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Gate Research Institute: The easing of Sino-U.S. trade conflicts, the new SEC chairman sworn in, Bitcoin breaks through the $90,000 mark.
Summary
Market Commentary
ETH – The ETH price has increased by 13.19% over the past 24 hours and currently stands at 1,783.45 USDT. ETH rose quickly after breaking through the consolidation range around 1,640, reaching as high as 1,778 USDT, a significant short-term gain. The current price pulls back slightly from the highs, testing the 1,740-1,750 range support. The short-term moving averages (MA5, MA10, MA15) are in a multi-divergent arrangement, indicating an uptrend. The red column of the MACD indicator continues to increase after the golden cross, but there are signs of gradual shortening, the momentum margin is weakened, and there may be a need for consolidation in the short term. 【2】
Popular Tokens
According to the market data from Gate.io【9】, combined with the trading volume and price performance over the past 24 hours, the popular altcoins are as follows:
DEEP (DeepBook)—— Approximately 108.88% increase in a single day, with a circulating market value of 472 million dollars.
DeepBook is a decentralized order book trading protocol (DEX) developed on the Sui blockchain, aimed at providing high performance and low latency trading experience. As one of the core infrastructures of the Sui network, DeepBook supports on-chain matching and order management, providing an open liquidity interface for DeFi applications, facilitating other projects to integrate its liquidity and order book system.
DEEP launches a campaign on "What are the benefits of paying for a DeepBook in DEEP?" In the future, users may enjoy multiple rights and interests such as saving gas fees, 20% discount on handling fees, additional DEEP airdrops, and access to the private marketplace, which will significantly improve the utility and demand of DEEP. At the same time, DeepBook v3.1 was officially launched, bringing a permissionless mining pool mechanism, lower transaction costs and deeper liquidity, marking an important upgrade of the Sui on-chain transaction ecosystem. Enhance users' confidence in DEEP and other products, and drive the price of DEEP to rise strongly. 【10】【11】
ZEREBRO (Zerebro) — Daily increase of approximately 136.89%, with a circulating market cap of 60.61 million USD.
Zerebro (ZEREBRO) is a decentralized project that combines artificial intelligence (AI) and blockchain technology, aimed at creating, distributing, and analyzing content, particularly in the fields of finance and social media. The system unlocks the potential of large language models (LLM) through "jailbreaking" technology, enabling it to generate culturally impactful content.
The team released the Arkham tracker with a statement that the developer wallet has not been enabled since launch, in order to avoid price volatility and demonstrate the board's "fiduciary responsibility" to the community. They also pointed to an unauthorized transfer and made it clear that the team had no control over the target wallet (which did not have a private key), implying that the anomaly was caused by an insider violation and not a subjective project. This on-chain transparency has greatly alleviated the market's panic about "team smashing", and has instead inspired the confidence of the community. At the same time, the AI sector token has recovered across the board, which has pushed the price of ZEREBRO higher. 【12】
Turbo (TURBO) — Daily increase of approximately 49.95%, circulating market value of 243 million USD.
Turbo (TURBO) is a meme coin project driven by artificial intelligence (AI), originating in May 2023, created in collaboration by Australian digital artist Rhett Mankind and ChatGPT-4. The project was launched with a budget of only $69 and aims to explore the possibilities of combining AI and cryptocurrency.
The rise of Turbo is mainly driven by the overall market sentiment warming, with the upward trend of Bitcoin leading to a general rise in the entire cryptocurrency market. Among them, the AI sector has performed particularly strongly. As the first AI-generated Meme coin, Turbo inherently possesses AI narrative attributes, combined with community foundation and trading liquidity, becoming one of the targets of concentrated capital attack, driving the increase of TURBO.
Highlight Data
Ethereum spot ETF fund inflows continue to be sluggish, with insufficient market confidence
As of April 22, 2025, the inflow performance of US spot Ethereum ETFs continues to be subdued. Since the beginning of the year, only 32.43% of trading days have recorded net inflows, compared to 48.65% for Bitcoin ETFs over the same period. Since the official listing of the ETH spot ETF on February 20, the situation has been even more severe, with only 4 of the last 42 trading days seeing net inflows, and the daily net inflow ratio has dropped to 9.52%, compared to 42.86% for BTC ETFs over the same period. It shows that the market's overall investment confidence in ETH is weak. 【14】
Bitcoin is regarded as "digital gold", which has stronger safe-haven properties and has attracted more traditional institutional investors. ETH ETFs have been on the market for a short period of time, and market education has not yet been fully popularized, making it difficult to replicate the capital attractiveness of BTC ETFs in the short term. In addition, recent technical updates to the Ethereum ecosystem, such as Danksharding and EVM optimizations, have yet to translate into a clear market narrative and funding momentum.
