BlockBeats will summarize key industry news from the current week (4.7-4.13) in this article, recommending in-depth articles to help readers better understand the market and industry trends.

Important News Review

Trump Suspends Tariffs Prior Hinting at "Buying the Dip," Prompting Market Manipulation Suspicions; China Escalates Countermeasures, Raises U.S. Tariffs to 125%

Since April, the Trump administration has announced extreme "reciprocal tariffs" on major trading partners and has repeatedly increased tariffs on China, triggering consecutive plunges in the U.S. stock market and the crypto market. Bitcoin once dropped below $75,000, and Ethereum fell below $1,400. On April 7, Trump responded to the market plunge, stating that the sell-off was not intentional market manipulation but rather the market being "sick" and needing medication. On the same day, a CNBC report mistakenly suggested that the White House was considering a 90-day tariff suspension, which the White House promptly denied as "fake news." On April 8, The Washington Post reported that Musk had directly appealed to Trump to repeal the new tariffs, but to no avail.

On April 9, Trump stated that "now is a good time to buy." Hours later, he suddenly announced a 90-day tariff suspension for reciprocal tariffs and 10% tariffs, which took immediate effect. Fueled by this news, the three major U.S. stock indexes rebounded significantly, and Bitcoin surged simultaneously. Due to his "buying the dip" comments preceding the favorable policy announcement and his net worth evaporating over $1 billion due to the previous tariff policy, on April 11, multiple U.S. senators called for a congressional investigation into whether he was engaged in insider trading or market manipulation. According to CNBC, Trump privately acknowledged that his tariff policy could push the U.S. economy into a recession but was willing to accept the "pain" it brought.

Meanwhile, on April 9, China's State Council Customs Tariff Commission announced that it would raise the tariff rate on U.S.-origin goods from 34% to 84% and initiate a WTO dispute resolution process. On April 11, China further escalated countermeasures by raising the tariff rate to 125%, stating that under the current tariff levels, U.S. products are no longer marketable, and if the U.S. further increases tariffs, China will not respond. Related Readings: "CNBC Guest's Catchphrase Triggers $3 Trillion 'Tariff Blunder,' Becoming the Most Absurd 10 Minutes in Financial History", "Trump Responds to Market Crash, Insisting Tariffs are the Sole Remedy for the U.S.", "Ray Dalio Interprets 'Absurd Tariffs': This is Just the Appetizer; Global Order's Collapse is the Main Event", "Trump Lost Over $500 Million in a Week to Wage the Tariff War"

IRS DeFi Broker Rule Officially Repealed

On April 11, U.S. President Trump signed a bill announcing the official repeal of the IRS DeFi cryptocurrency broker rule, making it the first cryptocurrency bill signed into law by a president. The previous 2024 rule classified DeFi platforms as brokers, requiring them to file 1099 IRS forms for their users. Trump had stated that the rule "hindered innovation in the United States" and "invaded the privacy of ordinary Americans."

Paul Atkins Officially Appointed as SEC Chairman: Approves Ethereum Spot ETF Options Trading, Withdraws Lawsuit Against Helium Developer Nova Labs, Submits Joint Motion with Ripple to Halt Appeal, and more

On April 10, the U.S. Senate confirmed Donald Trump's nomination of Paul Atkins as chairman of the Securities and Exchange Commission (SEC) with a vote of 52 to 44. Atkins stated that establishing a regulatory framework for digital assets would be a "top priority." His consulting firm has served clients including cryptocurrency exchanges and DeFi platforms.

Market reports on April 10 indicated that the U.S. Securities and Exchange Commission has approved options trading for an Ethereum spot ETF. On the 11th, Helium Network's developer Nova Labs announced that the SEC had withdrawn charges of selling unregistered securities against the company. Helium stated in a blog post that selling "hardware and distributing tokens to promote network growth" would not automatically classify as a security.

Also on the same day, former U.S. federal prosecutor James K. Filan revealed that both parties in the SEC v. Ripple case have submitted a joint motion to pause the appeal based on a settlement agreement reached. The settlement agreement is pending SEC approval. No briefs will be filed on April 16. Related reads: "SEC Welcomes Crypto Advocate: Ph.D. in Law Paul Atkins to Reshape Crypto Market Landscape", "New Chairman Takeover in 48 Hours, SEC Turns into 'Cryptodad'"

《The Wall Street Journal》 Reports on Binance's Negotiation with the US Department of Justice, Possible Terms of Settlement

On April 12, according to sources cited by The Wall Street Journal, the US Department of Justice has been investigating Justin Sun during the Biden administration, and it is unclear if the investigation is still ongoing. Some sources said that as part of CZ's plea agreement, he has agreed to provide evidence to the prosecutors. This arrangement had not been previously reported. The US Department of Justice declined to comment on the news. Some sources also stated that Binance executives in Washington proposed the removal of the independent compliance officer overseeing the company's anti-money laundering practices. This move would be the first step for Binance to re-enter the US market.

