why many are calling QSB a “last resort” or even a “whale-grade band-aid”.

I’m not claiming this isn’t grossly inefficient, nor that it wouldn’t make sense to eventually improve the protocol layer if a cleaner solution emerges.

My point is simply that it’s false to say this kind of whale-grade band-aid doesn’t already exist at the current protocol…

— Coinjoined Chris (@coinjoined) April 10, 2026

The community is no longer arguing if quantum breaks ECDSA/Schnorr, but how to stage an orderly migration. Let’s remember that the creator of Bitcoin, Satoshi Nakamoto himself, assured in 2010 that a gradual transition to post-quantum, stronger technology, was possible for Bitcoin.

Taproot‑based recovery tries to protect the entire UTXO set with minimal value destruction, whereas some prominent voices still argue non‑migrated coins should simply expire rather than be “rescue” in weird ways, to preserve Bitcoin’s monetary story.

Cover image from Perplexity. BTCUSD chart from Tradingview.

Cardano Sees Renewed Activity

According to the on-chain tracking platform, Santiment, the Cardano network is beginning to see some much-needed change when it comes to participation. The network saw a major surge in activity as reported earlier in the week, suggesting that sentiment toward the altcoin is beginning to move again.

Santiment’s data focused on Cardano wallets holding at least 10 million ADA, meaning these are the whale wallets. This large investor cohort had begun to make more moves, rapidly adding to their already massive holdings as the ADA price continued to struggle.

As the tracker reports, the number of wallets holding at least 10 million ADA has now moved up to 424. This means that it is the first time in more than one month that this metric is moving, and it translates to a 5.92% increase in whale wallets.

ADA Investors Are Very Bullish

While the Cardano whales are coming back to the table, the sentiment is beginning to turn toward the positive again. An earlier report from Santiment shows that ADA investors are still heavily bullish despite most being underwater. The data comes out to around 79% of all investors still bullish and expecting the cryptocurrency’s price to actually move upward.

In addition to this, the month of April has usually been rather bullish for the Cardano price, with more green closes than red for this month throughout history. CryptoRank’s data puts the average ADA price returns for April at 14.1%, suggesting that there could be some positive movement for the cryptocurrency.

The rise in whale volume is also a net positive as these large buys go toward reducing the available supply on the market. Thereby, introducing scarcity and pushing the price upwards. However, the direction of the general crypto market still comes into play, meaning that if the market does go bullish, the likelihood of the ADA price going up becomes higher.

Crypto Exchange Volume Has Witnessed A Significant Drop

According to data from on-chain analytics firm CryptoQuant, the crypto trading volume of the centralized exchanges has been cooling down. The “trading volume” here refers to an indicator that keeps track of the total amount of a given asset or group of assets becoming involved in trading activity on exchanges.

Below is the chart shared by CryptoQuant that shows the trend in this metric for the entire crypto sector over the last few years.

As is visible in the graph, the crypto trading volume shot up to a peak level during the last quarter of 2024, suggesting traders were at their most active on exchanges. In 2025, a second peak aligned with Bitcoin’s rally to its new all-time high (ATH).

Both of these highs coinciding with price surges isn’t surprising, as bullish price action tends to attract hype, which naturally results in higher trading activity. In contrast, bearish or sideways phases tend to scare investors away. From the chart, it’s visible that the latter effect has followed with the bearish reversal that crypto has seen since the last quarter of 2025.

Compared to the peak in October, crypto trading volume is today down 48%. Out of the $4.3 trillion volume that exchanges are observing right now, just $0.8 trillion is occurring on spot platforms. Thus, it would appear that perpetual futures markets are seeing most of the activity.

In terms of the individual exchanges, Binance continues to be the most dominant platform.

From the graph, it’s visible that Binance occupies the largest share of the exchange trading volume. Though, its dominance has actually shrunken over the years. At its peak back in the previous cycle, Binance controlled the majority of the market.

In some other news, the latest Bitcoin price surge has led to a break above a key Trader Realized Price level, as CryptoQuant has highlighted in an X post. The “Trader Realized Price” here refers to the average cost basis of the recent BTC buyers.

As displayed in the chart, the lower band of the Trader Realized Price was acting as an upper bound for BTC during the past few weeks, but the latest rally has taken the coin beyond the line. “If it holds, $79K is next—the key bear market ceiling and test for structural recovery,” noted the analytics firm.

BTC Price

At the time of writing, Bitcoin is floating around $71,800, up more than 7.5% in the last seven days.

Atkins’ post on X (formerly Twitter) echoed recent comments by Treasury Secretary Scott Bessent and framed the legislation as necessary to replace “regulation by enforcement” with clear statutory rules that will allow federal agencies to implement consistent oversight of digital assets.

Atkins Urges Congress To Pass CLARITY Act

“At project Crypto is designed so once Congress acts, @SECGov & @CFTC are ready to implement the CLARITY Act,” Atkins wrote, adding that “It’s time for Congress to future‑proof against rogue regulators & advance comprehensive market structure legislation to President Trump’s desk.” 

His remarks came a day after Bessent published an op‑ed in the Wall Street Journal warning that the United States risks losing its leadership in financial innovation if lawmakers fail to pass the bill. 

Bessent urged durable legislation that would give entrepreneurs and developers the confidence to “reshore” digital‑asset activity to American markets, arguing that decisive legal standards have historically made the US the world’s financial center.

Atkins’ appeal references Project Crypto, the coordinated SEC–CFTC effort to create a unified approach to token classification and to streamline how on‑chain trading, custody, and settlement are treated under federal law. 

That initiative culminated in a joint interpretation in March clarifying how securities laws apply to certain crypto assets and transactions — a milestone that many described as the first meaningful step toward the kind of legal clarity the sector has sought for years.

The push for the CLARITY Act, however, is occurring amid stalled negotiations and a high‑stakes dispute between the banking and crypto industries over a provision of the already passed GENIUS Act, the country’s stablecoin legislation. 

Banks Vs. Crypto

That earlier legislation included a measure prohibiting permitted stablecoin issuers from paying interest or yield to customers simply for holding tokens. 

Banks argue the rule left a gap that third parties could exploit by offering rewards to stablecoin holders and have demanded that the market‑structure bill close that loophole. The crypto sector counters that the ability to provide rewards is crucial for stablecoins to compete effectively as payment instruments.

Despite multiple White House meetings intended to bridge the divide, no public compromise has yet been announced. Senators Angela Alsobrooks and Thom Tillis appeared to find bipartisan common ground late last month, but it remains unclear whether their proposal satisfies both the banking and crypto lobbies.

Featured image from OpenArt, chart from TradingView.com 

Short Trades Draw Fast Turnover

The jump followed Polymarket’s use of Chainlink data feeds in its short-duration crypto markets. The platform now relies on those feeds to support live pricing in markets that move every five or 15 minutes.

Chainlink said in a post on April 8 that Polymarket’s average daily volume had climbed to $153 million, or roughly 3x the level seen before the integration. The post also pointed to more than $4 billion in total volume across the short-term markets and more than $200 million in the first week of the 5-minute products.

Since adopting Chainlink to power 5 & 15 min crypto markets, @Polymarket has seen:

• $153M+ avg daily volume, up 3x • $4B+ volume across 5 & 15 min markets • $200M+ in week one of 5-min markets

The Chainlink effect is real. pic.twitter.com/YwDluD6vWS

— Chainlink (@chainlink) April 8, 2026

Chainlink Data Sits At The Center

The report ties that activity to the need for quick, reliable market data. It says Chainlink’s role is to supply secure outside information so outcomes can be settled against live prices instead of stale feeds. In that setup, speed matters. So does trust.

The coverage also says the faster markets have pulled in both retail and institutional traders. Larger participation has helped liquidity, and the short windows appear to have made the product feel more active for users watching small price moves in real time.

The five-minute market appears to have been the sharpest draw. Reports say it generated more than $200 million in its first week, a burst that helped push the wider short-duration segment past the $4 billion mark.

The piece frames Chainlink’s role as a technical one: keeping prices accurate and the market running smoothly as volume rises. It says the oracle network helps Polymarket handle fast trades without losing reliability, which is central to any market built around short deadlines.

Even so, the report does not separate out exactly how much of the rise came from Chainlink itself, new users, or broader interest in fast crypto betting. It presents the integration as the clear catalyst, but the numbers are still shown as a simple before-and-after change rather than a full breakdown.

Featured image from Unsplash, chart from TradingView

The program, led through the Department’s Office of Cybersecurity and Critical Infrastructure Protection (OCCIP), is intended to give eligible US digital asset firms practical cybersecurity information. The goal is straightforward: help companies spot threats, strengthen prevention efforts, and respond effectively when incidents occur.

Treasury’s Crypto Cybersecurity Push 

In remarks accompanying the announcement, Luke Pettit, Assistant Secretary for Financial Institutions, emphasized that digital asset firms now play an increasingly important role in the US financial system. 

By extending access to the same quality cybersecurity information used by traditional financial institutions, Pettit said Treasury is working to support a more secure and responsible digital asset ecosystem.

Treasury also framed the announcement as part of a broader push to ensure that cybersecurity is treated as a foundation for the next stage of digital finance, rather than an afterthought. 

Tyler Williams, Counselor to the Secretary for Digital Assets, said the initiative reflects the principles behind the country’s stablecoin bill, the GENIUS Act, by encouraging innovation supported by cybersecurity and operational resilience. 

Williams added that as digital assets become more integrated into the financial system, providing timely and actionable threat information becomes essential to protecting consumers and safeguarding US financial markets.

Additionally, Treasury officials said the initiative builds on recommendations from the President’s Working Group on Digital Asset Markets report, Strengthening American Leadership in Digital Financial Technology. 

Stablecoin Compliance Gets Clearer 

Officials involved in cybersecurity oversight also highlighted that the threat environment is changing quickly. Cory Wilson, Deputy Assistant Secretary for Cybersecurity, noted that cyber threats targeting crypto platforms are rising in both frequency and sophistication. 

According to Wilson, the new initiative expands access to actionable threat intelligence intended to help firms strengthen defenses, reduce risk exposure, and handle incidents more effectively when they happen.

The announcement arrives alongside other regulatory steps Treasury and related agencies have been pursuing. On Wednesday, the Department also released a joint proposed rule from the Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control (OFAC). 

That proposal is intended to provide a more detailed framework for the GENIUS Act, translating statutory requirements into clearer anti-money-laundering (AML) and sanctions-compliance obligations for permitted payment stablecoin issuers (PPSIs).

Treasury said the draft rule outlines how stablecoin issuers would be expected to detect, report, and block unlawful activity while still maintaining the tools required to comply with lawful orders. 

In combination with the new OCCIP cybersecurity initiative, the actions signal a broader direction: tighter operational standards, greater regulatory clarity, and continued cooperation with digital asset firms to help the crypto industry operate with stronger safeguards.

Featured image from OpenArt, chart from TradingView.com 

Bithumb Launches Legal Action

On Thursday, local news media outlet Chosun Biz reported that the South Korean crypto exchange Bithumb had begun legal proceedings to recover part of the Bitcoin that had not been returned after a recent error.

On February 6, Bithumb accidentally distributed 620,000 Bitcoin, worth over $40 billion, to 249 users participating in the crypto exchange’s “random box” promotional event due to a “fat-finger” error.

The exchange quickly canceled the payments and recovered most of the assets. However, some customers immediately sold or exchanged the BTC for cash or other cryptocurrencies, leaving approximately 0.3% of the Bitcoin unrecovered.

According to the report, Bithumb filed for a provisional seizure this week to reclaim 7 Bitcoin it had failed to recover after the erroneous payout incident. This is a legal measure to temporarily freeze a debtor’s assets, preventing their concealment or disposal before a lawsuit to recover the money is filed.

Legal experts believe that customers who did not return the mistakenly paid Bitcoin would likely lose the lawsuit. Head of the Financial Supervisory Service (FSS) and a former attorney, Lee Chan-jin, has said that those customers are “clearly subject to the return of unjust enrichment. Those who sold and converted them into money (cash out) face disaster (as they could be drawn into lawsuits).”

An industry source told Chosun Biz that some of these clients argued they should not be responsible for the exchange’s mistake, but under South Korean law, mistakenly received assets are usually classified as unjust enrichment and must be returned in kind.

The report noted that if BTC’s price falls by the time of return, the customer could benefit, but if the price surges, the customer could face losses if the court rules in the exchange’s favor.

‘Ghost Bitcoin’ Error Reshapes Industry Practices

Although 99.7% of the BTC were recovered, the incident raised serious concerns about the crypto exchange’s internal controls. As reported by Bitcoinist, Bithumb held 175 BTC in its own books and less than 50,000 BTC between its own assets and customer-held assets at the time of the incident.

This meant that Bithumb’s system failed to block the irregular transaction, distributing assets that did not actually exist and distorting market prices. As a result, the FSS, alongside the Korean Financial Intelligence Unit (KoFIU) and the Digital Asset eXchange Alliance (DAXA), formed an emergency task force to organize follow-up measures and review industry-wide practices, including domestic exchanges’ virtual asset reserves, management practices, operational conditions, and internal control systems.