The current net inflow data for the ETH ETF not only reflects the acceptance of the product itself but also serves as a microcosm of Ethereum's current market positioning and investor confidence. In the context where BTC continues to dominate the flow of funds, ETH requires more positive news, product innovations, or ecological narratives to potentially reverse this trend.
Some holders of locked tokens have suffered about 50% losses over the past year
Over the past year, holders of various locked tokens have suffered significant losses. The average price of these tokens in over-the-counter (OTC) trading has dropped by about 50%, leading to a sharp devaluation of assets that investors had high hopes for. Meanwhile, although Bitcoin has risen by 45% during this year, these locked holders have missed out on market gains due to their inability to liquidate, incurring an additional opportunity cost loss of 31%.
There are still more than $40 billion of locked tokens to be unlocked in the future, which means that a large number of tokens will enter the market. Due to the lack of liquidity and the market's panicked expectation of a large number of unlocks, these tokens can often only be sold OTC at a discount lower than the spot market after unlocking, with an average discount of around 50%. However, as time goes by, the lock-up period will gradually shorten, and investors' choice of exit strategies will also increase, and theoretically losses are expected to gradually shrink.
The root cause of this phenomenon lies in the suppression of liquidity by the hedging mechanism itself. When a token cannot be sold at any time, its actual market value is much lower than that of a freely traded token. When the crypto market is generally in a downward channel or a period of volatility, it is more difficult for illiquid assets to find buyers willing to take over. In addition, the market's expectation of a large number of unlocked tokens often affects the price in advance, causing the locked assets to depreciate before they are unlocked.
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Polygon NFT sales volume surpassed Ethereum in 7 days
Polygon's NFT sales have surpassed Ethereum for the first time in the past seven days, becoming the market leader. This breakthrough is primarily attributed to a series of RWA (Real World Assets) NFTs called Courtyard, which brought real-world Pokémon cards onto the blockchain in NFT form, sparking high user interest and a trading frenzy.
Courtyard is launched by a startup focused on the tokenization of real assets, with the physical assets behind its NFTs securely custodized by the third-party custodian Brinks. This type of NFT is backed by physical assets, and after purchasing the NFT, users can choose to redeem a physical card. Upon redemption, the NFT will be destroyed and will no longer be traded on the market.
The emergence of this phenomenon reflects not only the explosive potential of the Courtyard project itself but also the market's recognition of the new model of "real assets + NFT." At the same time, Polygon has advantages such as lower Gas fees and faster transaction speeds compared to Ethereum, making it more suitable for high-frequency NFT trading scenarios in the RWA category, thus becoming the preferred choice for users and project parties.
Hot Comments
With the easing of China-U.S. trade, Paul Atkins has been appointed as SEC Chairman to jointly promote Bitcoin's breakthrough of $93,000.
Overnight, Bitcoin price broke above $93,000, hitting its highest level since March. The rally was mainly driven by the positive sentiment of the easing of trade relations between China and the United States. U.S. President Donald Trump has publicly stated that he will "significantly cut" the current tariffs on China of up to 145%, while Treasury Secretary Bessant also stressed in a closed-door meeting that the current trade impasse is "unsustainable" and expects "an easing in the near future". This strengthened confidence in the global economic outlook and led to a rebound in US stocks, with the S&P 500 up 2.5% and the Nasdaq up 2.7%. Gold prices, meanwhile, retreated 1% from a record high of $3,500, suggesting a shift from safe-haven to risky assets. 【17】【18】
At a time when market sentiment is high, there are also important changes in the US regulators. Paul Atkins, who served as a member of the SEC from 2002 to 2008, is known for supporting innovation and advocating for deregulation, and owns about $6 million in crypto assets. Atkins advocates for providing legal certainty to the crypto market by having clear rules. His appointment is seen as a boon to the crypto industry, with the SEC widely expected to reduce its crackdown on lawsuits and instead push for rule-clear, regulatory-friendly reforms. Stimulated by both policy and regulation, the total crypto market capitalization has returned to $3 trillion. Investors should also be wary of market volatility while welcoming the positives.
Hyperliquid updates mainnet validator mechanism: 21 permissionless nodes participate, delegation plan is about to launch
Hyperliquid has launched a validator delegation program aimed at enhancing the security and decentralization of the network by delegating HYPE tokens to high-performance and trusted validators. The mainnet will dynamically select the top 21 nodes based on the amount staked to form an active validator set, thereby strengthening network security and decentralization.【19]
Applicants must meet certain threshold conditions, including holding and locking at least 10,000 HYPE tokens for more than one year, operating at least two high online rate non-validator nodes, publicly sharing node IPs, and completing KYC/KYB certification, and must not be from restricted areas.