On the same day, Justin Sun responded to The Wall Street Journal's report on social media, saying, "I am not aware of the rumors circulating online. CZ is my mentor and benefactor who has given me attention, guidance, and direction during my entrepreneurial journey. His principles and style of conduct remain the highest standards I strive for as an entrepreneur. At the same time, the US Department of Justice has been one of our T3FCU's closest and most trusted partners. We have collaborated to handle numerous critical cases aimed at protecting global users and combating illegal criminal organizations worldwide. Whether it's CZ or the Department of Justice's partners, we have always maintained direct and honest communication. I trust each and every one of them." Related Reading: "WSJ's Latest Binance Report: CZ May Provide Evidence Related to Justin Sun to the Department of Justice"

TRUMP Token to See Large-Scale Unlocking, Over 12,000 Addresses Holding Above $1,000 Remaining

On April 12, according to CoinDesk, Trump's meme coin TRUMP is set to experience a significant token unlocking next week, with 40 million tokens unlocking on April 18. The project team will receive tokens worth $320 million, accounting for about 20% of the circulating supply. If the unlocked tokens are sold on the open market, the supply-to-liquidity ratio will be severely imbalanced, potentially putting further pressure on the price. Since its launch on January 18, the recent TRUMP token price reached $7.14, with the current price at $8, a decrease of 83% from its peak. According to Dune data, the number of TRUMP token holders has dropped from 817,000 at launch to 637,000, with only 12,000 wallets currently holding more than $1,000 worth of TRUMP tokens, significantly down from 143,000 on January 19.

Binance Wallet Launches Mind Network TGE: New Rules Restriction; Final Oversubscription Rate of 173.5x

On April 10, Binance Wallet announced a partnership with PancakeSwap to host an exclusive token generation event for Mind Network. The total amount raised was $750,000; the available tokens were 50,000,000 (5% of the total supply); and the subscription limit per Binance Wallet user was 3 BNB. Additional eligibility rules were added for this TGE event: to qualify, participants had to maintain a minimum daily asset value of $100 in their Binance account for the 7 days leading up to the TGE start date. The TGE event concluded with a final oversubscription rate of 173.5 times.

Binance Announces First Batch of Delisting Vote Results, Will Delist Tokens such as BADGER, BAL, BETA, CREAM

On April 8, according to an official announcement, based on the delisting vote and review results, Binance will delist tokens such as BADGER, BAL, BETA, CREAM, CTXC, ELF, FIRO, HARD, NULS, PROS, SNT, TROY, UFT, and VIDT on April 16, 2025. Following the delisting news, the affected tokens experienced a significant temporary price drop.

Binance Initiates Second Batch of Delisting Vote on April 10

On April 10, Binance started the second batch of delisting vote. The options for this delisting vote include: ZEC, JASMY, FTT, STPT, ARK, ARDR, GPS, MBL, PERP, MKN, WING, LTO, FLM, BSW, ALPACA, VOXEL, PDA. The voting period will start within 30 minutes and will last for seven days from 04:00 on 2025-04-10 (UTC) to 23:59 on 2025-04-16 (UTC) (the "Voting Period"). Users must log in to their verified Binance accounts and hold at least 0.01 BNB in their trading accounts throughout the voting period to be eligible to vote. During the voting period, each user can vote for up to 5 projects in the delisting vote pool and can choose to vote for fewer projects. Each verified account can only allocate one vote per project.

Musk Mentions Retard Finder Multiple Times This Week; Associated Meme Coin RFC Continues to Surge, Reaching a Market Cap of Over $80 Million at One Point

This week, Musk mentioned Retard Finder multiple times on X and interacted with it, causing the related Meme coin RFC to continuously surge. On April 9, according to GMGN market data, the market cap of the Musk-concept Meme coin RFC briefly exceeded $80 million. Related Read: "48-Hour Surge of 200%, Can Musk-concept meme coin RFC Become the Next DOGE?"

Weekly Snapshot: Abstract Chain Ecological Boom, Single Network Address Count Reaches 1.16 Million, Market Cap Skyrockets

On April 11, according to Dune data, the Layer 2 network Abstract Chain, designed for on-chain culture and community, has surpassed 1.16 million addresses, with the network's DeFi protocol TVL reaching $14.97 million. Additionally, according to GMGN market data, the ecosystem coin BIG's market cap briefly exceeded $12 million, hitting an all-time high. Related Read: "14x Shanzhai of a Bear Market New Chain, How to Play Bigcoin?"

