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Gate Research Institute Daily Report: On April 29, Bitcoin was priced at 95,190 USDT, and Ethereum at 1,802.81 USDT. Solana continues to hold the top spot in public chain activity, Unichain is rising strongly, and the Sui ecosystem's decentralized volume has reached a historic high; the weekly inflow of crypto asset investment products was 3.4 billion USD, setting a new high for this year. SIGN leads the popular tokens, and Virtuals Protocol and MemeFi performed excellently.

Crypto market panorama
BTC (+1.64%丨Current Price 95,190 USDT)
chart
BTC fluctuated in the range of 94,830 to 95,770 USDT, the bottom price gradually rose relying on the rising trend line, and the short-term approached the upper resistance level of 95,770 USDT many times but failed to effectively break through, and the trend fluctuated around the 5-day, 10-day and 15-day moving averages, and the whole was at the end of the convergence triangle, waiting for the direction to be chosen.
trading volume
The current trading volume is maintained at a relatively average level, with no obvious signs of increase, indicating a strong wait-and-see sentiment among investors.
MACD
The fast and slow lines turn upwards near the zero axis, and the histogram shifts from red to green but with moderate amplitude, indicating that short-term bulls have a slight advantage, although momentum has not yet fully released. Attention should still be paid to whether the trading volume can support the breakthrough in the future. [1]
ETH (+3.79% | Current Price

Alpha Interpretation
The U.S. Congress has reopened the legislative process to complete the cryptocurrency bill by August
Overview
The U.S. Congress will prioritize cryptocurrency legislation after the spring session, aiming to complete the legislative work on stablecoin and market structure bills before August. The House of Representatives and the Senate are advancing new proposal texts while coordinating the existing stablecoin legislative process.
Overview
After a two-week Easter recess, U.S. lawmakers have returned to Capitol Hill, making digital asset legislation a current priority. The House Financial Services Committee has scheduled a joint hearing with the Agriculture Committee on May 6, titled "The Future of American Innovation and Digital Assets: A Blueprint for the 21st Century." According to House Financial Services Committee Chairman French Hill, the FIT21 market structure bill is being updated and a discussion draft is forthcoming, with the Senate also making progress.

Abstract
- The price of BTC is highly volatile, exhibiting strong emotional drive and speculative attributes. Its long-term correlation with traditional assets (such as gold and the Nasdaq) is relatively low, but during periods of drastic changes in Federal Reserve policy, particularly during tightening phases, the short-term correlation with the Nasdaq significantly increases.
- Gold demonstrates stable safe-haven properties, often experiencing price increases against the trend during significant fluctuations in BTC and the Nasdaq, showing good hedging potential.
- The Nasdaq index has a significant Granger causality relationship with BTC, and its movements can serve as a leading indicator for BTC, holding important trading reference value.

Gate Research Institute Daily: On April 28, Bitcoin fell by 0.45% to 93,528.7 USDT, and Ether fell by 1.7% to 1,775.7 USDT. The market capitalization of stablecoins approaches 240 billion USD, and DeFi TVL returns to 100 billion. The world's first Spot XRP ETF is listed in Brazil. Bitcoin reserve legislation in Arizona is nearing a vote.

Overview
This report focuses on the blockchain industry dynamics from April 18 to April 24, 2025. Solana surpassed Ethereum with over $16.2 billion in trading volume to take the top spot on the DEX rankings; Circle launched a revolutionary stablecoin cross-border payment network, reshaping the new standard for global payment clearing; the Ethereum Foundation adjusted its strategy to accelerate core protocol upgrades through the separation of research and management to address user experience and gas fee bottleneck challenges. In addition, the Base chain saw the number of tokens created in a single day exceed Solana for the first time, with developer enthusiasm rapidly climbing; Eliza Labs launched a no-code AI agent platform Auto-Fun, attempting to address the pain point of incentive imbalance in AI projects; Hyperliquid updated its mainnet verification mechanism to accelerate the decentralization process of the network; Floki and.

By hiding the differences in the underlying Blockchains, Chain Abstraction allows users to perform cross-chain operations without needing to understand the technical details, resulting in a simpler and more intuitive Web3 interaction experience. This article delves into the background of Chain Abstraction's emergence, its core logic, and its three-layer architecture, guiding you to understand how it reshapes user interfaces and development models, propelling Blockchain towards broader application adoption.

Gate Research Institute Daily: On April 25, Bitcoin was quoted at 93,176 USDT, and Ethereum at 1,752.39 USDT. The Federal Reserve revoked the banking encryption regulatory guidance, Sui launched a virtual MasterCard, and Securitize partnered with Mantle to launch a crypto index fund. Solana stablecoin market capitalization reached a new high, SUI market capitalization surpassed LINK, and Uniswap's total volume approached 3 trillion USD.

Gate Research Institute Report: From April 10 to April 24, in the past two weeks, both Bitcoin and Ether prices broke through key resistance levels, with volatility and market sentiment undergoing dramatic changes. BTC strongly broke through 90,000 USDT, and Ether stabilized at 1,600 USDT, with frequent market long-short confrontations. This article will deeply analyze the market performance of the two major coins through multi-dimensional indicators such as open interest, Long-Short Ratio, and funding rate, and will focus on how the TSI (True Strength Index) indicator can quickly and accurately capture trend reversals and momentum strength. Through comprehensive quantitative backtesting, the best parameter combinations are selected to effectively improve the stability and winning rate of trading.

