奔跑财经-FinaceRun

BTC and ETH spot ETFs saw a total net inflow of $37.83 million on Friday.

On April 25, according to the latest data from SoSovalue, the U.S. BTC spot ETF recorded a net inflow of $14.45 million yesterday, marking the 9th consecutive day of inflows;

Among these, BlackRock's IBIT and Morgan Stanley's MSBT saw inflows of $22.88 million (294.69 BTC) and $11.13 million (143.35 BTC) respectively;

In contrast, Ark & 21Shares' ARKB, Bitwise's BITB, and Fidelity's FBTC experienced outflows of $9.02 million (116.13 BTC), $8.85 million (114.04 BTC), and $1.69 million (21.77 BTC) respectively;

As of now, the total net asset value of the Bitcoin spot ETF stands at $102.64 billion, accounting for 6.60% of Bitcoin's total market cap, with a cumulative net inflow of $58.23 billion.

On the same day, the U.S. Ethereum spot ETF recorded a net inflow of $23.38 million, marking its 4th day of inflows this week;

Among these, BlackRock's ETHB was the only ETH ETF with inflows, bringing in $32.25 million (approximately 13,890 BTC), with a total cumulative net inflow of $32.25 million;

Meanwhile, BlackRock's ETHA and Fidelity's FETH saw outflows of $7.71 million (approximately 3,320 BTC) and $1.16 million (498.35 BTC) respectively;

As of now, the total net asset value of the Ethereum spot ETF is $137.9 million, accounting for 4.91% of Ethereum's total market cap, with a cumulative net inflow of $12.0 billion.

#比特币ETF #以太坊ETF

US DOJ wraps up criminal probe into Powell, paving the way for new Fed chair's appointment

According to Reuters, the US Department of Justice has concluded its criminal investigation into Federal Reserve Chairman Jerome Powell, clearing a critical hurdle for the confirmation of Kevin Warsh, Trump's nominee for Fed chair.

This news was announced by federal prosecutor Jeanine Pirro of the District of Columbia, indicating that the judicial review process concerning the costs of the Fed's headquarters renovation project has reached a phase where related clues will no longer advance as criminal cases.

High-ranking DOJ officials and several figures, including Republican Senator Thom Tillis from the Senate Banking Committee, have subsequently stated that they will also abandon independent investigations, with future oversight responsibilities handed over to the Fed's internal auditing body.

The Fed's independent inspector general had previously audited the building renovation costs in 2021. Given the controversy and questions surrounding this $2.5 billion project, Powell had requested the inspector general to conduct a comprehensive review last year to clarify the specifics behind the cost overruns.

Pirro stated that taxpayers have the right to know the truth behind the billions in building cost overruns, and she looks forward to receiving the comprehensive investigation report from the inspector general soon. A White House spokesperson has also stated that taxpayers deserve clear answers regarding the Fed's mismanagement of finances.

Powell's term is set to end next month, but he has indicated in March that he will remain until the new chair is confirmed by the Senate. Tillis had previously announced he would block Warsh's confirmation process as a protest against the so-called 'false' investigation into Powell.

Given Tillis's key position in the Senate Banking Committee, his obstruction has prevented Warsh from advancing from the committee to an overall Senate vote. Now that the DOJ investigation has been terminated, it is expected to clear a critical path for Warsh's appointment.

Moreover, the pressure from the Trump administration on Powell has been longstanding, ranging from repeated public demands for rate cuts and accusations of 'incompetence' to initiating investigations through the DOJ, reflecting dissatisfaction with the Fed's monetary policy. Warsh's previously released signals clearly align more closely with Trump's policy demands.

Overall, this game surrounding #美联储主席人选 is essentially a tug-of-war over the power boundaries between the president and the central bank, and its outcome will profoundly influence the future direction of US cryptocurrency policy.

Industry Expert: The Bitcoin winter is over, institutional and national adoption are the main growth engines for the next phase

Recently, Strategy Executive Chairman Michael Saylor stated that when Bitcoin hit $78,000, the toughest phase of the market was behind us, and the current crypto market "winter" has officially ended. However, some analysts hold a more cautious view.