Argentine Congress Approves Investigation of Official Involved in Libra Token Scandal

On April 9, according to Decrypt, the Argentine Chamber of Deputies voted on Tuesday to pass three draft resolutions to establish a special committee to investigate the Libra cryptocurrency scandal involving President Javier Milei since February. Free Forward Party member Gabriel Bornoroni defended the president during the debate, suggesting that the opposition was creating a farce. The investigative body will summon key government officials, including Minister of Economy Luis Caputo and Minister of Justice Mariano Cúneo Libarona, and will invite Chief of Staff Guillermo Francos and Chairman of the National Securities Commission Roberto Silva to participate in the investigation.

Aave Launches Token Buyback Mechanism, First-Month Buyback Budget Reaches $4 Million

On April 9, according to the Aave official governance page, the Aave DAO proposed to authorize $4 million worth of aEthUSDT to the Aave Finance Committee (AFC) for the approval of the first phase of the Aavenomics buyback and distribution plan. The plan aims to buy back AAVE from the open market and distribute it to the ecosystem's reserves to enhance governance incentives and protocol health. This initial authorization will support approximately a month of buyback operations while reserving buffer time for deploying the new Aave Swapper contract in the future. The full plan is expected to continue over six months at a pace of up to $1 million per week. This proposal enables the AFC to begin executing the first phase of the buyback plan, approving $4 million worth of aEthUSDT for approximately a month of AAVE repurchases.

Strategy May Be Forced to Sell Bitcoin to Repay Debt, Breaking "Never Sell" Commitment

On April 9, based on a Form 8-K submitted by Strategy to the U.S. Securities and Exchange Commission (SEC) on April 7, if the price of Bitcoin continues to decline, Strategy may be forced to sell its Bitcoin holdings to repay debt, breaking Michael Saylor's commitment of "never selling Bitcoin." In the 8-K form, Strategy mentioned, "Since Bitcoin constitutes a significant portion of the assets on our balance sheet, if we are unable to obtain equity or debt financing on favorable terms (or at all) in a timely manner, we may be forced to sell Bitcoin to meet our financial obligations, and may have to sell at a price below cost or at other disadvantageous prices." Strategy has submitted a total of 25 Form 8-K filings this year, with the 8-K filings labeled "Results of Operations and Financial Condition" generally being submitted at the beginning of each month. The "risks associated with potential Bitcoin sales" were mentioned in a Form 8-K filing on January 6, omitted in the filings for February and March, and referenced again in this 8-K filing after a three-month gap. Related Read: "How Much Selling Pressure Would MicroStrategy's Forced BTC Sale Bring to the Market?"

Strategy's Q1 2025 Unrealized Loss on Digital Assets Reaches $5.91 Billion

On April 7, Strategy (formerly MicroStrategy) reported an unrealized loss of $5.91 billion on digital assets for the first quarter of 2025. The company purchased 80,715 bitcoins during the first quarter, valued at $76.6 billion, at an average price of $94,922 per bitcoin.

Morpho Faces Frontend Vulnerability, Address Attacked Suffers $2.6 Million Loss

On April 10, Morpho encountered a frontend vulnerability. On the 11th, Morpho issued a statement saying, "The Morpho team was informed of an issue in yesterday's Morpho App frontend update. The relevant changes have been rolled back, and the frontend functionality has been restored to normal. All funds in the Morpho protocol remain secure and unaffected." On the same day, according to Shield Finance monitoring, an address appeared to suffer a $2.6 million loss due to an attack exploiting the Morpho Blue frontend vulnerability. The attack transaction was front-run by the well-known on-chain arbitrager c0ffeebabe.eth, and the funds were ultimately transferred to address 0x1A5B…C742.

Both Multicoin and Electric See Over 50% Growth in AUM in 2024

On April 7, according to Fortune, new filings required by the U.S. Securities and Exchange Commission (SEC) reveal the assets under management (AUM) of various companies. From 2023 to 2024, based on financial disclosure data from the six largest crypto venture firms: Electric Capital, Pantera Capital, Haun Ventures, Multicoin Capital, Polychain Capital, and Paradigm, their AUM all grew by over 10%, with both Electric and Multicoin seeing growth of over 50%.

Crypto Lawyer: US Department of Homeland Security May Have Satoshi Nakamoto's Identity, Crypto Lawyer Files Lawsuit to Uncover Truth

On April 8, according to Decrypt, a cryptocurrency lawyer believes that the U.S. government may hold the key to revealing the identity of Bitcoin's founder, Satoshi Nakamoto. James Murphy filed a Freedom of Information Act (FOIA) lawsuit against the Department of Homeland Security (DHS) on April 7, claiming that the department knows Satoshi Nakamoto's identity. Murphy stated that his lawsuit aims to obtain information about a senior agent who claimed in 2019 that DHS had interviewed Satoshi Nakamoto. He referenced the agent Rana Saoud's statements, saying the agent had visited California to speak with Satoshi Nakamoto and others to understand how Bitcoin operates. Murphy believes that if the interview did happen, there should be records of it. He requested that DHS publicly disclose all documents related to this, including speeches, interview records, and any potential evidence.