In March, the KoFIU preliminarily notified Bithumb of a six-month partial suspension of its business for alleged violations of Anti-Money Laundering (AML) and Know-Your-Customer (KYC) regulations.

Earlier this week, the Financial Services Commission (FSC) found that domestic crypto exchanges’ trade-halting systems, also known as kill switches, are unreliable when a massive asset mismatch occurs.

Therefore, the regulator ordered all domestic crypto exchanges to switch from the 24‑hour reconciliation cycles most exchanges currently have to a 5‑minute asset‑matching regime by the end of May. In addition, they asked all platforms to disclose their asset-matching balance daily.

Back Says ‘We Are All Satoshi’ Was About A Film

Back’s old post, which read “We Are All Satoshi,” was flagged by analysts as a possible hidden admission after the New York Times published its investigation identifying him as Bitcoin’s anonymous creator.

Back rejected that reading. He said the phrase came directly from a short film called *Block 170, The First Transaction*, which features the words carved into stone as part of its artistic concept. His tweet, he said, was simply a reference to the film.

The clarification came in response to a sweeping NYT investigation published April 8, 2026. The newspaper’s team, led by John Carreyrou — the journalist who exposed the Theranos fraud — spent more than a year combing through over 134,000 posts by 620 candidates on cryptography mailing lists dating back to 1992.

Bitcoin’s founder, Satoshi Nakamoto, has remained hidden for 17 years. A trail of clues — and a year of digging by our reporter, John Carreyrou — led us to a 55-year-old computer scientist in El Salvador named Adam Back. https://t.co/s6Jy00IDdk

— The New York Times (@nytimes) April 8, 2026

Using linguistic analysis, researchers identified Back as the closest match to the writing style of Satoshi Nakamoto, the person or group behind Bitcoin’s creation in 2008.

A Gap In The Data The Times Found Hard To Ignore

The numbers were specific. Researchers catalogued 325 hyphenation quirks found in Satoshi’s writing. Back matched 67 of them. The second closest candidate matched only 38.

Investigators also noted shared writing habits — British spellings, consistent hyphenation patterns, double spacing between sentences, and alternating use of “e-mail” and “email.”

Then there was the timeline. Back had been an active, visible presence in digital cash discussions for well over a decade. When Satoshi publicly announced Bitcoin in late 2008, Back’s participation in those forums went quiet. Reports say investigators viewed the timing as significant.

Back pushed back on all of it. He acknowledged his long history on the mailing lists but argued that heavy participation naturally produced more data points for any analyst to find patterns in.

Many researchers were exploring digital cash concepts at the same time, he said, so overlapping technical ideas are not evidence of a shared identity. He also stated clearly that he does not know who Satoshi is.

One part of Back’s response went beyond self-defense. He argued that keeping Satoshi’s identity unknown actually benefits Bitcoin as a system.

According to Back, a founderless currency is more likely to be treated as a standalone asset class rather than the project of a single person. The mystery, in his view, is a feature rather than a problem.

Featured image from Blockstream, chart from TradingView

The report identifies a confluence of two on-chain indicators that together are producing what it describes as one of the most compelling risk-reward setups in recent cycle history. The first and most historically significant is the Short-Term Sharpe Ratio, which has plunged deep into negative territory and is now touching the -40 threshold.

That level is not arbitrary. It is the precise reading that preceded every major accumulation window of the past ten years — 2015, 2019, 2020, and 2023. Four instances. Four subsequent substantial re-ratings of the asset. Zero exceptions.

The current moment marks the fifth time Bitcoin has entered that territory.

To be precise about what that means: the Sharpe Ratio measures risk-adjusted returns. When it reaches -40, investors are bearing extreme risk for deeply negative returns — the exact condition that historically exhausts sellers and precedes the kind of structural reset that produces the next major move higher.

Bitcoin above $71,000 is navigating volatility. The on-chain data suggests it may be navigating something else entirely.

The Flush Has Happened, But The Opportunity Has Not Opened Yet

The report’s second indicator adds the dimension that transforms a data point into a framework. Durable Bitcoin bottoms, the analysis establishes, are not events — they are processes. And that process has a consistent, observable sequence that the Buy/Sell Pressure Delta maps in real time.

The sequence begins with maximum sell pressure: the orange and red spikes below -0.05 that mark the moment when forced sellers and panic capitulators exhaust themselves simultaneously. That phase has occurred. The flush is confirmed. What follows is a gradual normalization — supply thinning, selling pressure receding, the delta crawling back toward neutral. That transition is underway. The delta is moving in the right direction.

What has not yet arrived is the asymmetric signal — the moment the delta reclaims blue Buy Pressure territory, confirming that demand is genuinely re-emerging rather than simply stabilizing in the absence of selling. That reclaim is the threshold the report identifies as historically offering the highest risk-reward entry. Every prior durable bottom produced it. The current chart has not yet.

The gap between where the delta sits now and where it needs to go is not a warning. It is a waiting period — and the report is precise about what lives inside it. Historically, the space between capitulation confirmed and demand reignited is where the most asymmetric capital deployment has occurred. Not after the blue reclaim. Before it.

The risks are real and named. Macro headwinds, liquidity constraints, and sentiment fragility could extend the transition. But the data describes a market that is closer to the beginning of an opportunity than the end of one — and that distinction, for cycle-aware investors, is the only number that matters right now.

Bitcoin Holds Range as Downtrend Momentum Fades

Bitcoin is stabilizing above $70,000 after a sharp breakdown that defined the February move lower. The chart shows a clear shift from trend to range: a prolonged decline from late 2025 gave way to a high-volume capitulation event, followed by consolidation between roughly $66,000 and $72,000. This range now defines the short-term structure, with $70,000 acting as a pivot level.

Despite the stabilization, the broader trend remains unresolved. Bitcoin continues to trade below its 50-day (blue), 100-day (green), and 200-day (red) moving averages, all trending downward. This alignment signals that bearish momentum has not fully reversed. Recent attempts to push higher have stalled near the 50-day average, indicating overhead supply remains active.

Volume provides additional context. The spike during the February sell-off reflects forced liquidations, often associated with local bottoms. Since then, volume has normalized, suggesting that the market is no longer under stress but has not yet transitioned into strong accumulation.

Structurally, this is a compression phase following a deleveraging event. A break above $72,000–$75,000 is required to shift momentum and confirm recovery. Until then, Bitcoin remains range-bound, with price action driven more by positioning than sustained directional demand.

Featured image from ChatGPT, chart from TradingView.com 

According to the pundit, $300,000 is inevitable for Bitcoin. The moment Bitcoin smashes its current price peak, a sequence begins that ends with billions of dollars flooding into mid- and low-cap altcoins, leading to the creation of a new class of millionaires.

The Sequence: Bitcoin To New Price Highs First

According to a crypto pundit on the social media platform X, the next six to ten months will become one of the most significant wealth-creation windows in crypto history. All that just needs to happen is for the Bitcoin price to break its all-time high. Everything else will follow automatically.

The total cryptocurrency market cap, which is currently sitting around $2.5 trillion, is projected in this scenario to undergo a three-to-four-fold expansion from current levels. This scenario will see the entire crypto market cap reaching anywhere between $8 trillion and $10 trillion.

The chart accompanying the analysis highlights a direct comparison between Bitcoin’s 2012 cycle and the current structure heading into the rest of 2026. Just like the 2012 cycle, the current price action shows a sharp rally into an early peak in October 2025, followed by a corrective phase, characterized by a rebound in January that looks like a bear trap. That trap shook out weaker hands before a deeper reset to form the true bottom.

However, the most interesting part is what came next during the 2012 cycle. Back then, once Bitcoin reclaimed momentum and pushed beyond its previous high, the move that followed delivered an exponential rally of over 12,000%.

Liquidity Rotation: How Altcoins Enter The Picture

The outlook is that Bitcoin will soon embark on a rally that sees it breaking to new price territories if it continues to follow the way it played out in 2012. A similar rally that factors in the state of the crypto market today will still see the Bitcoin price reaching well over $250,000 and maybe even as high as $300,000.

The pundit lays out a clear chain of events. Bitcoin shatters its all-time high, and Ethereum follows to new highs, then billions of dollars rotate into mid- and low-cap altcoins, with memecoins catching fire in the final stage. This sequencing follows how previous altseasons have unfolded. The 2017 and 2021 bull markets both followed this structure, and 2026 might be no different.

Crypto analyst Crypto Patel also pointed to the OTHERS/BTC ratio returning to an important support level that previously preceded major altcoin rallies. Patel noted that similar rebounds in 2017 and 2021 led to gains of 423% and 503% respectively, and projected a potential 702% upside for the 2026 cycle.

Binance And OKX Founders Clash Again

The renewed conflict began after Binance’s founder published his autobiography, Freedom of Money. In response, Xu posted a series of sharp messages on social media platform X, accusing Zhao of spreading “purely false information” and challenging his personal and professional integrity. 

Xu’s comments also disputed claims Zhao included in the book—particularly a story involving Huobi founder Li Lin. Zhao’s autobiography says that Li Lin told him in 2025 that Li had been arrested because of a whistleblower report allegedly tied to Xu. 

Xu quickly pushed back, denying that any such report was made and insisting he never contacted authorities regarding Li Lin. He argued that while people file complaints in the crypto industry, those complaints don’t typically result in arrests. 

The clash also revisited an earlier dispute dating back to 2014 and 2015, when Zhao was a senior executive at OKCoin, the company that would later become OKX. At the center of that older disagreement was a commercial arrangement involving early Bitcoin investor Roger Ver. 

CZ Offers $1 Billion Bet

Xu says OKCoin accused Zhao of fabricating contract versions in a way that introduced a six-month termination clause. According to Xu’s posts, the disagreement originally hinged on the accuracy and authenticity of the contract terms—and the question of whether evidence had been altered.

Zhao has repeatedly denied those allegations, and in his autobiography, he suggested that any evidence used against him could have been manipulated. Xu, however, claims to have new material supporting his position. 

He reposted what he described as a notarized video, saying it proves contract forgery. Xu also referenced the passage of time, stating that contract falsification evidence had already been made public on the internet 12 years earlier. In his comments, Xu called Zhao “a habitual liar” who “never changes their nature.”

But while the OKX founder has been arguing the case in detail online, CZ responded in a separate social media post dismissing the attacks as false claims—at least initially. 

He wrote that he typically ignores such accusations, but added, “You can apologize now.” Binance’s former CEO then made a personal and legal offer, saying that he would not post any legal documents online out of respect for his ex-wife and privacy.

CZ’s post also introduced the wager that has caught attention across crypto circles. He said he would be “happy to bet $1 billion USD (or any number you choose)” that he is officially divorced—“way before today.” 

The Binance founder suggested that if Xu agrees, lawyers could validate the divorce agreement and called the process “dead simple.” CZ said the bet offer would remain valid permanently, “whenever you feel ready,” but added that if Xu does not accept within 24 hours, it would indicate who has misrepresented the public.

Featured image from OpenArt, chart from TradingView.com 

The headline finding is stark: total centralized exchange trading volume fell approximately 48% from the October 2025 peak to $4.3 trillion in March 2026 — the lowest reading since October 2024. That is not a seasonal slowdown. It is a near-halving of market participation in five months, confirming that the cycle’s peak activity has passed and the participants who drove it have largely stepped back.

What remains is structurally revealing. Of the $4.3 trillion in March volume, perpetual futures accounted for $3.5 trillion — more than four times the $0.8 trillion recorded in spot markets. The crypto market is not being driven by holders buying and selling the underlying asset. It is being driven by leveraged traders making synthetic directional bets on where the price goes next.

That ratio — four dollars of derivatives activity for every one dollar of real spot demand — is not a sign of a healthy, conviction-driven market. It is the fingerprint of a market in transition, waiting for the underlying demand that turns leverage into trend.

The Crypto Market Shrank

The report’s competitive analysis delivers the most counterintuitive finding in the Q1 data. While total exchange volume contracted nearly 50% from the cycle peak, Binance maintained $248 billion in spot trading in March alone — translating to approximately 32% market share year-to-date in 2026, representing roughly $1 trillion in cumulative volume. Its nearest competitors are not close. MEXC holds 9%. Bybit holds 7%. Binance’s share is more than three times larger than either.

The decline from 37% in October 2025 to 32% today reflects genuine competitive pressure from secondary exchanges gaining traction during the contraction. MEXC, Bybit, Gate, and Crypto.com have all grown their spot volumes relative to the market. None have approached Binance’s scale. Increased competition without meaningful consolidation of leadership is the precise description of the current competitive landscape.

The derivatives picture reinforces the structural conclusion. Binance leads perpetual futures with $1.4 trillion in monthly volume and approximately 40% market share — more than double OKX at 19% and more than triple Bybit at 13%. Across $4.5 trillion in cumulative perp volume in 2026, derivatives have become the decisive growth engine for the entire exchange industry.

