Из жизни альткоинов

Tether’s top government affairs official is now running one of the most well-funded political operations in the crypto world. Jesse Spiro, who serves as head of government affairs for the stablecoin giant, was named chair of Fellowship PAC earlier this month — a crypto-aligned super PAC that says it has more than $100 million ready to spend on the 2026 US midterm elections.

First Spending On Record

The group’s opening move was a $300,000 ad buy backing Clay Fuller, a Republican who won a special election to fill the Georgia 14th Congressional District seat left open after Marjorie Taylor Greene stepped down. That spending was formally reported to the Federal Election Commission and disbursed this week, roughly a month before Georgia’s Republican primary on May 19.

Fellowship did not stop there. The PAC posted a list of endorsements to its account on X, backing Republican candidates in five states. The list includes Alan Wilson for South Carolina governor, Blake Miguez for Louisiana’s 5th Congressional District, Mike Collins for a Georgia Senate seat, Julia Letlow for a Louisiana Senate seat, Pete Ricketts for Nebraska’s Senate race, and Nate Morris in Kentucky’s Senate contest.

A Familiar Playbook

The crypto industry has done this before. During the 2024 election cycle, Fairshake PAC — another crypto-backed group — poured more than $130 million into congressional races across the country.

Reports indicate the spending may have shaped outcomes in battleground contests, including the Ohio Senate race. Fellowship appears to be following a similar strategy heading into 2026.

Super PACs are allowed by federal law to accept unlimited donations from individuals, corporations, labor unions, and other PACs, as long as the spending remains independent from any candidate’s official campaign.

Fellowship filed its statement of organization in 2025. Its financial backers have not been publicly identified — a legal but notable feature of how these groups operate.

Legislation Still Waiting

While money flows into midterm races, a major crypto bill sits unresolved in the Senate. The CLARITY Act, passed by the House of Representatives last July, was designed to be one of the most far-reaching pieces of legislation affecting the crypto and banking sectors.

It has since run into resistance over questions involving ethics provisions, stablecoin yield rules, and tokenized equities.

Reports say the Senate Banking Committee was considering a review session on the bill, but no date had been placed on the committee’s official calendar as of Monday.

A second Senate panel would also need to clear the legislation before it could advance to a full chamber vote. For now, the bill’s path forward remains uncertain — and the midterms may determine whether it ever gets one.

Featured image from Ivan Marc/Shutterstock, chart from TradingView

Data shows the cryptocurrency derivatives market has faced a high amount of short liquidations following the rallies in Bitcoin and Ethereum.

Crypto Market Liquidations Have Crossed $535 Million

According to data from CoinGlass, liquidations have piled up on cryptocurrency derivatives exchanges following the market volatility of the last 24 hours. “Liquidation” here refers to the forceful closure that any open contract undergoes after it has amassed losses of a certain percentage (as specified by the platform).

Below is a table that shows the relevant numbers related to the latest liquidations in the cryptocurrency sector.

In total, the market as a whole has suffered nearly $547 million in liquidations over the past day. Out of these, $446 million in contracts involved were short positions. This means that investors betting on a bearish outcome made up for over 81% of the liquidations. The dominance of short liquidations is naturally down to the fact that Bitcoin and other assets have gone up during the past day.

When broken down in terms of the individual symbols, BTC-related contracts appear on top, with $229 million worth of them getting flushed inside this window.

As is usually the case, Ethereum followed Bitcoin in second with $136 million in contracts involved. But interestingly, the third-largest asset in this metric wasn’t one of the usual suspects, but rather RaveDAO (RAVE), the asset currently ranked 27th by market cap. RaveDAO observing significant liquidations of $45 million is likely a result of the sharp 62% jump that it has witnessed over the last 24 hours.

A Mass liquidation event like today’s is popularly known as a squeeze. Since this squeeze involved bearish bets in the majority, it would be called a short squeeze. A property of a squeeze is that it involves a cascade of liquidations; an initial sharp swing in the price causes a market flush, which ends up feeding back into the price move, leading to further liquidations. As such, these events tend to be violent.

Liquidation squeezes aren’t exactly a rare sight in the cryptocurrency market, owing to the fact that coins can be volatile on a regular basis and positions tend to be overleveraged. Thus, while some positions have been flushed in the latest squeeze, it doesn’t mean that the risk of further liquidations has gone away.

