BIS: "Cryptocurrency Market, a Structure that Absorbs Funds from Poor Investors to Wealthy Investors"
The Bank for International Settlements (BIS) diagnosed that the cryptocurrency market could be a means of 'redistributing' wealth from poor people to wealthy people. Through the report 'Exploring Financial Stability Risks of Cryptocurrencies and DeFi' published this week, BIS presented this perspective. The report explained, "When the cryptocurrency market faces a crisis, small individual investors increase their cryptocurrency investments, while wealthy investors exit the market. In the case of Bitcoin, the liquidity injected by late investors serves as an exit for wealthy early investors." The report also added, "Cryptocurrencies and DeFi have reached a 'critical mass' (minimum mass required to maintain a nuclear fission chain reaction), but the connection with traditional finance remains minimal. However, the influence of the cryptocurrency market is gradually expanding due to the launch of Bitcoin spot ETFs and the expansion of stablecoin and Real World Asset (RWA) tokenization markets."
US Spot ETP Cumulative BTC Purchases Exceed New Supply by Over 2 Times
According to Cointelegraph, since the approval of Bitcoin spot ETFs in the United States on January 10th (local time), these ETPs have purchased a total of 529.325 BTC. This is approximately 2.1 times the size of the 249,725 BTC newly supplied through mining during the same period.
2-Year Dormant ETH Whale Deposits $11.92 Million ETH to Falconex 2 Hours Ago
On-chain Lens reported that an anonymous Ethereum (ETH) whale, which had been dormant for about 2 years, deposited 7,488 ETH worth approximately $11.92 million to the Falconex exchange address about 2 hours ago. The whale had received 25,297.751 ETH (approximately $40.47 million at the time) from Coinbase Prime Custody on September 13th, 2023 (Korean time) and remained dormant until today. After depositing to Falconex, the whale currently holds about 17,810 ETH worth approximately $28.55 million.
F2Pool Co-Founder Sells WBTC Worth $4.21 Million
Wang Chun (X account name Satofish), co-founder of the large Chinese cryptocurrency mining pool F2Pool, reportedly sold 50 WBTC worth approximately $4.21 million about 3 hours ago. On-chain analyst ai_9684xtpa added, "Wang Chun converted WBTC to USDC and ETH at an average selling price of $84,316. He swapped 29 WBTC to USDC and 20.39 WBTC to ETH."
Chinese Web3 Investment Firm ABCDE Halts New Investments and Second Fund Fundraising
Du Jun, co-founder of Chinese Web3 investment firm ABCDE, stated on his X (formerly Twitter) that "ABCDE is officially suspending investments in new projects and plans for the second fund." He added, "The ABCDE team will continue to support existing investment projects and prepare for exits, and will strive to fulfill promises to founders and liquidity providers. Separately, I personally plan to transition to strategic investments combining first-market investments with incubation, focusing on industrial synergy and long-term value creation." Du Jun is also one of the co-founders of the Chinese cryptocurrency exchange Huobi (now HTX).
OpenSea CMO: "SEA Token Airdrop Eligible for Past Users"
Adam Hollander, Chief Marketing Officer of NFT marketplace OpenSea, stated on his X, "Through the foundation, I confirm that users with past transaction histories can be allocated token rewards during the SEA token launch (TGE). We are designing the SEA token with a long-term perspective, and SEA is not a meme coin created and forgotten in a short period." He added, "The XP reward program operated by OpenSea is an incentive to encourage OS2 (OpenSea version 2) usage. We are building a powerful reward system that can increase user engagement, and the new program will be the foundation for future reward systems."
Data: Wallets Holding 10-10,000 BTC Possess 67.7% of Supply
Sentiment reported that wallets holding 10-10,000 BTC possess 67.77% of the total Bitcoin supply. The cryptocurrency analysis firm Sentiment explained, "Wallets holding 10-10,000 BTC are composed of major Bitcoin stakeholders. During the period of expanded volatility in April, they continued to accumulate BTC and have additionally purchased over 536,000 BTC since March 22nd."
Pompliano: "Trump Firing Powell Would Set a 'Bad Precedent'"
Concerns were raised that Donald Trump should not unilaterally dismiss Federal Reserve (Fed) Chairman Jerome Powell simply because of disagreements. Anthony Pompliano, founder of cryptocurrency investment firm Pomp Investments, said, "If President Trump dismisses Powell as he previewed on his social media, it would set a very bad precedent. While I agree with some critics that the Fed is not perfectly independent from the government, just because someone else made a mistake doesn't mean you should too. If Trump forcibly dismisses Powell, it could damage investor confidence in US capital markets and trigger a financial collapse."