Ethereum Breaks Below "Realized Price," Retesting Historical or Entering Long-Term Investor Accumulation Range

On April 8, Cryptoquant analyst theKriptolik published an analysis indicating that Ethereum has dropped below its around $2300 "Realized Price." The "Realized Price" is the price of each Ethereum at its last transfer on the blockchain, serving as one of the indicators for recalculating the cryptocurrency market value. It reflects the average holding cost of investors more accurately compared to the current market price, often forming key support or resistance levels. When ETH falls below the realized price, it signifies that the majority of holders are at a loss. During times of market panic (such as the present), this easily triggers "panic selling." Historical data shows that breaking below the realized price usually occurs at the end of a significant downtrend.

Justin Sun Lists FDT's "Seven Deadly Sins," Including Misuse of Customer Funds, Fraud, Theft, etc.

On April 8, Justin Sun posted on X platform listing the seven deadly sins of First Digital Trust (FDT), as follows:

Sin 1: Breach of trust responsibility; Sin

2: Misuse of customer funds;

Sin 3: Unlicensed investment activities;

Sin 4: Fraud or theft;

Sin 5: False reporting or concealment;

Sin 6: Breach of Anti-Money Laundering (AML) obligations;

Sin 7: Prevention of Bribery Ordinance (POBO).

Arizona Passes Bitcoin Mining Rights Bill

On April 11, as disclosed by Bitcoin Laws, the U.S. state of Arizona officially passed the Bitcoin Mining Rights Bill HB 2342, which protects anyone operating nodes or mining digital assets from restrictions on zoning or usage orders. The bill passed in the Senate with 17 votes to 12 and has been sent to the governor's office for signing.

Sources: a16z Seeks to Raise $20 Billion for Its Largest Fund Ever

On April 8, sources reported that a16z is seeking to raise $20 billion for its largest fund ever.

Ripple Agrees to Acquire Crypto Brokerage Firm Hidden Road for $1.25 Billion

On April 8, according to Cointelegraph, Ripple has agreed to acquire the cryptocurrency and forex-focused brokerage firm Hidden Road for $1.25 billion. Hidden Road Partners, founded by Marc Asch in 2018, had previously worked at hedge fund billionaire Steven Cohen's SAC Capital and Point72 Asset Management. In 2022, Hidden Road completed a $50 million financing round. Hidden Road provides primary brokerage services for various markets, including forex, precious metals, and digital assets.

Survey: 26% of Singapore Residents Hold Digital Assets, Dominated by Young Users

On April 8, according to a new survey by the Singaporean crypto payment company Triple-A, the number of Singaporeans holding cryptocurrency is increasing, with young users taking the lead in using cryptocurrency to meet daily financial needs. The number of Singapore residents holding cryptocurrency is on the rise, with the proportion of those owning digital assets expected to reach 26% by 2024, up from 24.4% in 2023. Among those holding cryptocurrency, 52% have used cryptocurrency to purchase goods and services, with 67% of them planning to increase the use of cryptocurrency for payments in the future. Additionally, approximately 40% of Gen Z and Millennials hold cryptocurrency. Within this group, 41.1% use cryptocurrency for online shopping, 35.9% use cryptocurrency to pay bills, and 27% use cryptocurrency to purchase retail items in-store.

This Week's Popular Articles

"Crypto Billionaires Toast with Cross Cups, Resolving a $1 Billion Grudge in the Crypto World"

At the 2025 "BUIDL" Summit, the three crypto giants, Li Lin, Sun Yuchen, and CZ, were photographed toasting together, sparking discussions. Li Lin and Sun Yuchen, who had previously clashed publicly over Huobi's acquisition and financial vulnerabilities, surprised attendees by toasting at the event, leading to speculation about whether the two have privately reconciled. At the same time, the collaboration and competition between Sun Yuchen and CZ have spanned multiple phases of the crypto industry, from the stablecoin market battle to the Launchpool event, and to the latest accusations against FDT, demonstrating the intricate relationships among crypto industry heavyweights. Amid regulatory pressures and market evolution, their interactions not only reflect personal grudges but also mirror the industry's journey from the grassroots to compliance.

"After Making a Mad Profit of 25 Million, Losing Half of It in One Day—Cool's Wealth Forever Trapped in Leverage"

Cool, a crypto influencer known for high-leverage trading and "gambler-like" operations, rose to fame from a few thousand dollars, achieved great success at one point, and then accumulated heavy debts due to judgment errors, experiencing the rapid rise and deep fall of the crypto world. He attracted traffic through extreme actions and maintained public attention by not hesitating to resort to self-injury, gender transformation, and other methods, all the while displaying high-profile acts of charity to upkeep his public image. His experiences condense the ebbs and flows and madness of the early days of the crypto world, portraying the vulnerability and powerlessness of retail investors in high-risk gambling.