Analyst Mati Greenspan agrees with Saylor's assessment that the bottom has been found, suggesting that Bitcoin may be set for a new rally. But he also believes that the current pullback in Bitcoin is not a true "winter" but rather a normal correction within a larger bull market cycle.

Specifically, the crypto industry has gone through three distinctly different adoption cycles: the early adopters in 2013, the mass retail awakening in 2017, and the institutional adoption phase in 2021.

He further asserts that the upcoming national-level crypto adoption will be the core driving force of the fourth adoption phase. Especially with Trump's second term altering U.S. crypto policy, this trend will accelerate.

He predicts that central banks around the world may start incorporating Bitcoin into their balance sheets like gold, a trend that is already quietly unfolding.

Currently, the U.S. government holds approximately 300,000 BTC; El Salvador has a daily purchase plan of 1 BTC, targeting a treasury reserve of 7,500 BTC; while China and the UK hold about 190,000 and 61,000 BTC, respectively.

Moreover, states like Wisconsin and New Jersey are also introducing Bitcoin exposure into their public pension allocations.

However, market opinions are not unanimous. Analyst Jason Fernandes bluntly stated that even if the Bitcoin winter is over, the altcoin winter is still a long way off.

#BTC

Santiment Alert: Market-wide FOMO Isn't Good, Bitcoin Needs to Cool Off After Breaking $80K

Bitcoin's price has been on the rise this week, briefly surpassing the $80,000 mark. Market sentiment flipped dramatically in a short time, shifting from 'extreme fear' to a 'super FOMO' atmosphere.

According to on-chain analysis firm Santiment, in just 72 hours this week, market sentiment transitioned from extreme fear to an over-the-top FOMO chasing state.

Specifically, on Monday, the market was leaning bearish, with Bitcoin's price hovering around $76,000, as negative sentiment spread across the board, pushing the long-short sentiment indicators into panic territory. At that time, the firm considered the panic market as a potential buy signal.

But by Wednesday, Bitcoin's price surged significantly, approaching the $80,000 mark. As of now, the price is around $78,000, with a weekly gain of nearly 4%, yet still 38% below last October's historic high of $126,000.

In light of the current heightened market sentiment, Santiment has issued a risk warning, stating that the current collective frenzy is not a bullish signal. An upward movement solely driven by emotional speculation is unlikely to sustain in the long run.

Therefore, the firm believes that if optimistic sentiment cools off a bit, then Bitcoin could steadily break through the crucial $80,000 resistance level, making the breakout more reliable.

Meanwhile, analyst Carmelo Alemán stated that Bitcoin rose from $76,000 to $79,400 this week, primarily driven by futures trading rather than spot buying support.

In the futures market, open interest increased from about $24.9 billion to $28 billion; moreover, the total liquidation of short positions for BTC and ETH exceeded $1.1 billion, meaning a lot of leveraged short positions had to be closed, pushing the price up.

Analysts also warn that while this surge driven by derivatives is rapid, it will become unstable without ongoing support from spot demand. Once buying pressure weakens, the market could easily reverse.

In summary, the first three days of this week saw panic, followed by FOMO, and currently BTC is once again approaching the crucial $80,000 resistance level, warranting close attention from the market.

However, this rise is mainly fueled by leverage liquidations and market sentiment; if spot demand doesn't keep up, this rally may just be a fleeting 'flash in the pan.'

#Bitcoin

Tether assists the U.S. in combating illegal activities by freezing $344 million USDT per OFAC request

According to Tether's disclosure on Thursday, the company has cooperated with the U.S. Office of Foreign Assets Control (OFAC) and law enforcement to freeze $344 million USDT held in two Tron wallets.

The freezing of these two Tron wallets is primarily due to OFAC's determination that they are linked to sanction evasion, criminal organizations, and other illegal activities.

Tether's CEO, Paolo Ardoino, emphasized that USDT should never become a safe haven for unlawful activities. Once a connection to sanctioned entities or crime networks is detected, Tether will take decisive action immediately.

The company revealed that Tether has established cooperative mechanisms with over 340 law enforcement agencies across 65 countries, assisting in more than 2,300 cases, including over 1,200 involving U.S. law enforcement.

The effectiveness of these actions is the result of multi-party collaboration. Currently, Tether has assisted in freezing assets exceeding $4.4 billion, with over $2.1 billion handled by U.S. authorities alone.