What the Q1 data ultimately describes is a market in which total participation has contracted sharply while the concentration of that participation has deepened. When volume returns — and the historical pattern suggests it will — it will return to the venues that held their ground during the contraction. The gap between Binance and everyone else means that dynamic disproportionately favors one player.

Total Market Cap Enters Transitional Range After Breakdown

The total crypto market cap is no longer trending — it is rotating. After peaking near the $3.8T–$4.0T region in late 2025, the market lost structure and broke below its short-term trend, triggering a sharp decline toward the $2.1T–$2.2T zone. That move marked a decisive shift from expansion to distribution.

Since then, price has stabilized around $2.3T–$2.4T, forming a horizontal range rather than a directional trend. This level now acts as a pivot. However, the broader technical context remains fragile. The market is trading below the 50-week (blue) and 100-week (green) moving averages, both of which are flattening or turning downward. This reflects weakening momentum and a loss of sustained inflows.

The 200-week moving average (red), currently near $2.0T, is rising and has held as structural support during the recent drawdown. That level defines the lower bound of the current cycle unless a deeper macro shift occurs.

Volume behavior reinforces the transition narrative. Activity expanded into the late-2025 highs but has since declined alongside price, indicating reduced participation rather than aggressive accumulation.

Structurally, this is a re-accumulation or redistribution range. A reclaim of $2.8T–$3.0T is required to restore bullish continuation. Until then, the market remains in a neutral-to-bearish consolidation phase.

Featured image from ChatGPT, chart from TradingView.com 

A Decade Of Content, Gone Overnight

Bitcoin.com confirmed that YouTube removed its channel without prior warning, citing “harmful and dangerous” content. The channel had built an audience of more than 100,000 subscribers over 10 years, posting wallet tutorials and cryptocurrency news.

Appeals have been rejected. Broken video embeds have hurt the site’s traffic. According to Bitcoin.com, nothing in its library crossed any line — and while its educational videos were pulled, crypto scam advertisements continued running on the platform untouched.

YouTube deleted our channel for being “harmful and dangerous.” Our content since 2015: #Bitcoin education. Wallet tutorials. Objective news. YouTube’s content: crypto scam ads running 24/7 with zero moderation. Appeal rejected. No strikes. No explanation. Just an algorithm that… pic.twitter.com/YvEsk8vc7J

— Bitcoin.com (@BitcoinCom) April 8, 2026

YouTube has not publicly commented on the removal.

A Pattern That Goes Back Years

This is not an isolated case. BTCsessions, another crypto-focused channel, was removed three separate times between 2019 and 2025. Its most recent ban — issued for what YouTube described as “severe and repeated violations” — was reversed only after a large public backlash.

In September 2025, the Luke Mikic channel was taken down, then restored the same day following a fast appeal.

Earlier in 2026, YouTube swept out a broader group of channels. Reports indicate that the affected accounts lost a combined 35 million subscribers, with demonetization cutting off millions of dollars in revenue.

Bitcoin Magazine was banned in April 2026 — its second removal in four years — this time for content YouTube labeled “low-quality and repetitive.”

Through it all, YouTube CEO Neal Mohan has continued to describe the platform as creator-first. Crypto viewership on the platform dropped to a five-year low in 2026.

Banning channels should always be a last resort, not automated in any way.

It’s people’s lives. They put a lot of work into it, years, and then you just ban it automatically. It’s not respectful.

— James CryptoGuru (@Jamyies) April 8, 2026

Reaction on X has been sharp. Creators and viewers alike say the bans are unjustified and that automation has made the process worse — not better. “It’s people’s lives,” one user wrote. “They put a lot of work into it, years, and then you just ban it automatically.”

Voices in the community are pointing creators toward other platforms: Odysee, Rumble, Substack, Spotify, and email lists. Bitchat — still in early development — has drawn particular interest for its design, which operates independently of centralized platforms and does not rely on traditional internet infrastructure.

Nostr and Bluesky, both backed by Dorsey, are being mentioned alongside it as longer-term alternatives for creators who no longer want their work dependent on a single platform’s moderation decisions.

Featured image from Unsplash, chart from TradingView

Analyst Explains Market Using Ethereum Cycle Theory

On April 7, Severino shared his Ethereum price analysis on X, comparing the current market cycle with past trends. The analyst noted that crypto cycles can run their full course without reaching a new all-time high. Additionally, he said that some cycles may only experience bear market rallies, in which prices consistently form higher lows and lower highs over time. 

According to Severino, the biggest challenge most market participants face today is the inability to accept that a cycle may behave differently from historical trends. He added that, currently, many investors believe the Ethereum cycle has not happened, even though it behaved unexpectedly. 

Explaining this deviation through a cycle theory, Severino noted that within a full market cycle, there are several smaller degree cycles that make each timeline unique. He referred to these smaller cycles as “intracycle harmonics.” The analyst emphasized that the behavior of these harmonics can change depending on their position within the larger degree cycle. He further added that if an intracycle harmonic exceeds the amplitude of the larger-degree cycle, it could be a warning sign that ETH is in a period dominated by bear-market rallies. 

Essentially, Severino suggests that Ethereum’s recent price gains may be temporary or misleading. Even when it seems to be rallying, the broader market structure implies that these moves are likely part of a prolonged weak cycle within a bear market. This means that investors should be cautious about expecting a new all-time high anytime soon.   

Ethereum Bottom Not Reached Yet

In his analysis, Severino noted that despite ongoing bearish headwinds and weak action, the Ethereum price has not reached a market bottom yet. In his accompanying chart, he highlighted a pink line above the $2,000 level where ETH is currently holding firmly. 

According to the analyst, every time Ethereum has broken this key support line, the cryptocurrency has declined to its market bottom. With ETH’s price now hovering slightly above key support, it suggests that the market could be approaching a floor soon. 

Before reaching that point, Ethereum will likely experience another downturn. In his chart, Severino identifies $800 and a level around $440 as ETH’s next potential breakdown target or ultimate price bottoms if it falls below the critical line.

Analyst Reveals Key Bitcoin Investment Strategy

In an X post, Mags, a well-known crypto analyst, announced that January 13, 2027, could be the next major buying opportunity for Bitcoin investors. He outlined a key investment strategy that could help BTC holders and traders potentially maximize their profits even during a bear market. 

Mags called this plan “the 500-day Bitcoin strategy.” He noted that despite the ongoing market downturn and Bitcoin’s persistent fluctuation, the strategy is still working fully and could be an effective approach for investors who want to ignore the noise and focus on growing their portfolio.

The analyst explained how this unique strategy works. First, investors must buy Bitcoin exactly 500 days before the cryptocurrency’s halving event. After making the purchase, they are expected to hold their position and do nothing. This means that regardless of how the market moves, whether prices rise or fall, investors who bought 500 days before the halving should avoid selling to lock in profit or to limit losses. 

After another 500 days have passed, Mags noted that investors can then sell their BTC, suggesting that this timing may be the best opportunity to realize gains. He concluded by encouraging investors to repeat the same process in future cycles. 

Notably, Mags revealed that the last major sell signal for Bitcoin was triggered on August 24, 2025, when the cryptocurrency was trading around $109,000. This signal appeared nearly two months before Bitcoin reached its current top above $126,000 in October last year. Although that level was not Bitcoin’s ultimate peak, it still represented a major exit zone for investors who had entered 500 days before the 2024 halving, enabling them to secure massive gains. The analyst further noted that since reaching that level, BTC’s value has declined by more than 45%. 

Historical Context Behind The 500 Day BTC Strategy

In his post, Mags shared a detailed chart showing Bitcoin’s price movements leading up to its halving event and over the next 500 days. In the 2016 to 2019 cycle, the analyst noted that investors who applied this 500-day Bitcoin strategy had entered the market at major lows and sold near the peak, resulting in substantial gains.

A similar pattern was observed during the 2019 to 2022 cycle, where investors who bought 500 days before the halving entered the market at around $3,000 to $5,000 and later sold near the top at above $69,000, representing gains of 1,200% to 2,200%. With the current cycle’s 500-day strategy concluded, Mags has pointed to 13 January 2027 as the next opportunity, with the halving event expected around 27 May 2028. 

Network Usage On Cardano Makes History

With a growing, volatile cryptocurrency landscape, the price of Cardano has steadily faced bearish pressure and persistent pullback. However, this has not been the case for the Cardano network, as momentum has been observed growing across the blockchain and its ecosystem.

After a steady growth, the network is experiencing notable interest, reaching yet another major milestone in its activity. As more players connect through transactions, decentralized apps, and on-chain services, the most recent milestone is indicative of consistent growth in the network’s user base.

In this waning period, transactions conducted on the network are spiking hard. Data from Cexplorer, the biggest and most featured OG blockchain explorer, shows that Cardano has just crossed 120,000,000 on the mainnet, cementing its position as a top contender in the crypto and blockchain sector.

Currently, transaction counts on the network stand at 120,002,067, as seen in the chart shared by the platform. Such a huge amount of transactions demonstrates heightened adoption and strengthens Cardano’s standing in the larger blockchain environment. Should the user engagement continue expanding, it could spur a broader market performance, allowing ADA’s price to bounce back to key resistance levels.

Large ADA  Investors Are Stepping Back In At A Fast Rate

Prior to the report regarding transaction growth, there was news about wallet addresses on the network spiking significantly to levels not seen in several months. These are not just mere ADA holders but wallet addresses holding a substantial amount of ADA, who are considered large investors or whales.

In the report shared on X by Santiment, a leading on-chain data analytics platform, it was highlighted that the number of wallet addresses holding at least 10 million ADA has skyrocketed. The rise in large-holder addresses indicates that wealthy investors are gradually increasing their holdings, which may indicate a resurgence of faith in the network’s long-term prospects.

Currently, these investors are not positioned at a 4-high 424, which represents a +5.2% rise in 9 weeks. Despite its downside trend, Cardano has not yet decoupled from other leading altcoins in 2026. ADA’s market value experienced a +11% since it reached its bottom back on February 5th, 2026. 

Large investors are often seen as the main drivers for massive price movements, which implies that their activity could shape the impending move for ADA in the short and long term. In a bullish outlook, the growth might mark the start of a stronger phase for the altcoin.

Most Binance Whales Are Betting On A Shiba Inu Price Rally

Binance data show that top traders on the exchange with the largest margin balances are going long on the meme coin, with 63% betting on a Shiba Inu price rally. Meanwhile, only 37% of them are short on SHIB, betting on a move to the downside. As a result, the long/short ratio is at 1.69, signaling how bullish these top traders are on the foremost meme coin. 

Furthermore, the top Binance traders by position are also mainly long SHIB and betting on a Shiba Inu price rally. Almost 71% of these traders are long SHIB, while 29% are short, with a long/short ratio of 2.39. It is worth noting that the long/short ratio of the top traders by accounts and positions has climbed since the U.S. and Iran announced the two-week ceasefire. 

At the same time, most Binance traders are bullish on the Shiba Inu price, with 60% of accounts long the meme coin and 40% short. The long/short ratio is at 1.5, rising as SHIB rebounded yesterday following the announcement of the two-week U.S.-Iran ceasefire. While most traders are bullish on SHIB, activity in the derivatives market is on the decline. 

CoinGlass data shows that Shiba Inu’s trading volume has crashed by over 22% to $138 million, while the open interest is down over 4% to $54 million. This signals that most traders are still on the sidelines even as the market recovers. 

SHIB Primed For The Next Expansion

In an X post, crypto analyst Crypto Lens stated that the Shiba Inu is primed for the next expansion. He noted that SHIB is holding a 5-year demand zone strongly and that it has a history of long accumulation followed by explosive moves, including rallies of over 1,000%. Based on this, the analyst declared that the structure appears primed for the next expansion after another 550 days of tight consolidation. 

Crypto analyst Vuori also predicted that the Shiba Inu price could soon see a parabolic rally. The analyst noted that SHIB is still in the accumulation phase, which could last till the fourth quarter or first quarter of 2027, but that the downside risk is minimal at this point. He added that the projected gains are “monumental.”

At the time of writing, the Shiba Inu price is trading at around $0.000005883, down over 4% in the last 24 hours, according to data from CoinMarketCap.

Another Battle Over Crypto Prediction Markets

In a filing from yesterday, the Commodity Futures Trading Commission (CFTC) and the Justice Department (DOJ) commended a federal court to stop Arizona from using its gambling laws against crypto prediction‑market platform Kalshi.

The agencies are asking for a temporary restraining order and preliminary injunction to halt Arizona’s criminal case and gambling‑law enforcement.

Related Reading: Bitcoin Creator Exposed? New Investigation Points At The Real Identity Of Satoshi Nakamoto

CFTC argues that these contracts tied to sports, elections and other real‑world events qualify as swaps (financial derivatives) under U.S. law, rather than falling under state gambling statutes. The federal regulators based their arguments on the fact that since the contracts are settled on future events with economic impact, they are governed by the Commodity Exchange Act and fall under federal law rather than state authority.