"Unveiling the 'Invisible Hand' of US Tariffs: Peter Navarro, From Obscure Professor to White House Decision-Maker"

The Trump administration has once again stirred up a wave of trade protectionism, announcing "reciprocal tariffs" on all trading partners, causing intense turmoil in the global financial markets. US stock futures and Asian stock markets plummeted, and the crypto market also saw a significant decline, spreading market panic. At the core of driving this policy is economist Peter Navarro, known for his tough stance on China and "unconventional" economic theories. He has long advocated for trade confrontation and drew Trump's attention with his writings, thus entering the White House inner circle. Now back in the center of power, pushing for high tariffs, although his ideology has long been upheld, there is still widespread debate on whether his methods truly benefit the US economy.

"CZ Hong Kong Dialogue: ETH Has Outperformed BTC Since Its Inception; Users Pay More Attention to Fundamentals and Long-Term Development"

In a deep dialogue with the community in Hong Kong, CZ candidly discussed the development bottleneck of BNB Chain, the hidden concerns of MEME coin frenzy, and called for the industry to return to long-term development and fundamentals. He believes speculation can exist but should not dominate the entire industry, emphasizing a balance between quick gains and slow gains. He supports the continued development of practical projects and the real user ecosystem. Faced with community skepticism, he encourages holding assets rationally, investing cautiously, and indicates that he will continue to promote the expansion of BNB's use cases to enhance the overall health of the on-chain ecosystem.

"‘Antique Stablecoin’ Depegs Overnight, Evaporating $18 Million; Can Synthetix's sUSD Still Bottom Out?"

The Synthetix stablecoin sUSD experienced a surge in supply due to a mechanism upgrade, causing its price to temporarily depeg to a low of $0.834, raising concerns about its stability. This fluctuation stemmed from the transitional pains of the new mechanism SIP-420: on the one hand, the collateralization ratio was reduced to 200%, leading to a significant increase in sUSD supply; on the other hand, the old anchoring arbitrage mechanism failed, leaving the market lacking a correction drive. Nevertheless, sUSD still maintains high collateral support, with limited systemic risk. The project team has initiated response measures, and it is expected that as the new mechanism gradually stabilizes, sUSD will likely reconsolidate its ecosystem position.

"Why the Hotter Stablecoins Get, the More Anxious the Fed Becomes?"

Stablecoins combine technological innovation with the financial system, bringing payment efficiency while challenging central bank currency control. They are similar to a "full-reserve bank" — although they do not create credit currency, they may influence liquidity and interest rates. Future developments may move towards a fractional reserve system or integration with CBDC, reshaping the global financial landscape.

"Hayes: China's Tariff Retaliation Could Trigger a New Wave of Crypto Capital"

Industry figures such as Arthur Hayes and Ben Zhou believe that China may devalue the Renminbi in response to U.S. trade tariffs, prompting capital inflows into cryptocurrencies like Bitcoin for hedging and preservation of value. Historically, Bitcoin has benefited from Renminbi devaluation multiple times, demonstrating that investors tend to use it as a tool to cope with capital controls and government financial policy uncertainty.

"Many Words Equal Research? Crypto KOL Grassroots Behavior Review"

Key Opinion Leaders (KOLs) in the crypto community cleverly package rug pulls as "faith transmission," using language such as "long-termism," "Alpha Call," and "benchmarking against 100x" to artfully hype up traffic while concealing underlying conflicts of interest and recruitment behavior. They excel at guiding users to use referral links under the guise of free groups and research reports to earn advertising fees rather than genuinely sharing value. When traffic becomes the sole measure, the market gradually becomes dominated by noise, and the KOL economy is also consuming the healthy foundation of the crypto ecosystem. The true rule of survival is to see through the rhetoric, stay away from the grassroots, and hold coins with a long-term rational approach.

"Stablecoin Frenzy Breaks Through $235 Billion, Altcoins Unmoved — Where Is the Money?"

Since 2024, the global stablecoin market capitalization has surged to $235 billion. However, this growth spurt has not triggered a simultaneous explosion in the altcoin market. The addition of $1 in stablecoin only leverages $1.5 in altcoin market value, far below the last bull run's $8.3 ratio. Funds are primarily flowing into trading platforms and DeFi protocols, with USDT concentrated on exchanges and USDC being heavily absorbed by staking protocols. Meanwhile, new scenarios such as cross-border payments and institutional trading are emerging, gradually freeing stablecoins from the role of a single trading medium. They are becoming a value bridge between traditional finance and the crypto market, marking a trend shift from speculative to financial attributes.