It's worth noting that during the time of this regulatory action, Circle, the second-largest stablecoin issuer globally, is embroiled in controversy. Critics have pointed out its slow response to issues like theft and hacking, as well as its minimal asset freezing measures.

Additionally, after Drift Protocol suffered a $285 million hack in early April, the industry has widely criticized Circle for having the technical capability and contractual authority but failing to intercept and freeze the stolen funds, which is seen as tacitly enabling illegal activities. Circle is currently involved in related litigation over this incident.

Fortunately, Tether has announced a strategic partnership with Drift Protocol to assist in recovering user funds and restarting the platform. The two parties have collectively raised nearly $150 million for a proposed asset recovery plan, with Tether contributing up to $127.5 million.

In summary, Tether's cooperation with U.S. authorities to freeze $344 million USDT indicates that stablecoin assets are not absolutely secure from law enforcement actions. Once an address is blacklisted, funds could be frozen instantly. Therefore, every participant must confront the issues of regulatory and compliance risks.

#Tether #USDT

BTC spot ETF saw a total net inflow of $223 million on Thursday, while ETH ETF experienced a total net outflow of $75.94 million.

As of April 24, according to the latest data from SoSovalue, the U.S. BTC spot ETF recorded a continuous net inflow of $223 million for the 8th straight day;

Among them, BlackRock's IBIT and Ark & 21Shares ARKB saw daily net inflows of $167 million (approximately 2,150 BTC) and $71.22 million (915.77 BTC), respectively;

Next up were Morgan Stanley's MSBT and Grayscale's BTC, with daily net inflows of $9.36 million (120.39 BTC) and $5.16 million (66.32 BTC), respectively;

On the flip side, Fidelity's FBTC, Bitwise BITB, and VanEck HODL recorded daily net outflows of $16.93 million (217.62 BTC), $7.60 million (97.75 BTC), and $5.50 million (70.70 BTC), respectively;

As of now, the total net asset value of the Bitcoin spot ETF stands at $102.79 billion, accounting for 6.59% of Bitcoin's total market cap, with a cumulative net inflow of $58.55 billion.

On the same day, the U.S. Ethereum spot ETF recorded a total net outflow of $75.94 million after 10 consecutive days of net inflows;

Among them, Fidelity's FETH, BlackRock's ETHA, and Grayscale's ETHE saw daily net outflows of $51.30 million (approximately 22,180 ETH), $20.95 million (approximately 9,060 ETH), and $10.90 million (approximately 4,710 ETH), respectively;

Next were 21Shares TETH and Bitwise ETHW, with daily net outflows of $9.24 million (approximately 3,990 ETH) and $3.31 million (approximately 1,430 ETH), respectively;

Notably, Grayscale's ETH was the only ETH ETF to see a net inflow yesterday, with $19.76 million (approximately 8,540 ETH);

As of now, the total net asset value of the Ethereum spot ETF is $137.1 billion, accounting for 4.89% of Ethereum's total market cap, with a cumulative net inflow of $12.08 billion.

#比特币ETF #以太坊ETF

Peter Schiff Takes Aim at STRC: This is 'Clearly a Ponzi Scheme'

Recently, well-known Bitcoin critic Peter Schiff went off on Strategy's preferred stock STRC during a livestream, unflinchingly labeling it a 'clear Ponzi scheme.' Not only that, but he openly invited Michael Saylor and others to step up and refute his claims.

He spent nearly two hours on the stream detailing his views, explaining why he believes this product will ultimately leave retail investors high and dry.

Schiff pointed out that the model relies on using funds from new investors to pay returns to old investors. He further noted that Strategy has almost no substantial income, and the little money their software business makes is nowhere near enough to cover the 11.5% annual dividend on STRC.

He argues that the operation of STRC is based on issuing new shares to fund dividends for old shareholders, then issuing more shares, creating a cycle. He questioned, 'With no income, what are they paying with? An 11.5% yield is just maintained by selling more STRC shares to fund the dividend payouts.'