Such interpretation curbs how far individual states can go in blocking or constraining these platforms, which regulators say would otherwise splinter the market into a patchwork of state‑by‑state rules.

Arizona charged Kalshi with illegal gambling over sports and election markets. Arizona, along with an expanding list of other states, argue that contracts tied to sports results operate like ordinary bets and must be treated as gambling, subject to licensing rules, age limits, and consumer safeguards.

According to the court filing, Arizona first sent a cease‑and‑desist order to KalshiEx LLC and Kalshi Trading LLC in May 2025, alleging they were taking unlawful bets in breach of state law. The state then brought criminal charges against both entities for “betting and wagering” under several Arizona statutes, with an arraignment set for April 13.

On Monday, a Third Circuit (one of the 13 U.S. federal courts of appeals) ruling stated that sports event contracts on designated contract markets (DCMs) are “swaps” preempting state gambling laws. However, one judge disagreed, blasting Kalshi’s stance as a “performative sleight” designed to hide the fact that its offerings are, in substance, sports betting.

This move follows a broader CFTC and DOJ litigation against Arizona, Connecticut, and Illinois over prediction‑market jurisdiction. Bitcoinist reported on it last week. This past month, a bipartisan Senate bill targeting sports‑style bets on platforms like Polymarket and Kalshi was introduced by Senators Adam Schiff (D-CA) and John Curtis (R-UT).

Also on March, democratic representative Seth Moulton of Massachusetts (MA-06) formally banned all his staff from participating in prediction markets. That same day, Congressman Adrian Smith (R-NE-03) and Congresswoman Nikki Budzinski (D-IL-13) from Nebraska introduced the PREDICT Act, banning members of Congress from trading on political and policy outcome markets.

Related Reading: SEC Admits Flaws In Crypto Enforment, What Went Wrong?

Kalshi’s main rival, Polymarket, is also under mounting legal fire, with a New York class action filed in February alleging it runs an unlicensed sports‑betting operation. Regulators in Nevada have launched a civil case against its parent company, and authorities in Ohio, Utah, and Iowa have likewise begun probing the platform.

Not too long ago, Argentinian authorities ordered a full national ban of Polymarket after it “predicted” inflation data back in February. On top of that, the platform faced terrible backlash recently after bettors sent death threats to Times of Israel military reporter Emanuel Fabian, following his report of an Iranian ballistic missile on March 10.

Both Kalshi and Polymarket updated their rules at the end of March to preemptively block politicians, candidates and sports insiders from trading on related markets

If the federal preemption is upheld, it will de‑risks U.S. prediction venues, potentially boosting liquidity and making them more attractive as macro and sports‑beta tools for crypto‑savvy traders. However, if states carve out sports and politics as gambling, markets may fragment offshore or into on‑chain, harder‑to‑police venues, raising operational and legal risk premia for anyone treating these contracts as serious hedging instruments.

Cover image from Perplexity. BTCUSD chart from Tradingview.

Whales Bet Against Bitcoin And Ethereum

Bullish momentum appears to have returned for Bitcoin and Ethereum as both assets are now trading above key resistance levels that previously triggered downside action. Even during the period, key traders’ sentiment remained unchanged, reflecting a negative outlook for these top assets.

An X post from Alphractal, an advanced investment and on-chain data analytics platform, is showing a notable shift in sentiment among large investors or whales. The signal is emerging from the Whale Vs Retail Delta metric.

Specifically, whales in both Bitcoin and Ethereum are increasingly favoring or opening short positions over long positions. This shift implies that some of the market’s most powerful players are preparing for a possible decline, even though price action may seem reasonably constant on the surface. 

When investors notably shift towards bearish bets, it usually implies that caution is building or investors are expecting the broader correction to extend. As whales continue to bet against the two leading assets, this pattern is likely to result in persistent selling pressure throughout the market.

According to the platform, whales are more interested in shorts than longs, whereas retail traders are doing the opposite and increasing their exposure. Retailers opening longs during a volatile period reflects growing optimism and confidence that the current phase offers buying opportunities.

This striking divergence between whales and retail holders’ sentiment and activity could create significant tension in the market. In the meantime, this pattern is likely to serve as a crucial part in shaping the next move for BTC and ETH.

A Compression Phase, Not A Reset

After examining the Bitcoin On-Chain Price Dynamics, Teddy highlighted that the current price action is more of a compression than a reset. While BTC has fallen roughly 50% from the 2025 high, the on-chain structure still does not look like a full reset.

During the time of the post, BTC’s price was located near $68,600. Meanwhile, Realized Price remained close to $54,100, Long-Term Holder Realized Price stayed near $42,200, and Investor Price was close to $49,500. At this point, this positioning is keeping the broader cost-basis structure intact. 

The market has cooled, but the price has not yet broken into the deeper on-chain support band, with higher pressure on the structure. Currently, Bitcoin is trading below the STH Realized Price, which is close to $79,200, and the True Market Mean Price, which is close to $78,300.

Teddy noted that recent buyers remain under pressure as the rice has not yet reclaimed the zone where the structure begins to appear healthier. With sideways price action, profitability has reduced, and short-term holders are still underwater. However, the broader realized base has not yet been lost.

The DPRK Crypto-Infiltration Saga, Part III (From This Week Only)

The North Korean secret crypto-agents saga continues. The hidden network of North Korea–aligned crypto hackers have been slowly exposed on the social network X these past days, following the attribution of the April 1st $285 million attack on Drift Protocol to UNC4736, a North Korea–aligned, state‑sponsored hacking group.

On Sunday, security researcher Taylor Monahan claimed that North Korean IT workers have quietly worked inside more than 40 DeFi projects over roughly seven years. Also on Sunday and Monday, multiple crypto industry actors shared videos and stories of North Korean IT workers failing the “Kim Jong-Un Test”.

Now, it was ZachXBT turn to publish his findings, which he did yesterday on a thread on the social network X. The exfiltrated data, that hadn’t been publicly released before, was shared with him by an anonymous source.

The extraction of the data was possible because one of this IT workers workers from the Democratic People’s Republic of Korea (DPRK) had his device infected with an infostealer (malware designed specifically to steal sensitive information). The malware exposed IPMsg chat logs, fabricated identities, and detailed browser activity.

2/ A DPRK IT worker had their device compromised via infostealer. Extracted data included IPMsg chat logs, fake identities, and browser history.

Digging through the IPMsg logs revealed this site being discussed: luckyguys[.]site

An internal payment remittance platform,… pic.twitter.com/0rA1CxSmZx

— ZachXBT (@zachxbt) April 8, 2026

The thread walks through how DPRK IT agents, often posing as freelancers abroad, are allegedly getting paid in crypto and funneled back into regime‑linked channels.

The website that surfaced from the data extraction was called luckyguys.site. According to the crypto detective, it appeared to function as an internal payment remittance hub: a Discord‑like messaging platform where DPRK IT operatives reported and reconciled their crypto payments with superiors.

Believe it or not, the site’s default login password was set to “123456”. At the moment of the data extraction, ten accounts were still using it unchanged.

The account roster showed roles, Korean names, locations, and internal group codes that align with known North Korean IT worker structures. ZachXBT highlighted that three of the companies referenced in the data, Sobaeksu, Saenal, and Songkwang, are already subject to OFAC sanctions.

The crypto investigator shared a video showing direct messages from one WebMsg account, “Rascal”, with PC‑1234 (the server admin account) that spell out payment transfers and the use of fake identities from December 2025 to April 2026. Every payment in these chats is routed and finalized via PC‑1234. The logs also reference Hong Kong addresses for billing and delivery of goods, although whether those details are genuine still needs to be confirmed.

4/ Here is one of the WebMsg users ‘Rascal’ and their DMs with PC-1234 detailing payment transfers and the use of fraudulent identities from December 2025 through April 2026.

All payments are processed and confirmed through the server admin account: PC-1234.

Addresses in Hong… pic.twitter.com/akyjmTbL5J

— ZachXBT (@zachxbt) April 8, 2026

The findings only grow more interesting as the thread advances. Since late November 2025, more than $3.5 million has flowed into the payment wallets. The same remittance pattern shows up again and again: users either send crypto in directly from an exchange or service, or off‑ramp into fiat via Chinese bank accounts using platforms such as Payoneer.

After that, PC‑1234 acknowledges the incoming funds and hands over login credentials, which can be for different crypto exchanges or fintech payment apps, depending on the specific user.

5/ Since late November 2025 $3.5M+ was received across the payment wallet addresses.

The remittance pattern was consistent across users:

Users transfer crypto originating from an exchange or service, or convert to fiat via Chinese bank accounts through platforms like Payoneer.… pic.twitter.com/IhbqW3eKKI

— ZachXBT (@zachxbt) April 8, 2026

The crypto detective reconstructed the network’s entire organizational hierarchy using the full dataset and made an interactive version of this org chart.

When the investigator followed the internal payment wallets on‑chain, he found connections to several already‑attributed DPRK IT worker clusters. The Tron‑based wallet was frozen by Tether in December 2025.

Other interesting findings show that the compromised device, which belonged to someone called “Jerry”, still had Astrill VPN in use, along with multiple fabricated identities being used to apply for jobs. Inside an internal Slack workspace, a user named “Nami” shared a blog post about a deepfake job applicant linked to DPRK IT workers. One colleague asked if the story was about them, while another reminded the group they weren’t allowed to post external links.

8/ Jerry’s compromised device shows usage of Astrill VPN and various fake personas applying for jobs.

An internal Slack showed ‘Nami’ sharing a blog post about a DPRK IT worker deepfake job applicant. A second user asked if it was them, while a third noted they aren’t allowed to… pic.twitter.com/7ZdGbX91WT

— ZachXBT (@zachxbt) April 8, 2026

Jerry exchanged messages with another North Korean IT worker about plans to steal from a project, using a Nigerian proxy to target Arcano, a GalaChain game. If that attack was ever carried out or not is unclear.

9/ Jerry actively discussed stealing from a project with another DPRK IT worker via Nigerian proxy targeting Arcano, a GalaChain game.

However, it remains unclear if the attack later materialized. pic.twitter.com/p9QQLHbB91

— ZachXBT (@zachxbt) April 8, 2026

The admin also distributed 43 Hex-Rays/IDA Pro training materials to the group between November 2025 and February 2026. These sessions focused on disassembly, decompilation, both local and remote debugging, and a range of cybersecurity techniques. One link shared on November 20 was explicitly titled: “using-ida-debugger-to-unpack-an-hostile-pe-executable”.

ZachXBT concluded that this DPRK IT worker cluster appears relatively unsophisticated compared with outfits like AppleJeus and TraderTraitor, which run much tighter operations and pose a far greater systemic threat to the crypto industry. His earlier estimated that North Korean IT workers collectively pull in several million dollars a month is reinforced by this dataset.

Today, the investigator posted an update explaining that the internal DPRK payment portal has been pulled offline following the publication of his findings. All of the data was fully captured and archived beforehand.

Update: The internal DPRK payment site has since been taken down after my post.

However all data was archived in advance. pic.twitter.com/9cRdopal5g

— ZachXBT (@zachxbt) April 9, 2026

Crypto is now deeply embedded in geopolitical shadow economies. On‑chain transparency cuts both ways for users and adversaries.

It wouldn’t be surprising if markets start to price higher compliance costs for CEXs and OTC desks, or if there is more friction for stablecoin flows in sanctioned regions. The North Korean saga surely raises the odds of more aggressive enforcement against cross‑border flows, privacy tools, and high‑risk venues.

Cover image from Perplexity. BTCUSDT chart from Tradingview.

Strategy’s Bitcoin Bet Records Billions Of Dollars In Losses

Strategy recently filed its Form 8-K for the first quarter of the year 2026, and it showed major losses for the company and its Bitcoin strategy. According to the form, the company’s Bitcoin holdings were down over $14 billion in Q1 alone, reflecting the decline that the btc price has suffered during this time.

Despite the Bitcoin price and its holdings moving underwater, Strategy had continued to purchase Bitcoin. Throughout the first quarter of the year, the company made a total of 12 different BTC purchases, with the lowest being a $40 million haul.

By the time the company was done in Q1, it had spent over $7 billion buying BTC in three months, adding more than 89,000 BTC to its already massive stash. This brought the total spend that the company has made over the years buying BTC to over $57 billion.

Despite the filing showing billions of dollars in losses, the company is right back to buying Bitcoin again. On April 6, the company reported another purchase of 4,871 BTC at an average price of $67,718. This cost the compass $329.9 million, bringing its total BTC spend so far to $58.02 billion.

The Bitcoin price has since rebounded from its Q1 lows and is trending high again, but the company is still underwater. Its current cost basis sits at $75,644 per coin, so as long as the BTC price stays below this level, then the company’s BTC holdings remain underwater.

As for the company’s stock price, it has followed the downward trajectory of Bitcoin. The MSTR stock price is sitting round $163 at the time of this report, down by more than 50% from its 2025 peak above $400. As for its BTC holdings, Saylor has previously said that the company has no plans to sell its BTC, and in fact will keep accumulating BTC for the foreseeable future.