"Musk Publicly Criticizes 'Tariff Faction' Navarro, Calls for Free Trade, Even EU-US 'Zero Tariffs'"

Elon Musk publicly opposed the Trump administration's tariff policy, criticized its Chief Trade Adviser Navarro, and called for the establishment of a zero-tariff free trade area between the US and Europe. His stance is in clear opposition to Trump, triggering concerns among investors about potential internal divisions and policy uncertainties in the US "economic restructuring" plan.

"Tariffs May Only Reveal the Tip of the Iceberg, Where Are the Challenges in the Chinese Market?"

This article discusses the significant challenges that US tech companies face in China. Despite the allure of the Chinese market to foreign companies, issues such as inadequate intellectual property protection, heavy government intervention, and rampant piracy make conducting business in China exceptionally difficult. Companies like Microsoft have tried various approaches but have consistently struggled to break through the complex barriers of the Chinese market. The article emphasizes that while tariffs are apparent, the real issues in China lie in soft restrictions, regulatory mazes, and cultural differences, calling for a deeper understanding and discussion of the challenges in the Chinese market.

"After the Financial Market Bloodbath, How Do Wall Street Titans View Trump's Tariff Policy?"

Facing the Trump administration's sudden expansionary tariff policy, the global markets are in turmoil, prompting a rare collective rebound on Wall Street. Financial giants like Bill Ackman, Jamie Dimon, and others have voiced warnings of a potential economic crisis. While some remain optimistic, viewing this as a manageable correction, the majority express concerns about the hasty policy implementation and lack of anticipated management, revealing that under geopolitical gamesmanship and political gambles, market confidence is gradually eroding.

"How Much Selling Pressure Would MicroStrategy's Forced BTC Sale Bring to the Market?"

MicroStrategy, led by Michael Saylor, has fallen into financial distress due to the decline in Bitcoin's price and its massive debt. Currently holding over 520,000 Bitcoins worth over $40 billion, the company faces significant unrealized losses and immense debt pressure. If Bitcoin continues to decline, the company may be forced to sell Bitcoin at a low price to ease its cash flow crisis, potentially triggering market fluctuations and chain reactions. While the risks of selling have been emphasized recently, considering the distant debt maturity dates and various financing options, the likelihood of a comprehensive sell-off remains relatively low.

"Trump Family Project WLFI Sells ETH at a Loss of Tens of Millions, How Many Chips Does It Still Hold?"

During a market downturn, WLFI dumped 5,471 ETH well below cost, cashing out around $8.01 million. Possible reasons behind this move include stop-loss, liquidity needs, and strategic realignment. Whether they will continue selling their over 60,000 ETH holdings will depend on market conditions, internal strategies, and policy environment. Meanwhile, Ethereum's activity stagnation, L2 hindering value capture, and institutional cooling toward the project are gradually eroding its fundamentals, reflecting deep concerns among whales about its future development.

"Arthur Hayes Latest Interview: ETH to Return to ATH, Circle IPO Not Worth Investing In"

Arthur Hayes believes global liquidity is set to significantly loosen, driving up inflation-resistant assets like Bitcoin and gold, with Bitcoin expected to reach $250,000 by 2025. He sees Ethereum as superior to Solana, undervalued by the market, and possessing the potential to revisit its all-time high first. Hayes strategically understands Trump's tariff policy, emphasizing the interplay between voter base and policy direction. He points out the Fed is effectively under fiscal dominance and will continue its loose policy. He remains skeptical about Circle's IPO, favoring Coinbase instead, and leans toward investing in severely undervalued yet fundamentally strong projects in the current market.

"Crypto Market Dismal, Most Comprehensive 2025 Stablecoin Investment Strategies to Navigate Bull and Bear Markets"

The article discusses various interest-bearing stablecoin strategies and returns, including how different platforms generate income through investments in U.S. Treasury bonds, DeFi lending, and real-world assets. Each stablecoin has unique strategies and returns, such as earning through staking, lending, or liquidity mining. It also mentions the characteristics of these stablecoins, such as non-lockup and automatic compounding advantages, suitable for long-term investors and those seeking stability, providing an innovative decentralized finance solution.

"BitMEX: Trump's Trade View Doesn't Hold, He Just Simply Likes Tariffs"

The causes of the U.S. trade deficit are far more complex than Trump's surface-level arguments, involving not only other countries' alleged currency manipulation and implementation of protectionist policies advocated by Trump but also covert means taken by the U.S. to maintain the global reserve currency status of the petrodollar system. Different perspectives explain the bilateral causation of trade imbalances: on one hand, it's the trade surplus brought by other countries' product advantages and exchange rate policies; on the other, it's the persistent preference of global capital for U.S. assets leading to a surplus in the capital account. Despite Trump's intention to reshape manufacturing and reduce the trade deficit through tariffs, such policies may backfire in the face of global capital flows and geopolitical realities, potentially undermining the dollar's status. This illustrates that global trade is far from a zero-sum game but rather a dynamic equilibrium woven by multiple intertwined factors.