It's worth noting that Strategy has been pouring significant funds into Bitcoin purchases. Just last week, the company splashed out $2.54 billion to acquire 34,164 BTC, bringing their total Bitcoin holdings to over 815,000 coins;

On April 13 alone, STRC's trading volume skyrocketed to $1.1 billion, more than four times the 300-day average volume of about $274 million, showing that STRC plays a crucial role as a funding engine for Strategy's capital flow.

Schiff noted that Strategy has no legal obligation to pay STRC dividends; payments are entirely at the company's discretion. Holders cannot compel the company to pay back, nor can they redeem shares, only sell them on the secondary market.

And once Saylor stops paying dividends, the STRC yield will vanish, demand will collapse, and the share price will eventually hit zero. Thus, Schiff concluded that this is just a 'bad check.'

Moreover, the trend in yield itself reveals issues. When STRC launched in July last year, it was at 9%, and has been raised multiple times, reaching 11.5% since April. Schiff believes this indicates weak market demand, forcing them to keep raising prices to attract new buyers.

However, some argue that Strategy itself holds a large amount of Bitcoin, and selling it could cover all shareholder returns. Schiff scoffed at this: 'By the time they actually start selling, Bitcoin prices will have already crashed.'

#STRC

Over 100 crypto companies urge the Senate to fast-track the review of the 'Clarity Act'.

According to a CoinDesk report on April 23, more than 100 cryptocurrency firms have joined forces to send a letter to the U.S. Senate Banking Committee, urging them to expedite the review process of the 'Clarity Act' to establish a federal regulatory framework for digital assets.

Signatories include well-known companies like Coinbase, Ripple, Kraken, Circle, Andreessen Horowitz, Paradigm, Consensys, Anchorage Digital, and Galaxy Digital, along with developer communities, state blockchain associations, and Stand With Crypto university chapters.

The letter emphasizes that relying solely on government agencies will not create a stable regulatory system and warns that the market may revert to an 'enforcement regulation' model, where the SEC and CFTC establish policies through intensive litigation.

The coalition has outlined six main priorities: retaining consumer rewards related to payment stablecoins, clarifying the regulatory responsibilities of the SEC and CFTC, protecting developers of non-custodial tools, simplifying disclosure rules, and establishing federal standards to avoid fragmentation of state laws.

The alliance also warns that if the U.S. lacks a comprehensive cryptocurrency framework, it could lead to a shift of investment, jobs, and developer activity overseas. This undoubtedly rings alarm bells for the development of the U.S. crypto industry, highlighting the urgency of establishing a solid framework.

Overall, the signatories collectively believe that the cryptocurrency sector is witnessing a global competitive race, and the U.S. must secure a leading position to gain an edge in this contest.

Currently, the Senate Banking Committee has not clarified the specific schedule for the relevant review. Future developments will undoubtedly be a focal point of concern for the entire industry, requiring close attention from all parties.

#市场结构法案

Iran's Got Something to Say: This Time, the Talks Aren't Just About the Nuclear Stuff, It's All About Ending the War for Good

According to market whispers, Iran's Foreign Ministry officially responded on April 23, stating that the Iran-U.S. talks happening this week in Islamabad are fundamentally different from past negotiations, shifting the focus from nuclear issues to completely ending the war.

Unlike previous talks that took place under peaceful conditions and centered on Iran's nuclear ambitions, the current dialogue is unfolding against a backdrop of a temporary ceasefire, with the top priority being to end the war and secure Iran's national interests.

Key demands from Iran in the negotiations include seeking war reparations, resolving disputes in the Strait of Hormuz, a complete lifting of sanctions, and guarantees from the U.S. and Israel to ensure no future military aggression against Iran.

The Iranian Foreign Ministry spokesperson also emphasized that any final agreement must hinge on eliminating threats and preventing future invasions.

When discussing the makeup of the negotiating team, the spokesperson noted that Speaker Qalibaf has real combat experience from the Iran-Iraq War, making him well-equipped to coordinate different domestic factions and earning trust across political lines.

Additionally, Qalibaf can team up with Foreign Minister Zarif, who also has a background in war, creating an effective diplomatic duo that can manage the big picture.

However, according to reports from Israel, Qalibaf has resigned from the Iranian negotiation team due to the involvement of the Islamic Revolutionary Guard Corps.

In response to this claim, Qalibaf took to social media, stating that there are no hardliners or moderates in Iran, just "Iranians" and "Revolutionaries."