The next investors affected could be those going long. As analytics firm Santiment has pointed out in an X post, the Ethereum Funding Rates have turned positive across exchanges, indicating the market balance has shifted toward long positions.

Generally, a squeeze is more likely to affect the side of the market that’s more dominant. Since the Funding Rates currently point to that side being the bullish investors, it’s possible that they could end up getting wrapped in a squeeze, should more volatility emerge.

BTC Price

Bitcoin pulled back to $70,500 on Monday, but the coin has kicked off Tuesday with a surge to $74,300.

Caroline Pham did it in December. Now Chris Giancarlo is following suit. The man once nicknamed “Crypto Dad” has walked away from law entirely to work full-time with cryptocurrency and financial technology companies, the latest in a string of senior regulators crossing into the industry they once helped oversee.

Giancarlo announced his departure from Willkie Farr & Gallagher on Sunday, posting on X that he was done with legal practice for good.

Going forward, he said, his time would be spent advising founders, chief executives, and company boards in the fintech and digital assets space, alongside policy research and writing, and work with nonprofit programs.

From Government Office To Industry Adviser

His credentials in this area run deep. Giancarlo was sworn in as a Commodity Futures Trading Commission commissioner in 2014 under the Obama administration. US President Donald Trump later tapped him as chairman, a role he held from August 2017 through July 2018.

Some news: After six years building @WillkieFarr‘s Digital Works, I’m retiring from law practice and heading out on an exciting new road – focusing on strategic roles rather than day-to-day operational responsibilities. From here on, I’ll devote my time to advising founders &…

— Chris Giancarlo (@giancarloMKTS) April 13, 2026

During that stretch, the first Bitcoin futures markets in the US were given the green light on his watch — a milestone that helped open the door to mainstream financial participation in crypto.

The “Crypto Dad” nickname was earned honestly. Giancarlo was openly supportive of the sector at a time when most regulators kept their distance, and he pushed for clear rules rather than outright restriction.

His advisory work is not new, either. He has been guiding the crypto-focused bank Sygnum on regulatory affairs and strategic partnerships, according to reports. The full-time shift, though, marks a clean break from his legal career.

Banks And The Push For Clearer Rules

Just weeks before the announcement, Giancarlo appeared on Scott Melker’s podcast and weighed in on the state of crypto regulation in the US.

He played down concerns about major legislative packages stalling in Congress, arguing that the CFTC and the Securities and Exchange Commission retain enough authority to bring meaningful structure to the industry on their own.

At the same time, he acknowledged that regulatory ambiguity continues to hold banks back from deeper involvement in digital assets. Getting financial institutions comfortable with the space, he said, requires modern rules that match where finance is actually heading.

Pham’s move to MoonPay as chief legal officer drew attention when it happened last year. Giancarlo’s exit from law adds fresh weight to a trend that shows no sign of slowing — experienced regulators planting their flags in an industry they spent years watching from the other side.

Featured image from Jsbarefoot, chart from TradingView

Ethereum is testing resistance as the market finds some relief. The price is at a decision point. And a CryptoQuant analyst has identified a supply structure beneath that resistance that has no precedent in the current cycle — and a clear one in the cycle that preceded it.

The analyst’s data reveals a 57% collapse in Ethereum’s exchange supply: reserves have fallen from approximately 35 million ETH to 14.9 million ETH — a reduction that leaves significantly less ETH available for immediate sale than at any comparable point during the 2020-2021 period. The coins have not disappeared. They have moved into the custody of holders who are not sending them to exchanges to sell.

The inflow data confirms the behavioral picture. Exchange inflows have increased recently — but the scale remains dramatically below the peaks of the 2021-2022 cycle top, when inflows approached the 10 to 20 million ETH range. The current clusters are a fraction of those peaks. Large-scale distribution — the kind that characterized the previous cycle’s top — is not present in the data.

Ethereum testing resistance with 57% less sellable supply than its previous cycle peak, and without the distribution behavior that accompanied that peak, is a structurally different test. The overhead exists. The ammunition to sustain it is historically thin.

Two Signals. One Conclusion

The analyst’s framework rests on the relationship between two independent data points that are currently moving in a configuration that has historically mattered. The first is what has happened to exchange reserves: a 57% collapse that has removed the majority of ETH’s immediately available sell-side supply from the market.