"From a Few Hundred Dollars to 260,000: Independent Miners Frequently 'Win Big,' Is Mining the New Gold Rush?"

In recent months, an increasing number of independent miners have successfully mined Bitcoin blocks, sparking enthusiasm for decentralized mining. Although the data shows a rise in successful independent mining attempts, success still resembles a "lottery ticket," and some seemingly independent cases may actually be institutional behavior. Some small-scale miners priced in the hundreds of dollars are gradually gaining favor among extreme Bitcoin supporters, who prioritize decentralization ideals over profitability. This trend is driving individual mining forward but also highlighting the complexity of the Bitcoin mining ecosystem.

"Mining Rig Prices Surge 24%, Trump's Tariff Policy Is Impacting the U.S. Bitcoin Mining Industry"

Trump's imposition of import tariffs has dealt a heavy blow to the Bitcoin mining industry, especially impacting the supply chain relying on Southeast Asia-manufactured mining rigs. U.S. mining rig prices have risen by 22%-36% due to tariffs, squeezing miners' profit margins, hindering expansion plans, and potentially weakening the U.S.' dominance in global hash rate. Meanwhile, the imbalance in mining rig supply and demand may cause price reductions in other countries, accelerating global hash rate decentralization. Although local assembly and domestic chip production are seen as alternative paths, they are difficult to implement in the short term. Overall, this policy shift has shaken industry confidence, may slow global hash rate growth, and reshape the mining landscape.

"Binance Launches New Round of Voting, Off-Exchange Vote Manipulation Intensifies"

Binance is conducting the second round of token listing voting, covering multiple popular sectors such as AI and DeFi, with 12 medium to large projects participating. Users only need to hold 0.01 BNB to vote. In contrast to the first round, which mainly focused on meme coins, this round features projects with higher overall market capitalization. This reflects Binance's attempt to use community voting to select tokens with a stronger market foundation. However, it has also led to heightened off-exchange voting manipulation. Whether this mechanism can achieve true community consensus and fair competition remains to be seen in the future.

"History Repeating Itself: Grayscale Report Reveals New Safe-Haven Logic Amid Tariff Storm"

This article analyzes the recent changes in the US global tariff policy and their impact on the financial markets, particularly the unique performance of Bitcoin in this process; explores the long-term effects of tariffs on the economy, especially the asset allocation choices during stagflation, and the performance of Bitcoin and gold in such an environment; analyzes the impact of the current trade tensions on the US dollar and the potential adoption of Bitcoin; and finally provides an outlook on the economic prospects for the coming years, indicating that scarce commodities like Bitcoin and gold may receive more attention and demand in a high inflation environment.

"a16z Partner: How Stablecoins Cut the 'Intermediary Tax' in Cross-Border Payments"

The global payment system is still dominated by layers of intermediaries, with high costs, low efficiency, while stablecoins are providing a solution more in line with the spirit of the internet: open, instant, low-fee, and global. Not only can it significantly reduce remittance costs and improve operational efficiency for businesses, but it also provides a new pathway for billions of people to access the financial system. With regulatory clarity gradually emerging, stablecoins are poised to become the monetary infrastructure of a new era, restructuring the global flow of funds like WhatsApp did for communication, redefining the way money moves globally.

"What If Twitter Disappeared Tomorrow, What Would Happen to Crypto?"

Twitter's influence on crypto projects has reached a pathologically dependent level, with many projects seeing it as the sole marketing battleground, overlooking the reality that users are distributed across multiple platforms. Being obsessed with tweets and short-term interactions has robbed teams of the drive to broaden their perspectives, and if Twitter were to collapse, most projects would fall into silence. To build a truly resilient brand, one must step out of the "crypto Twitter bubble," actively engage with real users on more platforms, even if it's initially uncomfortable, as it's far wiser and more sustainable than being stuck in one platform.

"AI Opportunities Under Tariff Suppression, Crypto May Fall Behind"

The encrypted AI ecosystem is rapidly growing, with multiple projects advancing innovations such as intelligent bodies, on-chain reasoning, decentralized models, etc. Chaos Labs is building AI researchers, Sentient is introducing on-chain intelligent bodies, Gaianet is collaborating with Mira to enhance credibility, Ambient is focusing on real-time inference, and Sei is exploring the robot economy. This wave of excitement is sweeping through the intersection of Web3 and AI.