Moreover, Iranian President Pezeshkian, along with leaders from the legislative, executive, and judicial branches, as well as the Islamic Revolutionary Guard Corps, issued statements emphasizing that there are no so-called "hardliners" or "moderates" within Iran.

Previously, due to the Iranian negotiation team's resistance to unreasonable demands from the U.S., American officials and media attempted to create an illusion of internal discord within Iran, with Trump having claimed that there was infighting between "hardliners" and "moderates" in Iran.

#美伊停战谈判

Kaspersky Warns Users to Guard Against Phishing Scams: 26 Malicious Wallet Apps Found on Apple's App Store

Recently, cybersecurity firm Kaspersky has discovered 26 fake cryptocurrency wallet apps in the Chinese Apple App Store, specifically designed to steal users' digital assets.

These apps used quite sneaky tactics to get listed, initially masquerading as ordinary tools like calculators, mini-games, or to-do list apps to pass Apple's review. After getting listed, they then pushed to the top with counterfeit icons, similar names, and search optimization.

Once users download and open the app, they are redirected to a highly spoofed phishing webpage styled like the App Store, prompting them to re-download the 'official version' of the wallet.

Attackers also used iOS enterprise or developer profiles to sideload the trojanized wallets, bypassing the App Store's review process.

Once a user creates or restores a wallet in the spoofed interface, the mnemonic phrase is intercepted, encrypted, and sent back to the attacker's server, resulting in the loss of asset control.

The choice of targeting the Chinese market as a primary entry point stems from the fact that several official crypto wallet apps have not been listed on the Chinese App Store due to regulatory reasons, creating a natural habitat for counterfeit applications.

However, the malicious modules themselves have no regional restrictions; some phishing notifications also support multi-language adaptation, meaning that users outside China are equally at risk.

Previously, American musician G. Love suffered a loss of about 5.9 Bitcoins, equivalent to $436,000, after downloading a counterfeit Ledger app from the App Store and entering his mnemonic phrase, highlighting that even downloads from official stores should not be taken lightly.

Currently, Kaspersky has reported all 26 malicious apps to Apple, and some have already been removed from the store.

Experts warn that although these apps may not contain harmful code themselves, they serve as entry points for a broader attack chain that can ultimately lead to malware installation.

They further pointed out that by paying fees and setting up developer accounts, attackers can target any iOS device, as long as users fall for the phishing tactics.

Users should remain vigilant about the risks of managing cryptocurrency wallets, even on devices they consider secure, like iPhones, as more trojanized crypto applications using similar tactics are expected to be distributed.

#iPhone钓鱼攻击 #钱包诈骗

BTC Bull Market Score Index has broken away from the bear market zone – is this a sign of a reversal or just a false signal?

According to CryptoQuant data, when BTC hit its all-time high of $126,000 last year, the Bitcoin Bull Score Index reached 80. It then plummeted to 0 after the liquidation event on October 10, marking a structural weakness in the market.

Now, the index has recovered to the 40-50 range, sitting right on the edge of historical bull market territory. This indicates that the market is not fully in a bull run nor deeply entrenched in a bear market, but rather at a turning point of a tug-of-war between bulls and bears.

Moreover, historical market data shows that only when the index stays above 60 can Bitcoin expect a strong rebound. Conversely, if this index remains low for an extended period, it typically signals that the market is in a bear cycle.

Institutional funds are the key variable driving the index's recovery. Last year, the U.S. Bitcoin Spot ETF increased its holdings by about 46,000 BTC, but since 2026, it has realized a net sell-off of approximately 10,600 BTC, creating a demand gap of about 56,000 BTC.

At the same time, the Coinbase premium index has continuously been in negative territory since mid-October, indicating limited bottom-fishing interest from institutions and retail traders, with the buying power in the U.S. spot ETF market clearly lacking.

The liquidity in the stablecoin market is also under pressure, with USDT's 60-day market cap growth turning negative for the first time since October 2023, reducing by about $133 million; the one-year spot demand growth has plunged from 1.1 million BTC to 77,000 BTC, a decrease of 93%.

This liquidity drought aligns closely with the typical characteristics of a bear market, indicating a lack of sufficient new funds to sustain a continuous price rebound. Given the market's cash shortage, future trends are also fraught with uncertainty.