In a new blog post, the company projects that between 2028 and 2048 as much as $100 trillion could pass from “Baby Boomers” to “Millennials” and “Generation Z, groups that are far more likely to view crypto as a standard part of their financial lives. 

That demographic and capital movement, Chainalysis argues, will drive an enormous increase in on‑chain stablecoin activity and accelerate adoption of crypto payment rails.

Why Chainalysis Predicts Stablecoin Surge

Chainalysis bases its forecast on two converging trends. First, beginning around 2028, the composition of the adult population in North America and Europe will change.

Millennials and Gen Z — groups among whom nearly half have at some point held cryptocurrency — are expected to become the dominant economic actors, gradually replacing Generation X and Boomers in influence and purchasing power. 

Second, estimates from institutions such as Merrill Lynch suggest as much as $100 trillion could transfer to younger generations by 2048. Chainalysis calculates that this generational transfer alone could add roughly $508 trillion to annual stablecoin transaction volumes by 2035.

Beyond direct wealth transfers, Chainalysis highlights point‑of‑sale (POS) adoption as a second major driver. The firm estimates that POS saturation of stablecoin rails could contribute as much as $232 trillion in annual stablecoin volume by 2035. 

Taken together, the influx of inheritable capital and broader merchant adoption would produce a new payments baseline where stablecoin rails constitute a core element of the infrastructure that moves money.

Crypto Transactions Could Match Visa And Mastercard

If current trends in transaction growth continue, Chainalysis says on‑chain stablecoin transactions could reach parity with the off‑chain transaction counts of Visa and Mastercard sometime in the 2031–2039 window. 

The report cautions, however, that adoption rarely follows a straight line: network effects, user incentives, and technological improvements could bring that crossover earlier. 

As consumers evaluate payment options, they are likely to compare crypto rails with traditional systems on familiar metrics — fees, settlement times, and rewards — and stablecoin‑linked cards and services could compete directly with legacy providers.

Chainalysis sees these dynamics already prompting strategic moves by established financial players. The blog post points to actions such as Stripe’s acquisition of Bridge and Mastercard’s partnership with BVNK as examples of incumbents positioning themselves to operate on both traditional and on‑chain rails. 

The firm argues that, for banks and payments companies, the choice is becoming binary: build infrastructure and partnerships to capture flows from crypto‑native customers or risk ceding transactions to alternative rails operated by others.

Featured image from OpenArt, chart from TradingView.com 

Stablecoin Yield Is Not A Threat

On Wednesday, the Council of Economic Advisers (CEA) released the highly anticipated study on a key issue that has become a major point of contention between the banking and crypto industries over the past few months: stablecoin yield and its potential impact on deposit flight and bank lending.

For context, the landmark crypto legislation, the GENIUS Act, requires issuers to maintain reserves backing outstanding stablecoins on a one-to-one basis and to hold these reserves in certain assets, including US dollars, Federal Reserve notes, and short-term US Treasuries.

The bill also introduced key restrictions that prohibit issuers from offering any form of interest or yield to stablecoin holders. The banking industry has urged US lawmakers to extend the prohibition to digital asset exchanges, brokers, dealers, and related entities, which has led to prolonged debate and delay of the crypto market structure bill, also known as the CLARITY Act.

While some analysts estimate that the effect of lending in the trillions of dollars, the CEA report found that eliminating stablecoin yield would only boost bank lending by $2.1 billion, equivalent to a 0.02% increase.

Large banks would conduct 76% of this additional lending, while community banks—which have assets below $10 billion—would lend the remaining 24%. In our baseline, that adds up to $500 million in additional lending from community banks, meaning their lending rising by 0.026%.

As they noted, even under the worst-case assumptions, the CEA’s model produced only $521 billion in additional aggregate lending, corresponding to a 4.4% increase in bank loans as of Q4 2025.

Moreover, that figure would require the stablecoin market to grow sixfold as a share of deposits, all reserves to be locked in unlendable cash instead of US treasuries, and the Federal Reserve (Fed) to “abandon its current monetary framework.”

“Even under those implausible conditions, community bank lending only rises by $129 billion, corresponding to an increase of 6.7%,” the White House economists emphasized, concluding that prohibiting yield would have only a moderate impact on overall lending in the banking system.

The conditions for finding a positive welfare effect from prohibiting yield are similarly implausible. In short, a yield prohibition would do very little to protect bank lending, while forgoing the consumer benefits of competitive returns on stablecoin holdings.

Regulatory Uncertainty More Harmful Than Rewards

The CEA study directly contradicts one of the banking sector’s main arguments for banning stablecoin yield: it would mostly affect community banks. In January, Bank of America CEO Brian Moynihan told investors that the banking industry could face significant challenges if the US Congress does not prohibit interest-bearing stablecoins.

During its Q4 earnings call, the executive stated that up to $6 trillion in deposits, roughly 30% to 35% of all US commercial bank deposits, could flow out of the banking system and into the stablecoin sector, citing Treasury Department studies.

The CEO asserted that while Bank of America would not be affected by this issue, small- and medium-sized businesses would be particularly hurt, as they’re “largely lent to end consumers by the banking industry.”

Earlier this year, the Independent Community Bankers of America affirmed that offering interest on payment stablecoins could drain community bank deposits and limit credit availability for local economies.

The group asserted that allowing digital asset entities to pay interest, yield, or “rewards” on payment stablecoins would significantly reduce community banks’ ability to support local lending needs, potentially losing $1.3 trillion in deposits and $850 billion in loans.

Nonetheless, a former Commodity Futures Trading Commission (CFTC) chief, Chris Giancarlo, said in March that banks require regulatory clarity more than the crypto industry.  He argued that banks will be hesitant to invest in new technology without clear rules, and their systems will eventually be obsolete.

“The banks, however, can’t afford regulatory uncertainty. Their general counselors are telling their boards, you can’t invest billions of dollars in this (…) unless you’ve got regulatory certainty. (…) The banks need this clarity because they need to build this. They need to be in the forefront, not in the rear guard of this innovation,” he stated.

Bitcoin Network Has 6.26 Million Tokens With Exposed Public Keys

Hardware entrepreneur Rodolfo Novak has made two X articles discussing what research papers on Quantum Computing could reveal about how real the threat is to Bitcoin.

Quantum Computing is an emerging technology that leverages laws of quantum physics to solve problems that are extremely difficult for classic computers. It’s been an “upcoming” technology for a while now, but lately, it has been coming up in news more often.

In the context of Bitcoin, many speculate that Quantum Computers could be used to threaten the network in two ways. The first is via deriving a wallet’s private key from its public key. If successful, this can allow the attacker to gain access to the wallet’s balance.

That said, the threat only applies to wallets that have their public keys exposed. Currently, there is a combined 6.26 million BTC sitting in such wallets, including Satoshi’s coins. That’s equivalent to approximately 31% of the cryptocurrency’s supply in circulation.

The other potential threat that Quantum Computing poses to Bitcoin is by offering a significant speedup to the task of the miners. Novak has argued, however, that this application of Quantum Computing is unfeasible. According to a 2025 paper, the energy requirements for Quantum mining Bitcoin are so great that power can be measured relative to the Sun’s. “To mine Bitcoin with a quantum computer, you would need roughly 3% of the Sun’s total energy output,” noted Novak.

While Quantum mining is a pipedream, the other threat still remains. That said, it doesn’t mean that it’s here or even close to arriving. Novak has highlighted that breaking BTC’s cryptography requires the equivalent of factoring a 1,300 digital number. So far, Quantum Computers haven’t come close to achieving such a feat.

As the below table shows, Quantum Computing has also failed to deliver on major predictions until now, with the exception of one target.

While Quantum Computing could still be some distance away, Novak has stressed that it’s important to upgrade Bitcoin. In the past, the cryptocurrency has already pushed out major upgrades, but progress can be slow. Work on a quantum resistant proposal called BIP-360 has already been underway.

The real threat to BTC may not even be Quantum Computing. Historically, many cryptographic systems have eventually been broken by classical mathematical models alone. Novak noted:

This is the actual reason Bitcoin should adopt alternate cryptographic schemes. Not because quantum computers are coming — they might never arrive. But because relying on a single cryptographic assumption for a $2 trillion network is exactly the kind of risk that serious engineering addresses proactively.

BTC Price

At the time of writing, Bitcoin is trading around $72,600, up nearly 6% over the last 24 hours.

Tankers Must Pay In Bitcoin Within Seconds 

Hamid Hosseini, a spokesperson for Iran’s Oil, Gas and Petrochemical Products Exporters’ Union, told the Financial Times that Tehran intends to assess each vessel seeking passage and levy a fee, communicated by email, that must be paid in digital currency. 

“Iran needs to monitor what goes in and out of the strait to ensure these two weeks aren’t used for transferring weapons,” Hosseini said, noting his industry association works closely with the state. 

Hosseini described a process in which ship operators must disclose cargo details by email, after which Iran will determine the crypto toll and give the vessel only a few seconds to complete payment in Bitcoin so the transaction cannot be traced or seized under sanctions.

The announcement follows President Donald Trump’s post on Truth Social in which he said he would suspend strikes on Iran for two weeks, provided Tehran agreed to the “COMPLETE, IMMEDIATE, and SAFE OPENING of the Strait of Hormuz.” 

Trump said that conversations with Pakistan’s Prime Minister Shehbaz Sharif and Field Marshal Asim Munir, who asked him to hold off on military action, helped shape the decision. 

Iran’s Supreme National Security Council has set out a 10‑point basis for negotiations, including a new “protocol for secure passage” developed in coordination with Iran’s armed forces, signaling Tehran’s intent to retain leverage over the waterway even while talks proceed.

Historic Real‑World Use Case

While Bitcoin has broken the consolidation range below $70,000 amid short-term relief for the market, some analysts argue that accepting digital currency for strategic tolls is an unprecedented real-world use of a censorship-resistant asset. 

Analysts at TFTC wrote on social media platform X that this represents “the largest real‑world stablecoin use case ever recorded,” contrasting sovereign adoption to prior crypto activity such as decentralized finance (DeFi) yield farming or non-fungible token (NFT) speculation. 

Their comment underscores the notion long advanced by some in the crypto community: when a state is shut out of the dollar system, it may turn to alternative payment rails to sustain trade and collect revenues.

Already, only a handful of vessels — mainly those with ties to Iran and not connected to the US, Israel, or Gulf states that supported recent strikes — have received approval to transit on restricted routes in the past fortnight. 

At the time of writing, Bitcoin was trading at around $71,570, having recorded gains of 4.6% over 24 hours. Ethereum (ETH), XRP, and Solana (SOL) have followed suit, achieving gains of 6%, 4%, and 5%, respectively, in the same period. 

Featured image from OpenArt, chart from TradingView.com 

A Net Wide Enough To Catch Indirect Backers

Thailand’s Securities and Exchange Commission put forward a proposal this week that would require regulatory approval not only for direct major shareholders in crypto businesses, but also for anyone providing financial support to those shareholders behind the scenes.

That includes backers working through share acquisitions, guarantors, and parties to contractual arrangements that effectively give them a funding role.

According to the regulator, the new rules are designed to cut off capital flows that may be tied to unlawful activities — money that could expose licensed firms to legal trouble or damage their standing in the market.

The proposal arrives as part of a wider push by Thai authorities to tighten controls across both traditional and digital finance. Reports indicate Thai crypto platforms froze 10,000 accounts earlier this year as part of an anti-money laundering drive.

A separate campaign targeting so-called “gray money” was launched in January, covering physical markets alongside digital ones.

Who Gets Reviewed — And Who Gets A Pass

Under the proposed framework, the approval requirement would extend to financial supporters of legal entities that themselves hold shares in crypto operators — not just the operators’ direct shareholders.

ก.ล.ต. เสนอเพิ่ม “ผู้ให้แหล่งเงินทุน” เป็นผู้ถือหุ้นรายใหญ่ที่ผู้ประกอบธุรกิจหลักทรัพย์และผู้ประกอบธุรกิจสินทรัพย์ดิจิทัลต้องขอรับความเห็นชอบ ยกระดับการสกัดกั้นทุนเทาให้เข้มข้นขึ้นhttps://t.co/QoOe6z8xmx

— ThaiSEC_News (@ThaiSEC_News) April 7, 2026

The SEC said the rules would apply to anyone whose financial role gives them, in substance, the standing of a major funder, regardless of how that arrangement is structured.

There is one notable exception. If a major shareholder happens to be a government body — a ministry, public agency, or similar entity — the SEC said it would only look at ownership at that entity’s level.

Officials said those bodies are already under government supervision, making a deeper review unnecessary.

The proposal is open for public comment until April 22.

Thailand is not acting alone. Based on reports, South Korea’s regulators are weighing a separate but related measure that would cap ownership stakes in crypto exchanges at 20%.

The back-to-back moves suggest that Asian financial watchdogs are paying closer attention to who controls — and who funds — the companies handling public crypto transactions.

For Thai crypto firms, the practical impact of the new rules will depend heavily on how regulators define terms like “significant funding” once the consultation period closes and a final version is drafted.