The second is what has not happened to exchange inflows: the extreme deposit spikes — 10 to 20 million ETH ranges — that characterized the 2021-2022 distribution phase have not returned. Holders are not flooding exchanges with ETH to take profit or cut losses at scale.

That combination — supply depleted, distribution absent — describes a market where the structural pressure for downside has been significantly reduced without the structural signal of panic that typically accompanies cycle bottoms at their most acute. The market is not experiencing forced selling at a scale that matches previous major lows. It is experiencing quiet.

The price context adds the final dimension. Ethereum is currently moving near the lows of previous correction ranges — the price levels that, in prior cycles, represented the zone where the risk-reward balance shifted in favor of patient capital rather than continued selling.

The analyst names this carefully: a constructive signal under current conditions. Not a confirmation. Not a guarantee. A structural alignment between depleted supply, absent distribution pressure, and historically significant price levels that, taken together, describes a market where the conditions for recovery are present even if the catalyst has not yet arrived.

Ethereum Reclaims Weekly Pivot as Recovery Tests Structure

Ethereum is trading near $2,350–$2,400 on the weekly timeframe, reclaiming a key pivot level that has repeatedly acted as both support and resistance throughout the current cycle. After the sharp drawdown earlier in 2026, ETH has staged a recovery from the $1,600–$1,800 region, where strong demand emerged and halted the decline.

The current structure reflects a market attempting to transition back toward equilibrium. Price is now interacting with the 100-week (green) and 200-week (red) moving averages, which are converging near the $2,300 zone. This area represents a critical technical threshold: reclaiming it suggests stabilization, while failure would reinforce the broader corrective trend.

The 50-week moving average (blue) is flattening and beginning to turn upward, indicating improving short-term momentum. However, ETH has not yet established a clear higher high on the weekly timeframe, which keeps the recovery unconfirmed.

Volume patterns remain consistent with a post-capitulation environment. The spike during the sell-off indicates forced liquidations, while the subsequent normalization suggests reduced stress but not strong accumulation.

Structurally, Ethereum is at a decision point. Sustained acceptance above $2,400 would open the path toward $2,800–$3,100, while rejection would likely return price toward the $2,000 support zone.

Featured image from ChatGPT, chart from TradingView.com 

While Bitcoin’s price has been struggling with fresh volatility following news of the US-Iran war, investor activity, especially on cryptocurrency exchanges, is beginning to undergo a crucial shift. During the waning period, BTC transfer activity to trading platforms has experienced one of its steepest drops recently.

Binance Records Historically Low Bitcoin Deposits

As Monday drew to a close, the Bitcoin price saw a brief rebound back above the $73,000 mark, flipping sentiment bullish once again across the market. This new bounce may be attributed to several factors underneath the surface, such as the BTC transfer activity to cryptocurrency exchanges.

Currently, inflows to Binance, the world’s largest trading platform, have fallen to record low levels, indicating a significant change in the dynamics of Bitcoin flow. Darkfost, a market expert and data analyst, announced that BTC inflows have now reached levels last seen in 2022 as the market stays on hold.

The decline collides with growing uncertainty in the market, fueled by global events, making the current environment particularly difficult to interpret. Such a lack of visibility prevents investors from making conviction-driven positioning, mainly in risk assets such as Bitcoin. 

Despite these unfavorable conditions, panic is not appearing among BTC investors. According to data from the chart, the 30-day moving average now stands around 3,998 BTC, marking a more than 6-year low when compared to levels observed in the 2020 cycle.

This dramatic drop implies that fewer holders are transferring their BTC to crypto exchanges, a pattern sometimes linked to a decrease in the desire to sell right away. Furthermore, this trend can lead to the tightening of the available supply of BTC on these platforms, which could change the short-term behavior of the market.

A Massive Distinction From Periods Of Stress Or Euphoria

Even in periods of stress or euphoria, the aforementioned figure is far from those seen then. In July 2023, there was an average of 19,000 BTC sent to exchanges per day. Also, in May 2023, over 25,000 BTC were moved daily to exchanges on average. 