"Quick Look: ETHGlobal Taipei Hackathon Eight Winning Projects"

On April 6, 2025, ETHGlobal Taipei 2025 announced 8 winning projects, including Signals, EthereumFighter, cellfi, AskCiaShen, Solva, HowDoxxedAmI?, DynaVest, and Nomadia. These projects cover areas such as prediction markets, DeFi games, SMS-encrypted transactions, AI investment assistants, zero-fee payments, privacy protection, automated DeFi strategy execution, and peer-to-peer currency exchange, demonstrating innovative blockchain technology applications in various fields.

"Revisiting the Fed's 10-Year Interest Rate Cycle: Where Will Bitcoin Head Under Three Scenarios?"

Over the past decade, the peak of the Bitcoin price bull market has typically preceded the start of the Fed's rate hike or reached its strongest expectations for a rate hike, while the bottom of the bear market often occurs late in the rate hike cycle or when expectations of a rate cut emerge. The market currently holds three divergent views on the Fed's next policy move: one is the risk of persistent inflation triggering a second hike, which may lead Bitcoin to a double-dip bottom; second is a mild rate cut in the second half of the year, with prices surging after volatility; third is a more aggressive mid-year rate cut, potentially causing Bitcoin to spike early and enter a rapid bull market. The interest rate policy remains a key factor determining Bitcoin's future trajectory.

"Vitalik's Latest Speech: Building Ethereum L1 as the Core of the 'World Computer'"

Ethereum co-founder Vitalik Buterin elaborated on Ethereum L1's expansion path at the "2025 Hong Kong Web3 Carnival," emphasizing that the upcoming Pectra and Fusaka upgrades will significantly increase L2 throughput to tens of thousands of TPS. He also promoted account abstraction through EIP-7702 to enhance user experience and security. He proposed that in the future, L1 and L2 will collaborate more closely, with L1 adopting L2 technologies to improve its scalability, and continuously optimizing security, privacy protection, and resistance to quantum attacks, to comprehensively propel the Ethereum ecosystem towards mainstream large-scale applications.

"When Play-to-Earn Tokens Disappear from the Top 100 Market Cap, Will the Industry Narrative Shuffle Again?"

Currently, play-to-earn tokens are experiencing a significant downturn, with IMX, which was once in the top 100 by market cap, falling out of the list, reflecting a cooling of the entire play-to-earn market. While some new games such as "Off the Grid" and "Pixels" have received praise and attracted users, most game tokens have seen their value collapse due to a lack of real user demand and gaming quality support. The industry widely suffers from the issue of "coin first, game later," and with investor attention shifting to hot areas like AI, game tokens are finding it difficult to maintain their popularity. The current challenge facing crypto games is product refinement and a sustainable business model, rather than relying solely on token-driven short-term speculation.

"A Decade Later: Vitalik and Xiao Feng Discuss How to 'Revitalize' Ethereum"

During a conversation with Xiao Feng at ETHAsia 2025, Vitalik looked back on the origins of Ethereum and the Chinese community, emphasizing the key role Chinese miners, developers, and exchanges played in the early development. He advocated for the Ethereum Foundation to act as an "empowerer," encouraging Chinese teams to participate in fundamental innovations such as POS 2.0 and ZK technology. He also pointed out that directions such as DeFi, RWA, and decentralized social are worth exploring. When discussing the popularization of blockchain applications, Vitalik believed that the key to breaking through the "usability" and "impossibility triangle" lies in a layered architecture, account abstraction, and data sharing; L1 should take on more foundational services, and L2 should provide value feedback. He supported establishing a foundation office in Hong Kong and restarting mainland hackathons, emphasizing that the future should rely on local community-driven development rather than foundation-centralized promotion.

"Understanding the $40 Million Series A Funding Round of Meanwhile, Combining 'BTC Life Insurance' with 'Tax-Efficient Collateralization'"

Meanwhile is a crypto insurance company that provides Bitcoin-denominated life insurance. Users can pay premiums with BTC and set payout addresses, targeting those with long-term Bitcoin holdings and a focus on wealth inheritance. Its product process is fully on-chain, supporting Lightning Network payments, collateralized borrowing without repayment, and balancing faith with practicality. The company has raised $40 million in funding from institutions like Framework Ventures, reaching a valuation of $1.9 billion. With the backing of traditional finance and crypto giants, it plans to expand into the global market, positioning itself as the "ultimate faith card" for BTC holders.

"Ray Dalio's Latest Interview: Current Market Resembles the 1930s 'In Striking Ways,' Three Major Orders Are Collapsing"

Ray Dalio believes that the world is currently facing a systemic breakdown of monetary, political, and international orders, reminiscent of the crisis in the 1930s. He points out that the fundamental challenges are the U.S. debt issue, insufficient manufacturing capacity, and demographic educational structure, with tariffs being just a manifestation of addressing global imbalances. Against this backdrop, rising cost of capital and hindered global cooperation will bring about structural shocks. He advises ordinary investors to maintain diversified and robust assets, beware of inflation eroding cash value, and confront the uncertainty of the future economy.

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