In summary, the Bull Market Score Index breaking away from the bear market zone is just the first step in emotional recovery, but relying on a single indicator is insufficient to confirm a trend reversal. Before ETF fund flows turn positive, the Coinbase premium returns to positive values, and stablecoin liquidity recovers, this rebound is more likely a technical correction rather than the start of a new bull run. Investors should be wary of the repeated fluctuation risks in the 40-50 range.

#比特币 #BullMarketScoreIndex

BTC and ETH spot ETFs saw a total net inflow of $432 million on Wednesday.

On April 23, according to the latest data from Farside, the US BTC spot ETF recorded a net inflow of nearly $336 million yesterday, marking the seventh consecutive day of inflows;

Among these, BlackRock's IBIT, Fidelity's FBTC, and Bitwise's BITB led the charge with net inflows of approximately $247 million, $56.7 million, and $15.4 million, respectively;

Next up were Ark & 21Shares ARKB, Morgan Stanley's MSBT, WisdomTree BTCW, and VanEck HODL, which saw daily net inflows of $11.9 million, $11.3 million, $6.3 million, and $3.9 million;

Notably, Grayscale's GBTC was the only BTC ETF to report a net inflow yesterday, with $16.6 million;

On the same day, the US Ethereum spot ETF recorded $96.4 million, marking the tenth consecutive day of inflows;

BlackRock's ETHA, Fidelity's FETH, and Grayscale's ETH had daily net inflows of $53.6 million, $40.6 million, and $11.4 million, respectively;

However, Grayscale's ETHE was the only ETH ETF to see a net outflow yesterday, with $9.2 million;

In summary, BTC and ETH spot ETFs have recorded persistent net inflows for multiple days and haven't slowed down despite the recent price rebound. This indicates that institutional enthusiasm for related spot ETFs remains robust, and the trend of capital inflow shows strong resilience and appeal.

#比特币ETF #以太坊ETF

The U.S. government isn't dabbling in Bitcoin mining, but the military is running Bitcoin nodes for cybersecurity testing.

Recently, Admiral Samuel Paparo of the U.S. Pacific Command revealed in a congressional hearing that the government is operating a Bitcoin network node for cybersecurity-related tests, but they're not involved in Bitcoin mining.

Paparo noted that the military primarily views Bitcoin network nodes as cryptographic tools, blockchain technology, and reusable proof-of-work systems aimed at protecting and enhancing cybersecurity, rather than hoarding them as financial assets.

He emphasized that from a military application standpoint, the U.S. military positions Bitcoin network nodes as computer science tools, which is a key reason behind their interest in Bitcoin.

Additionally, Paparo praised the stablecoin legislation known as the "GENIUS Act," calling it an "important step" to ensure the dollar's dominance globally. This act was signed by President Trump last summer and aims to legalize the issuance of dollar-pegged stablecoins.

Overall, Paparo's statement indicates that the U.S. government, particularly military agencies, is actively exploring the potential and determination to harness blockchain technology for cybersecurity applications.

Moreover, the military's pragmatic view of prioritizing the technical application value of Bitcoin over its financial attributes could pave new pathways for blockchain technology in national security.

What are your thoughts on the military using Bitcoin nodes for cybersecurity testing? Is it a pursuit of technological advancement in cybersecurity or a preliminary intervention in the regulation of the crypto space?

#军方比特币节点

On-chain tokenized treasury bonds hit a record high of $14 billion

According to Token Terminal data, as of April this year, the continuous growth of tokenized U.S. Treasury bonds on-chain protocols has pushed their total locked value to a new record of $14 billion. At this locked value level, tokenized treasury bonds can yield $515 million in annual returns.

Despite the volatility in the crypto market and ongoing losses in DeFi, the inflow trend for tokenized treasury bonds continues to expand. The reason for the ongoing growth in total locked funds across on-chain protocols is that the number of wallets holding tokenized assets is constantly increasing.

Data shows that the inflow of tokenized U.S. Treasury bond funds on BNB and Solana chains is growing strong, but Ethereum remains the main platform for government bond tokenization due to its early position in money market funds and treasury bond trading platforms.