Featured image from Unsplash, chart from TradingView

Ex-Ripple CTO Reveals Why Banks Will Choose XRP

Crypto enthusiast Mason Versluis has raised a sharp and legitimate concern about the incentive structures behind XRP’s adoption by banks. In a post on X, Versluis asked holders why they believe global banks will use XRP, and drive a price rally that could make Ripple one of the wealthiest financial institutions in the world. 

Versluis noted that Ripple currently owns over 40% of XRP’s total supply, which is roughly 34 billion escrowed tokens. If banks widely adopt XRP, the value of this already substantial holding could rise sharply, making Ripple wealthier.

His argument points to a potential conflict of interest, questioning whether banks, which are essentially being asked to enrich a competitor, would willingly go along. In other words, he’s basically asking why banks such as JPMorgan or HSBC would want to be the engine that makes Ripple richer than all of them. 

Schwartz responded with a dismissive one-liner, essentially mocking the logic behind the concern. The former Ripple CTO argued that it would be irrational for banks to reject a genuinely useful and innovative technology simply because it also benefits the company monetarily. His sarcastic comment suggested that banks would rather evaluate XRP’s technology on its merits rather than worry about inadvertently enriching Ripple. 

Why XRP Has An Edge Over Stablecoins Like USDT

During the discussion between Schwartz and Versluis, a different crypto community member raised a more strategic question. He asked if XRP’s “technology is still relevant in the age of stablecoins.”

Related Reading: Are Institutions About To Trigger A Massive XRP Supply Shock? Here’s How Much They’re Holding

Notably, stablecoins like USDT and USDC have exploded in adoption precisely because they address the volatility and stability issues that make most cryptocurrencies impractical for payments. Schwartz, however, pushed back thoughtfully against this view, providing a more detailed answer than his earlier response to Versluis. 

The former Ripple CTO outlined “three big advantages” cryptocurrencies like XRP have over stablecoins. His first point addressed cross-border transfers, noting that stablecoins are usually pegged to a single currency. As such, users could face difficulties sending money to multiple countries with different currencies because they may not find a stablecoin widely accepted and easily convertible in many jurisdictions. 

His second point focused on centralization, control, and security. Schwartz stated that stablecoins can be frozen or seized by their issuers, who are subject to legal and government pressure. He described a scenario where AI agents or individuals in unclear legal situations may not be able to rely on a court to protect their assets from being frozen. In contrast, decentralized cryptocurrencies like XRP, designed to be censorship-resistant, mitigate this risk, giving users greater freedom and protection.

Lastly, Schwartz highlighted the potential gains from holding cryptocurrencies compared to stablecoins. While USDT remains idle, generating no returns and could even lose buying power due to inflation, XRP offers an attractive combination of speed, cross-border payments, and the potential for price appreciation.

Active Wallet Count On XRP Ledger Falls Sharply

After a period of growth, activity on the XRP Ledger appears to be losing momentum at a substantial rate as investors exit the network. Data from Santiment, a popular market intelligence and on-chain data analytics platform, shows that the number of active wallet addresses on the network has fallen sharply in recent sessions.

This reduction points to a slowdown in user engagement, with fewer users engaging with the network through transactions and transfers. Over the past year, the average wallet addresses that have been active on the Ledger have seen an average 41% drop in their investments. When on-chain activity drops to this level, it may be the result of declining demand or a brief pause in usage after periods of increased interest from users.

According to the on-chain platform, this marks the lowest MVRV (Mean Value to Realized Value) for XRP traders since the FTX collapse that took place in November 2022, triggering a bear market phase that ran for several months. The positioning suggests a cooling phase for the XRP ecosystem, which could play a key role in its long-term prospects.

In the meantime, this development could influence trading activity. Santiment highlighted that large negative average returns derived from actual trader yields indicate that there is significantly less risk than average when purchasing or increasing your XRP positions. 

This is possible because cryptocurrencies are zero-sum trading games. However, it is largely attributed to the fact that competing traders are already in a severe condition, which the platform flags as “blood in the streets’ territory. 

Is The Altcoin In Its Bottoming Phase?

After falling sharply, analysts are predicting a possible bottoming phase for XRP as the downward trend stalls. According to Crypto X AiMan on X, this might be the bottom for XRP. Currently, the altcoin’s price is sitting around $1.30, down from $3.50 last year, which is one of the signs that the crash might be nearly over.

The analyst has also drawn attention to key indicators such as the Relative Strength Index (RSI), reinforcing this narrative. Data shows that the RSI has moved into extremely oversold levels in addition to a collapse in crypto interest on Google Trends and X. Historically, the expert claims this is when bottoms are formed.

Other events, such as impending rate cuts, cooling global tensions, and renewed liquidity into risk assets, add an extra layer to this bottoming narrative. AiMan added that the crypto market cap, valued at $2.3 trillion, is still tiny compared to the stock market, which is why many believe crypto is still in its early stages.

Years from now, he claims investors will look back at current prices as a gift when the sector takes off. As a result, he believes that XRP may have already reached its bottom for this cycle.

A Framework Built On Reserve And Risk Standards

The FDIC’s board voted this week to put forward rules that would set standards for reserves, redemptions, capital requirements, risk management, and custody practices for coin issuers operating under its watch.

The proposal applies to FDIC-supervised banks and savings institutions — more than 2,700 of them — and is tied to the Guiding and Establishing National Innovation for US Stablecoins Act, better known as the GENIUS Act, which was signed into law last July.

The law handed the FDIC formal authority over transaction activity inside the institutions it already supervises. Full implementation is scheduled for January 18, 2027, unless the rules take effect earlier.

Today, our Board of Directors approved a proposed rule that would establish requirements under the GENIUS Act for FDIC-supervised stablecoin issuers.https://t.co/VAnMhwyGo5 pic.twitter.com/1A8sqGRlvk

— FDIC (@FDICgov) April 7, 2026

This is the agency’s second move to put the GENIUS Act into practice. Back in December, the FDIC put forward a separate plan to set up an application process for insured depository institutions wanting to issue payment stablecoins through subsidiaries. Tuesday’s announcement builds on that earlier step.

The Coverage Gap Stablecoin Users Should Know About

Here’s the part that may surprise some holders. While the reserves that back a stablecoin would be insured under the proposed rules, the people actually holding those stablecoins would not be.

The FDIC said extending deposit insurance directly to stablecoin holders would conflict with the text of the GENIUS Act itself, which explicitly bars payment stablecoins from being covered by federal deposit insurance.

The agency acknowledged the limitation but argued the rules would still benefit everyday users. A more tightly regulated environment, officials said, means stablecoin holders get stronger assurances that the issuers behind their tokens are being held to serious regulatory standards — even if a federal safety net doesn’t cover them directly.

The FDIC is not working alone. The Office of the Comptroller of the Currency is running its own parallel effort to bring the GENIUS Act to life. Its reach goes further — covering national bank subsidiaries and certain nonbank stablecoin issuers that fall outside the FDIC’s jurisdiction.

Featured image from Unsplash, chart from TradingView

CasiTrades’ rationale is that this is not a true change in structure yet, but another move inside a larger bearish pattern that has still not been invalidated.

This Bounce Could Be A Trap

According to the chart shared with the analysis, XRP is shown pushing into resistance in a completed five-wave move. The analyst paired that with bearish divergence on the RSI, where the momentum ticked higher even as price failed to produce a stronger breakout. As it stands, the RSI is pressing near the upper end of its recent range, which supports an idea of a bearish reversal proposed by CasiTrades.

The idea from the analyst is that the latest strength may be more exhaustion. There have been bullish candlesticks on the hourly timeframes over the past few days, but according to the analyst, this is exactly where traders get caught. Despite the green candlestick, the XRP price is yet to make a new high above $1.4. Instead, the five-wave move mentioned above is starting to meet resistance. 

A fast rebound can feel like the start of a reversal, especially when price snaps back into the same zone that recently rejected it. However, without a new high, nothing has changed. This is still just noise inside the same larger pattern.

The Price Levels That Matter Most

The basis of this analysis is a warning that the XRP price is still going to reverse into another extended crash that eventually brings it below $1. According to CasiTrades, XRP is still trading right between support and resistance, and multiple degrees are aligning to the downside. 

The chart lays out a very specific roadmap of the price levels that matter most on the way down. The first downside target is at $1.13, which CasiTrades treats as the initial leg lower once the current noise clears out. This would mark a return to XRP’s price bottom during the early February crash.

The projection allows for a short relief bounce after touching $1.13 before another move into the macro 0.786 support around $1.08. The final leg in the bearish sequence is a projected break below $1 and into the 0.854 support zone around $0.87. This move would be the end of a larger corrective impulse wave 2.

The bearish case does not remain valid forever. CasiTrades makes that clear by pointing to the 0.618 zone overhead as the level bulls need to reclaim and flip into support. That target is around $1.40.

Bitcoin Market Is Still Bearish

An increasing amount of on-chain data is starting to give Bitcoin a wary outlook, as a crucial market indicator suggests that downward pressure is likely to persist. This signal emerges from the Bitcoin Tactical Bull-Bear Sentiment Index (TBBI), a key metric that captures multi-year sentiment cycles and reveals the real structure positioning of the market beyond short-term volatility. 

Joao Wedson, the founder of Alphractal and market strategist, stated that this chart shows that bears are hiding from the market, and it is currently sitting in extreme bearish territory. While price action has shown signs of consolidation, this is a sign that selling momentum may not yet be exhausted.

Historically, this zone appears when retail investors are exhausted, narrative shifting fully negative, liquidity draining completely, and smart money begins absorbing supply quietly. In Wyckoff terms, this trend aligns with selling climaxes, springs, and final shakeouts. This is where trends tend to terminate, not where they begin to collapse.

At this point, Wedson claims that downside risks are still present. However, it tends to be more limited and contained, as any further drops here are likely to be smaller in magnitude. During this period, a sharp move like a $15,000 shakeout remains on the table for Bitcoin, the kind that creates one final wave of panic across the market.

Despite how significant this drop could affect Bitcoin, Wedson stated that structurally, this resembles a late-stage fear. Over the next few weeks, sentiment is expected to remain depressed while BTC’s price moves sideways or slightly lower. Typically, this is the right time when the market feels the most hopeless, which ultimately triggers the shift.

In the meantime, the expert anticipates a gradual shift into bullish territory again while the broader market is still losing interest. A trend like this could mark the final 5 months of fear and disinterest in Bitcoin, followed by 5 months of steady accumulation by Bitcoin OG investors.

Investors’ Activity Hints At A Recovering Market

Despite Bitcoin’s persistent sideways price action, some indicators have flipped into positive territory once again. CW, a data analyst and verified author at CryptoQuant, has drawn attention to the BTC Inter-Exchange Flow Pulse (IFP) indicator, which shows the underlying market structure.

Currently, the metric is positioned at the borderline between a bull market and a bear market. However, after a period of indecision, the indicator has moved back to a bull market signal, suggesting a sign of recovery underneath the surface. 

CW noted that the indicator is becoming increasingly confusing. Meanwhile, the most realistic signal here is that the balance of BTC whale investors is rising extremely fast.

The draft rule translates the statute’s requirements into concrete anti‑money‑laundering (AML) and sanctions‑compliance obligations for permitted payment stablecoin issuers (PPSIs), bringing the industry closer to clear standards.

Stablecoin Issuers To Follow Bank Secrecy Act Rules 

The GENIUS Act directs that PPSIs be treated as financial institutions under the Bank Secrecy Act (BSA) and be subject to the full range of federal rules that apply to US financial firms. 

Treasury’s proposal follows that instruction, seeking to tailor requirements to the scale of each PPSI while aiming to reduce potential illicit‑finance vulnerabilities and protect national security. 

In essence, the draft rule sets out how stablecoin issuers must detect, report, and block unlawful activity while maintaining the tools needed to comply with lawful orders.

Issuers would be obliged to establish and maintain anti‑money‑laundering and countering‑the‑financing‑of‑terrorism (CFT) programs. These programs must be structured and documented to align with the core expectations of regulated entities as outlined by OFAC. 

Issuers are also mandated to adhere to recordkeeping and reporting rules, furnishing OFAC with certifications submitted to their primary federal or state payment stablecoin regulator to confirm the presence of a robust sanctions program.

Additionally, these programs are required to include provisions for reporting suspicious activities and technical capabilities to detect and handle transactions that breach federal or state laws, regulations, or court orders promptly. 

Payment stablecoin issuers must also possess the capacity to act swiftly in compliance with lawful orders and maintain effective sanctions compliance programs in accordance with OFAC standards.

Compliance Under The GENIUS Act

Treasury emphasized that the proposal is meant to be proportionate and adaptable. The GENIUS Act tasks the Secretary of the Treasury with issuing regulations tailored to the size and complexity of PPSIs, and the draft rule reflects that directive by focusing on outcomes and capabilities rather than a one‑size‑fits‑all checklist.

