Abstract

• Bitcoin price rose by 0.08% to $85,284; Ethereum increased by 0.60% to $1,641.76
• Digital asset funds experienced large-scale outflows for the third consecutive week, totaling $7.2 billion
• Ethereum dominated dAPP revenue in Q1 2025, generating over $1 billion
• Canada to launch its first spot Solana ETFs this week, with staking rewards enabled
• JPMorgan introduces a GBP-based blockchain account, enhancing global payment capabilities
• EigenLayer to activate slashing mechanism on mainnet, penalizing nodes that violate protocol rules

Market Analysis

• BTC — Over the past 24 hours, BTC price edged up 0.08%, currently at $85,284. From the chart, BTC traded sideways within the $84,800 to $85,300 range after a day of consolidation, with slight fluctuations around the 5-day and 10-day moving averages. There has yet to be a clear breakout in the short term. Trading volume remains low, indicating strong market hesitation and weak capital inflow. As for the MACD indicator, the fast and slow lines are converging near the zero axis, and the histogram shows minimal movement, suggesting a flattening momentum and an unclear short-term direction. [1]

• ETH — ETH price rose 0.60% in the past 24 hours, now at $1,641.75. The chart shows ETH is also trading in a narrow range, hovering around the 5-day, 10-day, and 30-day moving averages. The short-term trend remains uncertain. Trading activity is generally low, with no significant volume surge observed recently. Market sentiment appears neutral. The MACD indicator shows the fast line slightly above the slow line, but with weakening momentum. The histogram is near the zero axis, lacking strong directional guidance in the short term. [2]

• ETFs — According to SoSoValue data, on April 14, the total net inflow into U.S. Bitcoin spot ETFs was $1.47 million[3], while the total net outflow from U.S. Ethereum spot ETFs was $5.98 million. Data as of April 15, 12:00 PM (UTC+8).[4]
• Altcoins — The Pump.fun Ecosystem, AI Meme, and Perpetuals sectors saw changes of +5.1%, +4.7%, and +3.8%, respectively. [5]
• U.S. Stock Market Indices — On April 7, the S&P 500 rose 0.79%, the Dow Jones gained 0.78%, and the Nasdaq increased by 0.64%.[6]
• Spot Gold — Spot gold price dropped 0.40% to $3,223.75 per ounce. Data as of April 15, 10:00 AM (UTC+8).[7]
• Fear & Greed Index — The index reads 38, indicating the market is in a state of fear. [8]

Top Performers

According to Gate.io market data[9], the top-performing altcoins over the past 24 hours, based on trading volume and price movement, are as follows:

VTHO (VeThor) — Approximately 52.52% Daily Increase, Circulating Market Cap: $286 Million

VeThor (VTHO) is the gas token of the VeChainThor blockchain. It is primarily used to pay for network transactions and the execution of smart contracts. VeChainThor is a blockchain specifically designed for enterprises, with a strong focus on supply chain management and data transparency. It adopts a dual-token mechanism where VET is used for value storage and generating VTHO, while VTHO maintains the network’s operation. This design helps stabilize transaction costs and supports the implementation of enterprise-level applications.[10]

The recent surge in VTHO’s price was mainly driven by a major positive development. UFC President Dana White has joined VeChainThor as an advisor. As the largest mixed martial arts organization in the world, UFC commands a massive global audience and holds strong brand influence. Its core demographic consists of young, tech-savvy individuals-a group that aligns closely with the target users of blockchain ecosystems. This news has greatly increased investor and community confidence in the platform’s future expansion potential, resulting in a spike in market attention and trading activity for VTHO.

ACH (Alchemy Pay) — Approximately 26.06% Daily Increase, Circulating Market Cap: $135 Million

Alchemy Pay (ACH), established in 2018 and headquartered in Singapore, is a payment solutions provider focused on bridging the gap between traditional fiat and the crypto economy. The platform allows both online and offline merchants to accept payments in fiat and cryptocurrency. Its native token ACH is based on Ethereum and is used for transaction fees, incentive mechanisms, and governance voting. According to its 2025 development plan, Alchemy Pay will expand further into the stablecoin ecosystem and the real-world assets (RWA) sector.