In terms of issuing tokenized treasury bonds, Franklin Templeton's Benji is the leading tokenization engine. Over the past month, assets in the Benji fund based on Ethereum have grown by over 381% on-chain.

However, compared to other on-chain assets, the audience for tokenized U.S. Treasury bonds is still relatively niche, with only 33,900 wallets currently holding these assets, nearing historical highs.

Calculating with an annual yield of 3.68%, the $14 billion locked amount could generate about $515 million in annual returns.

While it's unclear how the issuers will share the returns with holders, the continuous expansion indicates that DeFi protocols are actively seeking other tools to stabilize their financial situation.

#代币化国债

Bitcoin open interest index hits a four-month high, traders are ramping up leverage positions

Recently, the Bitcoin futures market has been showing a noteworthy trend, with traders actively increasing their leverage positions and a significant growth in open interest (OI). This phenomenon has pushed the Bitcoin open interest index to a historical high not seen in nearly four months.

Specifically, the Bitcoin open interest index has climbed to 40.1, with its 30-day simple moving average (30D - SMA) rising to 4.5, reaching a peak not recorded in four months.

Meanwhile, the change in 30-day open interest (OI) is at 14.5%, marking one of the strongest shifts recorded in the past 120 days.

Crypto analyst Axel Adler Jr. noted in the latest analysis that these two indicators together suggest that market participants' risk tolerance is continuously increasing, with new leverage positions being established, indicating a positive risk appetite in the market.

From a trend perspective, although the Bitcoin open interest index has shown significant volatility during the day, the market is shaking off short-term disturbances, forming a more stable position structure. Back in February, when Bitcoin dipped below $63,000, the index had dropped to -10.9, but the current market rebound clearly shows that the overall positions have improved significantly.

It’s important to note that the current uptick is not driven by a short squeeze but rather by new capital flowing in. The change in 30-day open interest (OI) indicates that total futures exposure is expanding at a double-digit rate, with 23 out of the past 30 days recording positive changes in OI, showing that leverage activity is indeed on the rise.

Adler emphasized that the synchronized rise of the open interest index and OI is a key metric for assessing signal strength. If the index rises while OI declines, it often indicates merely a closing behavior; however, the simultaneous rise of both suggests that the market is actively establishing new risk exposures.

Analysts issued a warning that if the 30-day OI change turns negative (indicating deleveraging), or if the 30-day moving average reverses and drops below the zero line, the signal will begin to weaken.

But before that happens, current data indicates that under the dual support of improved position structure and rising Bitcoin futures leverage, the market is actively building new positions.

According to market trends, Bitcoin broke above $78,000 on Wednesday, reaching a new high not seen in 11 weeks, undoubtedly adding a bold stroke to the positive momentum in the crypto market.

#BTC

New South Korean Central Bank President Pushes CBDC, but Says Nothing About Stablecoins

Recently, the newly appointed governor of the Bank of Korea, Shin Hyun-sung, emphasized CBDC (#央行数字货币 ) and bank-issued deposit tokens in his first policy speech since taking office, yet he made no mention of stablecoins.

Although South Korea has been working to establish a regulatory framework for stablecoins and a local market, the new governor's remarks may signal that stablecoins will play a secondary role during his term.

In his inaugural speech, Shin laid out his priorities for the next four years. He reiterated that the central bank's mission is to maintain trust in the currency and the stability of payment settlements while preparing for digital financial innovation.

He stated that the internationalization of the won is "a crucial task for establishing a monetary infrastructure that matches our economic standing," with CBDCs and deposit tokens being key elements in enhancing the value of the won.

Additionally, through international collaborations like the "Han River Project Phase II" and the Agora project, the applicability of South Korean CBDCs and deposit tokens will be enhanced, significantly boosting the won's position in the digital payments landscape.

However, he also emphasized that the internationalization of the won and monetary system reform should not compromise the stability of the financial system, thus the central bank must implement corresponding safeguards and a macroprudential framework.

Notably, Shin completely omitted stablecoins in his speech, despite previously stating that stablecoins pegged to the won could coexist advantageously with CBDCs and deposit tokens. This reflects a shift in his attitude towards stablecoins.