If finalized, the GENIUS Act rule would mark a significant step toward integrating payment stablecoins into the US regulatory regime for financial institutions. Treasury Secretary Scott Bessent said on the matter: 

President Trump is strengthening American leadership in digital financial technology. This proposal will protect the US financial system from national security threats without hindering American companies’ ability to forge ahead in the payment stablecoin ecosystem.

Featured image from OpenArt, chart from TradingView.com

Why The Bitcoin, XRP, And Dogecoin Prices Are Up Today

The Bitcoin, XRP, and Dogecoin prices are up over 4% today, according to CoinMarketCap data. This comes amid the announcement by both the U.S. and Iran of a 2-week ceasefire. In a Truth Social post, U.S. President Donald Trump announced that both sides had agreed to a temporary ceasefire and that Iran also agreed to reopen the Strait of Hormuz. 

Bitcoin, XRP, and Dogecoin prices also rose as Trump announced that, as part of the ceasefire, he has agreed to suspend bombing and attacks on Iran for 2 weeks. This came just as the president’s deadline to attack Iran’s energy infrastructure neared, with the president already threatening to wipe out their ‘civilization.’

Trump also signaled that they are close to reaching a peaceful and conclusive settlement of the war, which is also a positive for the Bitcoin, XRP, and Dogecoin prices. He noted that they have already met and exceeded all military objectives and are very far along with a definitive agreement concerning long-term peace with Iran and peace in the Middle East. 

Specifically, Trump revealed that they had received a 10-point proposal from Iran and that they believe it is a workable basis for negotiation. He added that almost all the points have been agreed to by the U.S. and Iran, and that the two-week period will allow them to finalize and consummate the agreement. 

Iranian Foreign Minister Abbas Araghchi also posted a statement on X confirming the 2-week ceasefire in the U.S.-Iran war. He stated that Iran will cease its defensive operations as long as U.S.-Israeli attacks are halted. Araghchi also confirmed that they will ensure safe passage through the Strait of Hormuz over the next two weeks. 

More Short Positions Liquidated 

The Bitcoin, XRP, and Dogecoin prices have also surged as more short positions are liquidated in the last 12 hours amid the agreement to a 2-week ceasefire by the U.S. and Iran. Over this period, $400 million in short positions have been liquidated while $110 million in long positions have been liquidated, according to CoinGlass data. 

It is worth noting that oil prices have crashed following the agreement of a ceasefire. Both Brent crude and WTI oil futures have crashed below $100, down 14% and 8%, respectively, in the last 24 hours. This comes as traders begin to price in a long-term settlement between the U.S. and Iran, which is a positive for the Bitcoin, XRP, and Dogecoin prices.

The report from XWIN Research Japan reframes the past six months in a way that changes how the current recovery should be read. Bitcoin is not, in their framework, a standard risk asset that rises and falls with market sentiment. It is a terminal liquidity asset — the last recipient in a hierarchical financial system where capital flows from central banks to government bonds to equities and finally, at the very end of the chain, to crypto. When the upstream flow weakens, Bitcoin does not experience demand destruction. It receives nothing. The capital simply never arrives.

That is what happened over the past six months. Elevated US interest rates, a strengthening dollar, and rising Japanese bond yields simultaneously tightened global liquidity from multiple directions. Japan — one of the largest external investors in global markets — reduced its capital exports as domestic bond yields made home markets more attractive. The result was not investors selling Bitcoin. It was investors who never bought it.

The bounce above $72,000 is visible. Whether the conditions that prevented the capital from arriving have changed is the question the price chart cannot answer.

The Sell-Off Was Not Spot. It Was Credit

The analysis adds the second layer that completes the structural picture. As global liquidity tightened and capital stopped reaching Bitcoin, the derivatives market compounded the damage through a mechanism separate from — and more destructive than — simple selling.

Excess leverage accumulated during the bull run began unwinding in cascading liquidations. Each forced exit consumed demand that would have entered the market in future sessions. The downside was not just the selling that happened. It was the buying that was destroyed before it could occur.

The on-chain data confirms this interpretation without contradicting it. STH-SOPR holding below 1.0 for sustained periods reflected short-term holders realizing losses — an outcome of the liquidity squeeze, not its cause. The Coinbase Premium Gap staying negative reflected weak US spot demand — again, an outcome. These indicators describe what was happening to participants at the retail level while the structural cause operated several layers above them in the global capital hierarchy.

The forward conditions are equally structural and equally precise. A new all-time high requires capital to flow back through the system — from central banks, through bonds, through equities, and finally to the terminal edge where Bitcoin waits. Two catalysts could accelerate that flow specifically: US midterm elections influencing fiscal expansion and rate expectations, and a potential Japan Bitcoin ETF that would open access to one of the largest pools of household savings in the world.

The past six months were not a verdict on Bitcoin. They were a consequence of where it sits in the financial system. The next major move will arrive when the system above it changes — not when the narrative does.

Bitcoin Reclaims $70K but Trend Structure Remains Unresolved

Bitcoin has pushed back above the $70,000 level after a sharp recovery from its February lows, but the broader structure remains technically fragile. The chart still reflects a clear downtrend sequence from late 2025, with price consistently trading below the 100-day (green) and 200-day (red) moving averages. Both remain downward sloping, indicating that the macro trend has not yet shifted despite the recent bounce.

The February capitulation event marked a local exhaustion point, with a spike in volume and a rapid wick below $60,000, followed by stabilization. Since then, the price has formed a range between roughly $62,000 and $72,000, with multiple failed attempts to sustain a breakout above resistance. The recent move above $70,000 is notable, but it has not yet been accompanied by a decisive expansion in volume or follow-through.

Short-term momentum has improved, as Bitcoin is now testing the 50-day moving average (blue), but this level has acted as dynamic resistance throughout the downtrend. A confirmed reclaim of this zone would be the first structural signal of strength. Until then, the current move appears corrective within a broader bearish framework, not a confirmed trend reversal.

Featured image from ChatGPT, chart from TradingView.com 

SEC Turns On Its Own Track Record

The SEC released its 2025 enforcement results on Tuesday, and buried inside was a striking admission: a large number of cases brought in prior years against crypto companies produced no real benefit for investors.

According to the agency, 95 enforcement actions and $2.3 billion in penalties tied to record-keeping violations since fiscal year 2022 “identified no direct investor harm.”

The SEC added that seven cases involving crypto firm registrations and six others centered on the legal definition of a dealer also fell into that category.

Those cases, the agency said, reflected a bias toward racking up numbers rather than protecting the people the commission exists to serve.

That self-criticism landed with force. It was a direct indictment of the approach taken under former SEC Chair Gary Gensler, who for years pursued what critics called regulation by enforcement — using legal action as a substitute for clear rules in the crypto space.

The agency itself used the phrase “unprecedented rush” to describe the push to file cases in the weeks before US President Donald Trump took office in January 2025.

Atkins Refocuses The Agency

Paul Atkins took over as SEC chair in April 2025 and moved quickly to change course. Officials said the commission has since redirected its attention toward fraud, market manipulation, and breaches of trust — the categories of misconduct that cause the clearest damage to ordinary investors.

Atkins said the old model prioritized “volume and record-setting penalties” over genuine protection.

Data shows the numbers back that up. Based on reports from consulting firm Cornerstone Research, SEC enforcement actions against public companies — including crypto firms — fell roughly 30% in fiscal 2025 compared to the year before.

A Repeating Structure Inside A Range

Technical patterns have a way of resurfacing across different markets, which is why analysts often study past price behavior of one cryptocurrency to predict how another cryptocurrency could also play out in the future. In many cases, these comparisons stay within the crypto market itself or extend to traditional stores of value like precious metals, where similarities in cycles and investor behavior are easier to justify.

This analysis, however, takes a different approach by stepping outside those usual comparisons. It provides a comparison between Ethereum’s current price structure and the way Netflix, Inc. (NFLX) traded between 2003 and 2009.

The chart highlights a sequence of six distinct interactions with range boundaries in both assets. In Netflix’s case, the price spent years bouncing between support and resistance, forming a compressed structure with multiple failed breakout attempts. Each rejection added to the range but also built pressure over time.

Ethereum’s price action on a multi-year timeframe is showing a nearly identical formation. Since 2021, the Ethereum price has repeatedly pushed into resistance around $4,900, pulled back to support, and returned again for another attempt. 

The current price action, which is the sixth interaction, places Ethereum near the lower boundary of the range, which is just the same stage Netflix was before its eventual breakout.

Price Chart Comparison. Source: @CryptoTice_ On X

Pressure Building. What Comes Next?

The structure outlined in the chart ultimately points to one outcome: a breakout rally. This is how Netflix broke out of the resistance trendline in 2009. The important thing for Ethereum now is reclaiming and holding above resistance above $4,900 with conviction. However, there are other intermediate price targets that Ethereum needs to break above before this move. These targets include $2,150, $2,350, $3,100, $3,900, and $4,600.

The analogy, however, is not without its critics. Some comments argue that comparing Ethereum to Netflix ignores the fundamental differences between the two. One comment, for instance, noted that Netflix’s consolidation took place during a period of steady business expansion, with clear growth in subscribers and revenue supporting its long-term trajectory.

Ethereum’s situation, on the other hand, is more layered and has a different economic regime. The rise of Layer 2 networks has moved activity away from the base layer, reducing fee generation at the protocol level. These factors, and many others, introduce unknowns that cannot be represented through chart structure.

Another Crypto-Mishap…But From Regulators

Strange things are happening in crypto today. Not only a top U.S. legacy outlet released a piece claiming to have uncovered Satoshi Nakamoto’s identity, but the SEC’s new Fiscal Year 2025 Enforcement Report contains an unusually blunt self‑critique: it admits prior leadership misallocated enforcement resources to chase media headlines and raw case counts instead of real investor protection.

Central to an effective enforcement program is determining which cases to bring and responsibly stewarding Commission resources. Regrettably, such resources have been misapplied in prior years to pursue media headlines and run up numbers, and in turn, led to misguided expectations on what constitutes effective enforcement.

According to the statement, since 2022 the Commission brought 95 “off‑channel communications” book‑and‑record cases with $2.3 billion in penalties, plus seven crypto registration and six “dealer definition” actions. The current Commission now says these showed “no direct investor harm”, produced “no investor benefit” and reflected a misinterpretation of federal securities law.

The Commission itself now characterizes these 95 book‑and‑record cases and 13 crypto matters as resource misallocation driven by a “bias for volume of cases brought versus matters of investor protection.”

The statement also notes that the SEC has dropped seven crypto-focused cases since February 2025, targeting Coinbase, Binance, Cumberland, Consensys Software, Payward (Kraken), Dragonchain, and Balina.

The SEC is publicly distancing itself from earlier, more expansive readings of securities law in crypto, implying that some marquee cases were built on legal glosses that will not be repeated and that may be harder to defend in court going forward. The recent interpretive release on crypto assets and the SEC‑CFTC alignment are part of the same course correction toward clearer categories of what is or isn’t a security, rather than treating tokens themselves as inherently embodying an investment contract.

SEC Chair Paul Atkins, who assumed the role in April 2025, has faulted his predecessors, claiming the agency did not keep pace with technological innovation. With Atkins, the SEC is recentering enforcement on classic fraud, market manipulation, and breaches of fiduciary duty. The FY 2025 results show 456 actions focused on misconduct that directly harms investors and market integrity

The Trump‑era shift has already seen crypto enforcement actions fall to their lowest level since 2017.

The SEC admission should reduce some litigation overhang and may encourage more projects to operate in the U.S., but fraud, market manipulation, and deceptive offerings remain squarely in the SEC’s crosshairs.

Enforcement reset could gradually improve risk sentiment around high‑quality assets and U.S. venues, though the unwinding of old cases and the new legal framework will likely produce periods of regulatory volatility and headline risk.

This represents a move from opaque, adversarial tactics toward clearer lines between commodities, tools, and true securities. Sophisticated traders should watch how quickly this policy shift flows into actual dismissals, settlements, and new listings.

Cover image from Perplexity. BTCUSD chart from Tradingview.

The move came after days of rising tension and landed just hours after Trump had warned Tehran to reopen the Strait of Hormuz or face strikes on key infrastructure.

Trump’s Deadline Eases Pressure

Trump made the announcement in a Truth Social post on Tuesday. “I agree to suspend the bombing and attack of Iran for a period of two weeks,” he said.

Iran’s Supreme National Security Council then accepted the ceasefire, while stressing that the pause did not mean the war was over. Bitcoin jumped 2.55% in the hour after the news and reached $72,150 at the time of publication.

The rebound pushed Bitcoin above a level it had not seen since March 18. It also came after a rough stretch for the crypto market, where sentiment had weakened and traders had been bracing for more conflict. The last few sessions had been marked by caution rather than confidence.

That reaction fit a pattern seen before. When geopolitical stress climbs, risk assets often take a hit. When the pressure eases, money can move back just as fast. Bitcoin has been caught in that swing during past flare-ups, and this one was no different.