The price increase was mainly triggered by the release of a detailed roadmap on April 11, 2025. The roadmap outlines several strategically important development directions, significantly boosting market confidence. First, it emphasizes a global fiat on-ramp strategy with a “regulation-first” approach. This shows the project’s intention to enhance compliance in more jurisdictions, increasing mainstream user acceptance of its fiat services. Second, Alchemy Pay announced it would integrate real-world asset (RWA) features. This will allow users to access on-chain transactions involving traditional assets such as real estate and commodities. By tapping into the current hype around RWAs, this development has led to a strong rise in ACH token prices.[11]

AQT (Alpha Quark) — Approximately 44.87% Daily Increase, Circulating Market Cap: $50.55 Million

Alpha Quark (AQT) is a blockchain project focused on the digitalization of intellectual property (IP) assets. Its mission is to enhance the accessibility and trading efficiency of IP assets through the use of NFT and metaverse technologies. The core idea is to tokenize traditionally illiquid assets, such as music copyrights, books, artworks,and brand licenses, into NFTs. These tokens can then be showcased, traded, or licensed on a dedicated platform.[12]

This price increase was largely driven by Alpha Quark’s announcement of ecosystem integration with House Party Protocol (HPP). The project revealed plans to restructure its tokenomics and pursue a future token merger. The official statement emphasized prioritizing community and holder interests, which boosted confidence among investors. The expectations of synergies and ecosystem expansion from this integration sparked speculative activity and increased trading interest. These factors combined to drive the sharp short-term rise in AQT’s price.

Data Highlights

Digital Asset Funds See Third Consecutive Week of Large Outflows, Totaling $7.2 Billion

Digital asset investment products experienced another significant round of outflows last week, with a total of $795 million withdrawn. This marks the third consecutive week of net outflows. Since the beginning of the sell-off in early February, cumulative outflows have reached a staggering $7.2 billion, nearly wiping out all net inflows recorded since the start of the year. As of now, the year-to-date net inflow stands at only $165 million.

Bitcoin led the outflows, with $751 million pulled from related products last week alone. Despite this, Bitcoin still maintains a year-to-date net inflow of $545 million. Notably, the recent wave of withdrawals has not only affected spot products, but also impacted short Bitcoin investment tools, which saw $4.6 million in outflows—indicating a broadly cautious market sentiment.

Ethereum also experienced outflows last week, totaling $37.6 million. Other major projects like Solana, Aave, and Sui saw smaller outflows of $5.1 million, $780,000, and $580,000 respectively. In contrast to this overall weak performance, some smaller altcoins still managed to attract capital inflows. XRP stood out with a net inflow of $3.5 million, while Ondo, Algorand, and Avalanche recorded net inflows of $460,000, $250,000, and $250,000 respectively.

However, there was a brief market rebound toward the end of last week, driven by news that former President Trump announced a delay in implementing new tariffs. This helped the total assets under management (AuM) bounce back by 8% from a five-month low on April 8, returning to the $130 billion level and providing the market with a short-term boost.[13]

Bitcoin Implied Volatility Surges as Market Confused by Tariff Policy Signals

Although the main contours of U.S. tariff policy have largely been clarified, persistent mixed signals from the Trump administration continue to stir uncertainty in the crypto market. As shown, Bitcoin’s one-week implied volatility remains at abnormally high levels, reflecting investors’ lack of clear direction on future price movements.

Recent figures show that Bitcoin’s implied volatility is nearly 20 percentage points above its historical lows and at least 10 percentage points higher than its typical stable levels. Sustained high volatility is often considered a “fear index” in the market, indicating a significant rise in investor expectations of price swings.