Foreign Media: "Trump to Host Dinner for TRUMP 'Big Investor' Whales"
Cryptocurrency media BWE News reported, citing an anonymous X account 'trenchdiver', that "Donald Trump is planning to host a dinner for large holders of his meme coin OfficialTrump (TRUMP), and the team is creating a website for this purpose." Trenchdiver added, "The website is hosted on Vercel, a cloud platform for developers, and requires a password for access, so not much information is available." The invitation website address for 'TRUMP Holder Dinner' he revealed is https://trumpdinner.gettrumpmemes.com/.
※ Coinness is conducting a fact-check on this news, and there is currently no official announcement on any of Trump's official channels.
Dolomite, a DeFi Project Based on Arbitrum, to Launch Its Own Token on 4/24
The Arbitrum (ARB) based decentralized finance (DeFi) project Dolomite announced through its official blog that it will officially launch its own token DOLO on April 24 (local time). DOLO is expected to be listed on centralized exchanges (CEX) such as Kraken, with 361 million DOLO, equivalent to 36.1% of the total supply (1 billion DOLO), to be circulated at the Token Generation Event (TGE).
Anonymous LUCE Whale Converts from $5.2 Million Unrealized Gain to Loss Overnight
LookOnChain reported that an anonymous long-term LUCE holding address has converted to an unrealized loss position due to an overnight crash. The whale reportedly purchased LUCE worth $19.14 million at an average buy price of $0.0275 six months ago and has been holding it since. When LUCE reached its peak at the end of last year, the whale's unrealized gain was over $5.2 million, but due to the overnight crash, the position is now recording an unrealized loss of $335,000. Coinness previously reported that LUCE crashed by approximately 70%. LUCE was previously selected as the fourth token of Binance Alpha. According to CoinMarketCap, LUCE is currently trading at $0.009628, down 64.91%.
Peter Schiff: "'BTC = Digital Gold' Marketing is a Scam, Just a High-Risk Asset"
Peter Schiff, CEO of Euro Pacific Capital and famous for his Bitcoin skepticism, pointed out that marketing Bitcoin as digital gold is akin to a scam. According to Cryptopotato, he stated in a recent podcast, "Bitcoin supporters market it as a kind of digital gold, but it doesn't perform like precious metals. Bitcoin trades in a completely different way and is merely a high-risk asset. At least with tech stocks, future profits can be realized, and you're buying a stake in a business that can make money. However, Bitcoin rises faster than other risky assets without any basis and has no clear purpose." He also predicted that Stratalysis (formerly MicroStrategy, holding 531,644 BTC) will ultimately go bankrupt due to Bitcoin.
US Macroeconomist Downgrades Year-End BTC Price Forecast Due to Trade War
Famous US macroeconomist Lyn Alden has downgraded her Bitcoin price forecast for this year. She explained that the 'trade war' initiated by former US President Donald Trump is adversely affecting Bitcoin. Regarding this, she said, "I believe BTC will reach a higher price by year-end, but I previously forecast an even higher price before the tariff controversy. The trade war has cast a shadow on global financial markets, which could create difficulties for Bitcoin. Especially, the ability to trade 24/7 could exacerbate Bitcoin's price volatility when traditional financial markets are unstable." However, she also noted, "Large-scale liquidity supply from a macro perspective could drive Bitcoin's price increase. For example, if the US Treasury market collapses or the Fed implements yield curve control or massive quantitative easing (QE), BTC could rise. I still see a high possibility of BTC recovering to $100,000 this year. Even if US stock market performance is poor before a global financial crisis, similar to 2003-2007, BTC could still perform quite well."
Long/Short Ratio of BTC Perpetual Futures at 3 Major Exchanges
The recent 24-hour BTC perpetual futures long/short position ratios based on open interest at the world's top 3 cryptocurrency futures exchanges are as follows:
Overall Exchanges: Long 50.02% / Short 49.98%
1. Binance: Long 49.95% / Short 50.05%
2. OKX: Long 49.39% / Short 50.61%
3. Bybit: Long 48.97% / Short 51.03%