With a historical average of approximately 11,000 BTC, the present levels are about three times lower than that. Thus, a clear dynamic is being reflected by this sharp contraction in inflows. Investors are not exhibiting any desire to move their BTC onto exchanges to sell. 

However, they seem to be adopting a holding strategy, which mechanically reduces short-term selling pressure. As inflow activity dries up, this situation could be a sign of renewed confidence or a cooling phase before the next wave of volatility hits the market, as evidenced on Sunday.

Darkfost argues that a structural shift may also be at play here, with some flows currently being moved through alternative mediums such as ETFs (Exchange-Traded Funds). Using the vehicles ultimately reduces visible BTC movements toward crypto exchanges.

In the end, this kind of signal indicates a market that is more in a waiting period than a capitulation. At the same time, BTC holders remain largely passive rather than panicked, even in an uncertain situation.

With macroeconomic factors and geopolitical tensions guiding the market’s direction over the past few weeks, major inflows and outflows have been observed across Bitcoin and Ethereum ETFs, as well as Solana and XRP ETFs. A direct comparison between Bitcoin and Ethereum ETFs reveals a modest correlation in capital flows, suggesting similar investor behavior between the two assets. In contrast, XRP and Solana ETFs have experienced relatively subdued activity, likely impacted by persistent market volatility and a prevailing risk-off sentiment among investors.

Bitcoin And Ethereum ETF Performance This Past Week

Data from SoSoValue shows that Spot Bitcoin ETFs have seen stronger inflows than outflows since the start of last week. On April 6, Bitcoin ETFs posted their largest single-day inflow since the beginning of March, with more than $471.3 million flowing into these investment products. BlackRock’s IBIT had led this massive inflow with approximately $181.9 million. This was followed by Fidelity’s FBTC, which recorded inflows of about $147.3 million. 

Following this, Bitcoin ETFs saw sharp outflows for two consecutive days, with $159.05 million withdrawn on April 7 and another $125.55 million leaving the fund on April 8. The decline in flows coincided with the US-Iran ceasefire announcement, which ironically should have bolstered market sentiment and yielded more positive results. However, the outflows continued, with Fidelity’s FBTC recording the highest outflows, followed by Grayscale’s GBTC and BlackRock’s IBIT.

On April 9 and 10, investors appeared to shift significantly, likely due to easing geopolitical pressures. This change was reflected in strong demand, with Bitcoin ETFs recording total inflows of more than $598.5 million on both days. However, the rebound proved short-lived. As of today, April 13, the funds have turned negative again, recording more than $291.1 million in outflows.  

Similar to Bitcoin ETFs, Ethereum Spot ETFs have also recorded more inflows than outflows since last week. On April 6, the ETF posted its largest inflow since March 17, with more than $120.24 million entering the fund. However, this momentum was quickly reversed. The next two days saw notable outflows totaling $83.3 million, with most of these withdrawals coming from Fidelity’s FETH and BlackRock’s ETHA. 

Since this decline, Ethereum ETFs have returned to positive territory, recording three consecutive days of inflows totaling more than $159.5 million. The flow patterns observed across both Bitcoin and Ethereum ETFs indicate a similar trend, with investors adjusting their exposure in response to market conditions. 

How Solana And XRP ETFs Have Fared

Compared with Bitcoin and Ethereum ETFs, XRP and Solana ETFs have experienced relatively muted investor demand. XRP ETFs, in particular, have attracted only about $13.8 million in total inflows since last week, underscoring their reduced demand. 

On April 6, XRP ETF recorded zero flows, followed by modest inflows of $3.32 million on April 7. Activity stalled again on April 8, with zero flows, before a slight reversal on April 9, when the funds posted an outflow of $671,160. Momentum improved briefly on April 10, as XRP ETFs recorded their largest inflow since early February, with more than $9.09 million entering the funds, followed by an additional $1.46 million the next day.

In contrast, Solana ETFs have recorded total inflows of just $11.69 million since last week, reflecting relatively low participation. April 6 and 7 saw modest positive flows totaling over $1.17 million. This was followed by a sharp reversal, with outflows exceeding $17 million, before activity declined again on April 9 with zero flows.  

Demand briefly returned on April 10, when the fund attracted another $11.45 million, marking its highest inflow since early March. Overall, recent activity in both altcoin ETFs stands in stark contrast to investor behavior in Bitcoin and Ethereum ETFs, suggesting a more cautious stance toward altcoins and comparatively weaker demand. 