This surge in volatility is primarily driven by uncertainty surrounding future U.S. trade policy. Although Trump previously announced a 90-day suspension of additional tariffs on most countries, market concerns have not been fully eased. Some traders worry that the policy may reverse again, potentially intensifying turmoil across global risk assets.[14]

Ethereum Leads dApp Revenue in Q1 2025 with Over $1 Billion in Earnings

According to data from Token Terminal, Ethereum has maintained its dominance in decentralized applications (dApps) during Q1 2025, generating a total of $1.014 billion in transaction fees—far surpassing all other blockchain platforms.

Trailing behind is Coinbase’s Layer 2 network, Base, which has shown rapid growth but still lags significantly with $193 million in dApp revenue. BNB Chain and Arbitrum rank third and fourth with $170 million and $73.8 million respectively. Avalanche’s C-Chain comes in fifth with $27.68 million in revenue.

Ethereum’s strong Q1 performance solidifies its role as the leading public blockchain, showcasing its robust network effects and developer ecosystem advantages. While emerging Layer 2 networks like Base are growing quickly, the wide revenue gap highlights Ethereum’s continued edge in high-value transactions and application scenarios.[15]

Spotlight Analysis

Canada to Launch First Spot Solana ETFs This Week, Staking Feature Included

Canada will launch several spot Solana (SOL) ETFs on April 16 — the first of their kind to offer crypto staking for yield. These ETFs have received approval from the Ontario Securities Commission (OSC), with issuers including asset management firms such as Purpose, Evolve, CI, and 3iQ.

Unlike the U.S. federal regulatory framework, Canada’s securities oversight is handled by individual provinces and territories. The Toronto Stock Exchange is regulated by the OSC. The OSC stated that this approval is based on regulatory amendments released in January 2024, which allow public funds to hold and operate crypto assets, including staking them to earn additional income. While market sentiment toward altcoin ETFs appears positive on the surface, actual investor interest remains to be seen. In March this year, U.S. asset manager Volatility Shares launched a futures-based Solana ETF (SOLZ), but by mid-April, its net assets stood at only around $5 million, reflecting lukewarm performance.

Canada’s approval of spot Solana ETFs with built-in staking highlights its leadership in crypto asset regulation and product innovation. In contrast to the U.S., which remains limited to futures-based ETFs, Canada’s move expands investment options and offers investors an added source of yield. While earlier products like SOLZ have underperformed, the inclusion of staking may become a key differentiator that drives real demand for altcoin ETFs.[16]

JPMorgan Launches GBP-Pegged Blockchain Deposit Accounts to Enhance Global Payment Capabilities

JPMorgan’s blockchain division Kinexys (formerly known as Onyx) has officially launched blockchain-based deposit accounts denominated in British pounds (GBP), enabling corporate clients to perform real-time cross-border settlements between GBP, EUR, and USD, 24/7. The service also supports weekend operations and delayed FX processing, improving liquidity and cash management efficiency.

The initial clients include the London Stock Exchange Group’s SwapAgent and commodities trading firm Trafigura. Trafigura plans to use the service for real-time payments across London, New York, and Singapore, leveraging programmable tools to automate liquidity management. Since its launch in 2019, Kinexys has processed over $1.5 trillion in total transactions, with daily volumes reaching $2 billion.

With this new service, JPMorgan is further strengthening its blockchain infrastructure within global finance. By supporting real-time cross-border settlements in GBP, EUR, and USD—including during weekends and off-hours—this service greatly enhances liquidity flexibility for institutional clients. The participation of major institutions like LSEG and Trafigura signals a step toward higher liquidity and automation, reinforcing Kinexys’s leading role in the convergence of traditional finance and blockchain technology.[17]

EigenLayer to Launch Slashing Mechanism on Mainnet, Targeting Rule-Breaking Nodes

Ethereum’s restaking protocol EigenLayer has announced that its slashing mechanism will go live on the mainnet on April 17, 2025. This launch will enable Active Validation Services (AVSs) to build verifiable, trustless decentralized applications using EigenLayer while increasing accountability for operators and stakers.