NEW: The United States and Iran agreed to a two-week ceasefire brokered by Pakistan on April 7 and will begin negotiations in Islamabad, Pakistan, on April 11. The Iranian Supreme National Security Council announced that the regime agreed to the ceasefire on April 7, several… pic.twitter.com/HXJssnavbX

— Institute for the Study of War (@TheStudyofWar) April 8, 2026

Fear Still Lingered In Crypto Trading

Even after the pop, the market picture was far from calm. Market observers pointed to the Crypto Fear & Greed Index, which sat at an “Extreme Fear” reading of 11 on Tuesday. That suggested many traders were still wary despite the price bounce.

Trump had already added to the tension a day earlier, saying on Monday that “a whole civilization will die tonight” if the situation continued. By Tuesday, the tone had changed, but only for now. The ceasefire was tied to a short window, not a lasting settlement.

The speed of Bitcoin’s rise showed how quickly traders were ready to buy when the threat of more fighting eased. The price crossed $72,000 for the first time in 20 days, but the backdrop was still unstable, with both sides signaling that the conflict was not fully resolved.

For now, the market is treating the pause as relief, not closure. Bitcoin’s jump was sharp, but it was built on a ceasefire that could still shift if talks break down or the fighting resumes.

Featured image from Reuters-Yonhap, chart from TradingView

Bitcoin’s Macro Cycle Indicator Explains Where The Market Stands

In a recent X post, Wedson drew attention to the Accumulation Distribution Cycle Index (ADCI), a macro framework created by @arch_physicist and now used in research at Alphractal. The indicator was designed to analyze Bitcoin’s position within the broader structure described by the Wyckoff Method.

The ADCI organizes the market cycle into three distinct ranges, each representing a different stage of market behavior. When the index stays between 0 and 3, Bitcoin is typically in accumulation. These periods usually appear when sentiment is weak and participation is low, allowing larger investors to quietly absorb supply.

The 30 to 70 range signals a market that has already begun moving. In this zone, trends start to develop and expand. The direction of the index during this phase can reveal whether momentum is strengthening or beginning to deteriorate.

When the index moves between 70 and 100, the risk of distribution increases. This phase historically appears when market optimism grows, and demand expands, creating conditions where larger holders can begin offloading supply.

The chart shared alongside the post illustrates this pattern across multiple Bitcoin cycles. Previous peaks in the indicator appear near major price highs, while deep drops in the index tend to align with long accumulation periods that later preceded large price expansions.

What Investors Should Watch As Bitcoin Approaches This Phase

Wedson noted that distribution in the current cycle may not appear the same way it did in earlier markets. In the past, Bitcoin cycles often ended with a sharp blow-off top followed by a rapid correction.

However, as the market matures, distribution may occur more gradually. Instead of a sudden spike and collapse, the market could move sideways for extended periods while repeated rallies begin losing strength.

This type of structure allows stronger holders to slowly release supply while public demand remains active. Because of this, the key signal to watch is not just price spikes but signs of repeated exhaustion, slowing momentum, and prolonged sideways movement.

This is why macro indicators like the ADCI are being emphasized. By focusing on structural positioning rather than short-term price action, the model aims to identify whether Bitcoin is being accumulated or distributed before the shift becomes obvious to the wider market. If the index continues rising toward its upper range while price action begins showing exhaustion, it could indicate the market is entering the distribution phase of the cycle.

A NYT Journalist Claims To Have Unmasked Bitcoin’s Creator

A reporter trying to unmask Satoshi Nakamoto (and claiming success) is hardly news. Across 15 years of hunting, there have been countless of theories and tons of serious journalists assuring they had finally pinned down the real name of the creator of Bitcoin. However, this is the first time a top U.S. legacy outlet has directly named a Satoshi Nakamoto candidate: Adam Back, 55‑year‑old British cryptographer, Blockstream CEO, Hashcash creator, former Cypherpunk. The piece was written by John Carreyrou, an investigative reporter for the NYT who has won two Pulitzer Prizes.

This is also not the first time Back’s name is brought on as a Satoshi contendat. Back himself has denied this theory repeatedly, following years of YouTube sleuths, HBO docs and research reports circling his name. Carreyrou, however, found his denials so unconvincing that he used them as fuel to continue investigating on the connection.

The idea that Back is Satoshi came to Carreyrou after watching the 2024 HBO documentary “Money Electric: The Bitcoin Mystery”, that pointed at Hard Fork, a Canadian software developer. The journalist found the way Back tensed up in the documentary at the mention of his name amongst the Satoshi more convincing than the doc’s conclusion.

The other big idea Carreyrou had was to use the Satoshi Nakamoto e-mails that surfaced in the context of the UK COPA v. Craig Wright trial, where Wright tried to prove in court that he was Satoshi to assert copyright over the Bitcoin whitepaper –which clearly signaled that he wasn’t the creator of Bitcoin, as Satoshi Nakamoto disliked the idea of copyright and patents, and was a fierce advocate of open-source and public domains.

Emails Satoshi sent to other early Bitcoin adopters had surfaced before, but none came close in volume to the Malmi dump. If Satoshi was ever going to be found, I was convinced the key lay somewhere in these texts.

Amongst the submitted e-mails was correspondence shared between Back and Satoshi during 2008-2009, independently discussing Bitcoin’s design with Back, citing Hashcash and only learning about Wei Dai’s b‑money through Back’s recommendation —an incongruence Back himself has acknowledged, as Dai’s b-mobey was cited in the Hashcash whitepaper.

According to Carreyrou’s investigation, both Back and Satoshi sat in the same Cypherpunk lists in the 1990s, including the more obscure Cryptography list, trading emails about anonymized communication, digital cash and crypto‑anarchist ideals. The journalist provided evidence showing that Back sketched almost every core Bitcoin ingredient in the Cypherpunk list a decade before launch: decentralized e‑cash, independent nodes, resistance to government/censorship, and proof‑of‑work style spam prevention.

Back proposed combining his own Hashcash with Wei Dai’s b‑money idea, essentially the same recipe Satoshi later used for Bitcoin’s architecture. Hashcash itself is the direct conceptual ancestor of Bitcoin’s proof‑of‑work, and Satoshi explicitly cited Back’s paper in the 2008 whitepaper.

When Satoshi Nakamoto floated Bitcoin for the first time in Halloween 2008, Back disappeared from the conversations. However, Back got fully involved again after an Argentinian cryptographer made Satoshi’s fortune public on April 17, 2013.

For more than a decade, whenever electronic money was discussed on the Cypherpunks or the Cryptography list, Mr. Back had almost always chimed in, often with long, detailed posts. But when Bitcoin, the closest manifestation of the vision he had laid out, arrived, Mr. Back was nowhere to be found.

Back also holds a doctorate in distributed computer systems, matching the specialized skill set needed to design Bitcoin’s peer‑to‑peer network, incentive design and security model. He used the same programming language Satoshi used (C++) and worked professionally on securing computer networks and public‑key cryptography, which mirrors Satoshi’s toolkit.

Despite traditional stylometry not working, NYT’s Dylan Freedman used AI-based computational text analysis to filter thousands of old cypherpunk posts for British spelling, specific grammar tic patterns (like “also” at sentence ends, certain hyphenation mistakes and “its/it’s” slips). Back’s writing survived every filter, landing him in a tiny pool of eight final suspects.

Summing up, the investigation argues that the overlap of ideology, technical design, code skills, network position and language quirks is so tight that to call it “coincidence” stretches plausibility.

Back continued to deny being Satoshi when Carreyrou confronted him with this evidence during a Bitcoin conference held in El Salvador. Carreyrou, however, argues that Back’s way of denying it strengthened his suspicions once again.

Every serious “Satoshi theory” so far has eventually run into the same wall: nobody has produced cryptographic proof. Hal Finney and Nick Szabo had the right ideas at the right time, from reusable proof‑of‑work to “bit gold,” but both denied being Satoshi and never signed a message with early keys. Newsweek’s Dorian Nakamoto scoop, the Len Sassaman hypothesis and Craig Wright’s courtroom implosion all showed how fragile narrative‑driven cases are once they meet hard evidence. Even newer theories that cast Jack Dorsey or a shadowy “2010 megawhale” as the mastermind rely on stylistic forensics and on‑chain heuristics, not on movement of Satoshi‑era coins or a verifiable signature.

Many Bitcoin builders argue that not knowing Satoshi is a feature: it strengthens the “no founder, no CEO” commodity narrative. A persuasive mainstream story that “Bitcoin has a de facto founder” could embolden regulators and litigants to re‑open questions about control, intent and even securities‑style arguments, even if the crypto community rejects the premise.

Unless the NYT story is followed by an on‑chain move from Satoshi‑linked wallets or hard evidence, the market is likely to fade the headline and revert to watching funding, options skews and ETF flows. A genuine proof‑of‑identity event, however, would be a volatility shock with unknown tail risks.

Cover image from Perplexity. BTCUSD chart from Tradingview.

Ripple Falls Behind Others For RWA Value

Data from the RWA.xyz website, which is a website that tracks the RWA market and the performance of blockchains in the space, shows who the RWA leaders are by numbers, and Ripple unfortunately falls behind. While the XRP Ledger is doing decent numbers, other blockchains continue to lead in this regard.

One example of this is that when it comes to the total distributed RWA value, Ethereum is the leading blockchain and not the XRP Ledger. In fact, using this metric, Ripple’s XRP Ledger does not even fall in the top 5 by volume, with competitors taking charge in this regard.

The top 5 RWA chains by distributed value are Ethereum, BNB Chain, Solana, Stellar, and Liquid Network. Their values come out to $15.54 billion, $3.5 billion, $1.949 billion, $1.41 billion, and $1.32 billion, respectively. The XRP Ledger comes in 8th place with $458.46 million, putting it behind the likes of Arbitrum and Avalanche.

XRP Ledger Ranks Low For RWA Users

The distributed value is not the only metric where the XRP Ledger falls behind competitors. Another metric is the user count, where the XRP Ledger is struggling even worse. In this case, the network ranks 10th place with fewer than 5,000 users. This is a stark contrast to Plume’s 259,000 users, Solana’s 184,000, and Ethereum’s 164,000, making them the top 3 chains by user base.

However, one metric where the XRP Ledger seems to shine when it comes to RWA is the represented value on the blockchain. While it is still not in first place, it ranks behind ZKsync Era with $2.2 billion for ZKsync Era and $1.5 billion for XRP Ledger. This puts it ahead of the likes of Ethereum, Solana, and Plume in this metric, showing there is still active participation on the blockchain.

Nevertheless, the RWA space looks to be rising rapidly as the website shows that the total Distributed Asset Value across blockchains has crossed into $27.68 billion. Meanwhile, there are over 710,000 holders, and $441.38 billion in Represented Asset Value.

Rising Fraud Concern

The FBI said US victims lost $11.4 billion to cryptocurrency fraud in 2025, a 22% increase from the prior year. That figure is based on 181,565 complaints involving crypto assets, itself up 21% year‑over‑year. 

The Internet Crime Complaint Center (IC3) logged 1,008,597 complaints in 2025, an increase from 859,532 in 2024. Phishing and spoofing, extortion, and investment schemes remained the complaint categories reported most often.

Older Americans suffered disproportionately large losses. Complainants aged 60 and older reported roughly $7.7 billion in losses — a 37% rise over 2024 — reflecting persistent targeting of retirees and other seniors. 

Another growing menace is the use of artificial intelligence (AI): for the first time, the report includes an AI section. The IC3 received 22,364 complaints tied to AI‑enabled scams in 2025, with reported losses approaching $893 million. 

Those schemes often deploy high‑pressure tactics while leveraging fabricated social profiles, voice cloning, counterfeit identity documents, and deceptively realistic videos of public figures or victims’ relatives to persuade targets to hand over funds.

California, Texas, Florida Lead In Crypto Complaints

The report also calls out fraud centered on cryptocurrency ATMs and kiosks. In 2025, there were 13,460 complaints linked to crypto ATM use, resulting in $389 million in losses — a 23% climb in complaints and a 58% jump in dollar losses compared with 2024. 

By crime type, investment schemes were the most common complaint category, with 61,559 filings. Extortion and phishing/spoofing were also prominent, with 23,797 and 7,164 complaints, respectively. 

The IC3 detailed a long list of other fraud types reported in 2025, including tech/customer support fraud, personal data breaches, employment scams, and business email compromise, among others.

Geographically, complaints were concentrated in populous states. California led the nation with 20,878 crypto‑related complaints, followed by Texas (13,965), Florida (13,381), New York (8,088), and Pennsylvania (5,118). 

The FBI also outlined its enforcement and prevention efforts. Operation Level Up, launched in 2024, has been a proactive outreach initiative to identify and notify people in the process of falling victim to cryptocurrency investment fraud. 

Since the program began, more than 8,000 potential victims have been alerted, and the operation has helped curtail losses by over $500 million. Building on that approach, the FBI launched Operation Winter SHIELD in 2026 to emphasize actionable steps organizations can take to strengthen their cybersecurity posture.

Featured image from OpenArt, chart from TradingView.com