By delegating tokens to trusted and high-performance validators, Hyperliquid will enhance the security of the network, promote diversity among the validator community, thereby increasing the level of decentralization, and is expected to improve the impact of previous security and trust issues such as the loss of Jelly tokens. This mechanism also incentivizes validators who are committed to ecosystem development and network stability to participate, helping to build a more robust and sustainable financial infrastructure ecosystem.
JD Stablecoin has entered the Hong Kong "sandbox" testing
JD Group announced that its stablecoin project has officially entered the "sandbox" regulatory testing phase of the Hong Kong Monetary Authority, which may be the first attempt of RMB assets to enter the global system in a compliant manner through stablecoin form, making it one of the few large technology companies in mainland China actively participating in the exploration of stablecoin compliance.
Hong Kong is currently at a critical stage in the legislation of stablecoins, with regulations not yet fully established. JD has chosen to enter the "sandbox" testing at this time, which means it is positioning itself to gain a first-mover advantage before policies are clearly defined. The "sandbox" mechanism allows companies to conduct innovative experiments within a regulatory framework, and JD's actions also indicate its willingness to promote fintech implementation on a compliant basis. [20]
JD.com participates in Hong Kong's "sandbox" testing and promotes the stablecoin project, marking the first foray of Chinese-backed enterprises into the compliant stablecoin field, providing a model for exploring compliant paths for non-US dollar systems. Against the backdrop of the imminent launch of stablecoin regulatory regulations in Hong Kong, this move is expected to accelerate the formation of a compliant ecosystem in the Asia-Pacific region, promote regional capital flow and upgrade digital payment infrastructure, and may also become an important pivot for future cross-border currency channels.
Financing Status
According to RootData, in the past 24 hours, 5 projects publicly announced financing, involving areas such as infrastructure and decentralized finance (DeFi), with a total financing amount of 215 million USD. The following are the specific details of the financing projects: 【21】
Bitdeer —— Raised $179 million in loans and equity for Bitcoin chip promotion.
Bitdeer is a cryptocurrency mining technology company that initially focused on Bitcoin mining services, including mining machine hosting, self-mining, and cloud computing power services. In recent years, Bitdeer has gradually transformed into a full-industry chain mining platform, actively laying out its own ASIC chip manufacturing (such as the SEALMINER series) and expanding global data centers.
The fundraising will mainly be used for three aspects: first, to expand the data center infrastructure, with plans to add 1.1 GW of power capacity by 2025 to support its data center expansion in the United States, Norway, Bhutan, and the Netherlands; second, to accelerate the design, research and development, and mass production processes of chips, and improve its own ASIC supply chain; third, as part of the company's daily operating funds, to enhance financial flexibility. [22]
Arch Labs —— completed a $13 million Series A funding round, led by Pantera Capital and Multicoin Capital, with participation from OKX Ventures and CMS Holdings.
Arch Labs is developing ArchVM, a virtual machine native to Bitcoin, designed to enable fast, secure, and verifiable smart contract functionality. The platform allows for the direct deployment of decentralized applications (dApps) on the Bitcoin mainnet without the need to bridge assets or rely on Layer 2 solutions.
This funding will be used to accelerate the development of ArchVM and the launch of the mainnet, as well as to expand the application ecosystem of Arch Network. After the mainnet goes live, developers will be able to create smart contracts on Bitcoin, deploy DeFi protocols, mint and trade NFTs, as well as establish decentralized autonomous organizations (DAOs). The first applications will cover areas such as AMM trading, lending platforms, Bitcoin-backed stablecoins, and gaming, among others.
**Analog ** — Raised $15 million through a token sale, completed by the digital asset financing company Bolts Capital.
Analog is a project aimed at improving unified liquidity across multiple blockchain networks. The platform is dedicated to enhancing interoperability between blockchains, allowing assets and data to flow seamlessly across different chains.
The funds will be used to develop the aforementioned interoperability tools, further promoting the unified liquidity of blockchain assets across different networks. Through these tools, Analog aims to provide more efficient cross-chain support for decentralized finance (DeFi) and other blockchain applications. 【24】
Airdrop Opportunities
Superform Labs
Superform Labs is a project focused on DeFi (Decentralized Finance) yield aggregation, with the core goal of creating a cross-chain unified yield market that allows users to invest and obtain on-chain yields more simply and efficiently. Superform launched its latest "Rewards" points cultivation program starting from April 21.
Participation method:
Tip: The airdrop plan and participation methods may be updated at any time. Users are advised to follow Superform Labs' official channels for the latest information. At the same time, users should participate cautiously, be aware of risks, and conduct thorough research before participating. Gate.io does not guarantee the distribution of subsequent airdrop rewards.
Reference Material:
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