Foreword
This week, the Web3 industry has witnessed many significant events at both the policy and macroeconomic levels. In terms of economic data, the U.S. April Markit PMI preliminary reading showed a mixed situation: the manufacturing PMI unexpectedly rose to 50.7, entering the expansion zone, significantly better than the market expectation of contraction levels. The Eurozone's April consumer confidence index preliminary reading was -16.7, lower than the market expectation of -15.6, decreasing by 2.2% from March's -14.5. This is the lowest level since November 2023. In terms of economic policy, U.S. President Trump publicly stated that he would "substantially lower" the current tariffs on China, which are as high as 145%, a statement that significantly alleviated market concerns. Treasury Secretary Bessent also emphasized in a closed-door meeting that the current trade deadlock is "unsustainable" and that a "relief will come in the near future."
Global Cryptocurrency

Foreword
This week, Bitcoin's price broke through $94,000, reaching a new high since March of this year, and the total market capitalization of cryptocurrencies has returned to $3 trillion. This increase is attributed to positive developments in US-China trade relations: President Trump stated he would "significantly reduce" high tariffs on China, and Treasury Secretary Mnuchin emphasized that the trade stalemate is "unsustainable," significantly boosting market confidence in the global economic outlook, leading to a comprehensive rebound in US stocks and the cryptocurrency market.
At the same time, the on-chain ecosystem continues to evolve, with various infrastructures and applications constantly iterating and upgrading. Eliza Labs launched the AI agent platform Auto-Fun to accelerate the integration of AI and blockchain applications; Circle introduced the Refund Protocol and stablecoin payment network, providing greater flexibility and user experience for on-chain payments, facilitating the integration of real-world assets with the crypto world. Ether

On April 23, BTC prices rose 5.38% to 92,877.5 USDT, and ETH prices rose 13.19% to 1,783.45 USDT, driven by multiple tailwinds such as the easing of trade tensions between China and the United States and SEC personnel adjustments. However, the continued sluggish inflow of Ethereum spot ETF funds and the continued pressure on holders of locked tokens highlight the structural differentiation of the market. At the same time, there have also been new developments in the on-chain ecology and policy environment: Hyperliquid has launched a new validator mechanism, and JD stablecoin has entered the "sandbox" testing stage in Hong Kong, indicating that infrastructure construction and compliance exploration are still progressing steadily.

Solana experienced a price surge and pullback in the first quarter, ultimately breaking its historical high of $295; the contract market showed significant fluctuations and a trend of deleveraging; the on-chain coin distribution leans towards large investors; active addresses reached 5.2 million, with a volume of 95.3 million; staking yields remained stable, and the stablecoin market capitalization grew by more than 1.4 times; DEX trading volume saw significant growth; DePIN project weekly revenue steadily increased; NFT transactions continued to decline; the improvement proposal put forward by the Solana community was not approved.

Gate Research Institute's latest release, "2025 Q1 ETH Network Review," comprehensively summarizes and analyzes the market performance, coin holder distribution, network activity, on-chain applications, and future outlook of the Ethereum network in the first quarter of 2025, providing in-depth insights into the overall performance and key trends of the ETH network.

After reaching an all-time high in Q1, BTC entered a period of fluctuation, with market capitalization declining to $1.6 trillion and a quarterly fall of about 12%, underperforming compared to gold. Holdings concentration is high, with Large Investors controlling nearly half of the supply. On-chain transactions are active, with transaction amounts rising by 26% and fees decreasing by 42.5%. Mining Difficulty has risen, and the core team is dedicated to enhancing network performance and privacy, with a focus in Q2 on support for Layer2 protocols.

Abstract
The price of Bitcoin rose by 0.90% to 88,056 USDT; Ethereum fell by 3.79% to 1,575.05 USDT.
The daily token creation volume on Base chain has surpassed Solana for the first time.
Spot gold breaks through $3,480, Bitcoin's market share reaches a four-year high.
Pump.fun graduation rate has rebounded, and the Solana Meme market may welcome a rebound signal.
The Central Bank of South Korea will promote regulatory legislation for stablecoins and establish a comprehensive compliance system.
Ethereum Foundation strategic adjustment, accelerating core protocol upgrades.
Market Commentary
BTC ——The BTC price has increased by 0.90% in the past 24 hours, currently reported at 88,056 USDT. From the chart, BTC has recently broken through the short-term resistance of 88,500 USDT.

Abstract
Bitcoin rose 2.4% to 87,400 USDT; Ethereum rose 0.49% to 1,631 USDT.
Vitalik Buterin proposed to replace EVM with RISC-V, promoting a significant expansion of the Ethereum execution layer.
Canary Capital has applied to the U.S. SEC to launch a TRX staking ETF.
Global retail giant SPAR is testing cryptocurrency payments in Switzerland.
Hyperliquid occupies about 70% of the on-chain perpetual contract market.
Tether has over 450 million users, with more than 30 million new users each quarter.
Market Commentary
BTC —— The BTC price has increased by 2.4% in the past 24 hours, currently quoted at 87,400 US