Slashing is an economic penalty mechanism commonly used in Proof-of-Stake (PoS) protocols to punish nodes or clusters of nodes that violate protocol rules. Specifically, if a node engages in provable malicious behavior—such as double-signing or prolonged downtime—its staked assets may be partially or entirely confiscated. The introduction of slashing marks a significant step forward in EigenLayer’s evolution in terms of security and incentive design.

The activation of this mechanism is expected to significantly enhance EigenLayer’s security and trustworthiness. It may also attract more institutional-grade AVS projects to deploy services on the network, strengthening the sustainability of the restaking ecosystem. In the short term, this change could prompt adjustments to node operation strategies and drive technical upgrades. Overall, it is poised to further develop Ethereum’s ecosystem in terms of security and incentive alignment. As the balance between yield and risk becomes more pronounced, investors may adopt a more cautious approach when selecting node operators.

Funding News

According to RootData, no projects publicly announced new funding rounds in the past 24 hours.[19]

Airdrop Opportunity

Mint Blockchain

Mint Blockchain is a Layer 2 network focused on the NFT ecosystem. Built on the OP Stack, it aims to enhance the experience of NFT creation, trading, and management. The platform is structured around three key modules—MintID, GreenID, and Mint Expedition—which provide identity verification, task-based incentives, and user contribution tracking.

Currently, Mint Blockchain is offering an airdrop for its native token $MINT. The airdrop accounts for 12% of the total token supply (120 million tokens) and will be distributed to MintID stakers, GreenID users, and participants in Mint Expedition.[20]

How to Participate:

1.Visit the official airdrop page and connect your wallet to check eligibility.
2.Claim Schedule:

• Phase 1: 50% of the airdrop can be claimed at the Token Generation Event (TGE).
• Phase 2: 25% unlocks on April 15, 2025.
• Phase 3: The remaining 25% unlocks on May 31, 2025.

3.Users can either claim their $MINT tokens directly or choose to stake them within the platform ecosystem (e.g., for future staking rewards or governance features).

Note:
The airdrop plan and participation details may change at any time. Users are advised to follow Mint Blockchain’s official channels for the latest updates. Participation should be approached with caution—do your own research and be aware of the risks. Gate.io does not guarantee future airdrop distributions.


References：

1. Gate.io,https://www.gate.io/trade/BTC_USDT
2. Gate.io,https://www.gate.io/trade/ETH_USDT
3. SoSoValue,https://sosovalue.xyz/assets/etf/us-btc-spot
4. SoSoValue,https://sosovalue.xyz/assets/etf/us-eth-spot
5. CoinGecko,https://www.coingecko.com/en/categories
6. Investing,https://investing.com/indices/usa-indices
7. Investing,https://investing.com/currencies/xau-usd
8. Gate.io,https://www.gate.io/bigdata
9. Gate.io,https://www.gate.io/price
10. X,https://x.com/vechainofficial/status/1911813884048007644
11. X,https://x.com/AlchemyPay/status/1910637267649282103
12. X,https://x.com/Alphaquark_/status/1910210362563289222
13. Coinshares,https://blog.coinshares.com/volume-229-digital-asset-fund-flows-weekly-report-25662a68575a
14. X,https://x.com/Matrixport_CN/status/1911700111580942672
15. X,https://x.com/PANewsCN/status/1911947825090596910
16. Cointelegraph,https://cointelegraph.com/news/spot-solana-etfs-launch-in-canada-this-week
17. The block,https://www.theblock.co/post/350705/jpmorgan-gbp-blockchain-payments
18. X,https://x.com/eigenlayer/status/1911923495673704782
19. Roodata,https://www.rootdata.com/Fundraising
20. X,https://x.com/MintFDN/status/1911689885804622207

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Disclaimer
Investing in the cryptocurrency market involves high risk, and it is recommended that users conduct independent research and fully understand the nature of the assets and products they are purchasing before making any investment decisions. Gate.io is not responsible for any losses or damages caused by such investment decisions