Meanwhile, legislation around stablecoins in South Korea is currently at a standstill. Last year, due to disagreements between the Financial Supervisory Service and the central bank, lawmakers postponed the implementation of the second phase of the "Virtual Asset User Protection Act," which aims to address the issuance and distribution of USD-pegged stablecoins.

While there is a consensus that banks should be involved, disagreements remain over the ownership stakes of issuers. The central bank insists that bank consortiums should hold at least 51%, while the Financial Services Commission (FSC) worries that this could stifle the participation enthusiasm and innovative actions of tech companies.

In summary, as South Korea urgently needs institutional development, governance issues like limiting major shareholders' stake ownership have already taken a dominant position in the market, and such policy deviations could lead South Korea to lose its edge in the global digital asset competition.

Middle East tensions easing push BTC over $78,000, with $450 million liquidated in the past 24 hours

Thanks to the easing situation in the Middle East, Bitcoin's price skyrocketed above $78,000, leading to nearly 110,000 traders getting liquidated in the last 24 hours, with total liquidations nearing $500 million.

Specifically, according to Trump's post today, due to "serious divisions" within the Iranian government and at the request of the Prime Minister of Pakistan, we have decided to postpone attacks on Iran until their officials can propose a "unified plan."

He also added that I have ordered the military to continue the blockade measures and remain on standby. Therefore, I have decided to extend the ceasefire until Iran presents a satisfactory agreement for all parties involved.

This de-escalation news propelled Bitcoin's price to briefly break through $78,000, while mainstream altcoins like Ethereum also saw a significant uptick, pushing the total cryptocurrency market cap to $2.6 trillion.

It's worth mentioning that this isn't the first time the crypto market has reacted positively to such developments. Earlier this month, after a two-week peace agreement between the U.S. and Iran, the entire crypto market also turned bullish.

However, this market rebound had a notable impact on the derivatives market. According to Coinglass data, the total liquidation amount in the past 24 hours was around $450 million, with short positions accounting for 70% of that.

Among these, Bitcoin contracts saw liquidations totaling $210 million, and Ethereum contracts climbed to $124 million. The largest single liquidation occurred on the Bitget platform for BTC/USDT, with a liquidation amount of about $7.6 million.

#比特币

BTC and ETH spot ETF saw a total net inflow of 55.2 million USD on Tuesday.

On April 22, according to the latest data from SoSovalue, the U.S. BTC spot ETF recorded a net inflow of 11.84 million USD yesterday, marking the sixth consecutive day of inflows;

Among them, BlackRock's IBIT, Grayscale's BTC, and Morgan Stanley's MSBT recorded single-day net inflows of 39.34 million USD (521.38 BTC), 17.26 million USD (228.71 BTC), and 10.80 million USD (143.08 BTC), respectively;

On the other hand, Grayscale's GBTC, Ark & 21Shares ARKB, and Bitwise BITB saw single-day net outflows of 17.51 million USD (232.03 BTC), 14.52 million USD (192.45 BTC), and 12.70 million USD (168.35 BTC), respectively;

Following them are Fidelity's FBTC and VanEck HODL, which recorded single-day net outflows of 6.55 million USD (86.83 BTC) and 4.27 million USD (56.57 BTC), respectively;

As of now, the total net asset value of Bitcoin spot ETFs is 99.08 billion USD, accounting for 6.54% of the total Bitcoin market cap, with a cumulative net inflow of 57.99 billion USD.

On the same day, the U.S. Ethereum spot ETF recorded a total net inflow of 43.36 million USD, marking the ninth consecutive day of inflows;

Among them, BlackRock's ETHA and ETHB led the inflow list yesterday with 37 million USD (approximately 16,010 ETH) and 15.46 million USD (approximately 6,690 ETH), respectively;

Next are Grayscale's ETH and Bitwise ETHW, which recorded single-day net inflows of 3.93 million USD (approximately 1,700 ETH) and 1.99 million USD (858.72 ETH);

Meanwhile, Grayscale's ETHE and Fidelity's FETH saw single-day net outflows of 12.14 million USD (approximately 5,250 ETH) and 2.88 million USD (approximately 1,240 ETH), respectively;

As of now, the total net asset value of Ethereum spot ETFs is 13.66 billion USD, accounting for 4.89% of the total Ethereum market cap, with a cumulative net inflow of 12.05 billion USD.

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