Bitcoin is trying to reclaim $75,000. The debate about where it goes next has not been this divided in months. And while analysts argue about whether the bottom is in or still coming, the on-chain data has quietly produced a pattern that most of them are not discussing.

CryptoQuant analysts tracking Bitcoin’s exchange flow structure have identified a development that sidesteps the opinion divide entirely: since March, the flow of Bitcoin into futures exchanges — rather than spot exchanges — has been intensifying in a pattern that closely mirrors the behavior observed following the FTX collapse in December 2022.

That comparison carries weight precisely because of what it is not. It is not a price comparison. It is not a sentiment comparison. It is a structural behavioral match — the specific way capital was flowing through exchange infrastructure at the moment the last bear market bottomed and the next cycle began. The pattern appeared then. It is appearing now.

The analysts calling for a drop below $60,000 are reading the price chart. The analysts calling for a slow recovery are reading the macro environment. Neither group is talking about what the futures flow data is saying — which is that the market’s structural behavior is beginning to resemble something the on-chain record has seen before, at a moment that, in retrospect, mattered enormously.

The Pattern Is Present. The Confirmation Is Not Yet

The CryptoQuant analysts draw the interpretation carefully — and the care is warranted. The intensification of Bitcoin flows into futures exchanges rather than spot exchanges, mirroring the post-FTX behavior from December 2022, points toward a specific structural development: leveraged positioning is returning to the market.

Traders are not just holding Bitcoin. They are beginning to use it as collateral for directional bets — the behavioral signature of participants who believe a sustained move is approaching and want amplified exposure to it.

That behavior, appearing at this price level and this stage of the cycle, carries a specific historical implication. The last time this pattern emerged — following the FTX collapse, at what proved to be the cycle bottom — it marked the early stages of a new cycle rather than a continuation of the bear market. The analysts’ assessment follows that directly: the bear market may be drawing to a close.

The word “may” is doing necessary work in that sentence. Bitcoin is struggling to find direction after weeks of consolidation, and the market has not yet produced the price confirmation that would convert the structural signal into a declared trend reversal. The futures flow pattern describes what participants are doing. It does not yet describe where the price is going.

Two conditions currently coexist: a structural behavioral signal that historically preceded cycle recoveries, and a price chart that has not yet decided to reflect it. That gap — between what the on-chain data suggests and what the price has confirmed — is exactly where the market has lived for weeks. The resolution of that gap is the move the market has been consolidating toward.

Bitcoin Tests Resistance as Recovery Attempts Strengthen

Bitcoin is pushing toward the $74,000–$75,000 region, testing a key resistance zone after recovering from the sharp February breakdown. The chart shows a clear transition from capitulation to consolidation, followed by a gradual series of higher lows. This structure suggests that buyers are regaining control in the short term.

However, the broader trend remains unresolved. BTC is still trading below the 100-day (green) and 200-day (red) moving averages, both trending downward, which reinforces the presence of overhead resistance. The 50-day moving average (blue) has started to turn upward and is acting as dynamic support, indicating improving short-term momentum.

Volume dynamics provide important context. The spike during the February sell-off reflects forced liquidations, while the subsequent normalization suggests the market has stabilized but lacks strong conviction. The recent push higher has not been accompanied by a significant increase in volume, raising questions about the strength of the move.

Structurally, Bitcoin is approaching a decision point. A confirmed break above $75,000 would likely shift momentum and open the path toward the $80,000–$85,000 range. Failure to break higher could result in another rejection and a return to the $68,000–$70,000 support zone.

Featured image from ChatGPT, chart from TradingView.com 

US crypto exchange Kraken has taken another step toward public markets after Co-CEO Arjun Sethi said Tuesday at the Semafor World Economy event in Washington, DC, that the company has confidentially filed for an initial public offering. 

Co-CEO Unveils Kraken’s Mission

Sethi said Kraken’s goal is to give customers access to advanced trading and “directional bets” that are often available only to institutions. He compared that aspiration to the kinds of quantitative and market infrastructure used by major names like Citadel, Jane Street, and JPMorgan. 

“What they want at the end of the day is what Citadel and Jane Street have, or JPMorgan has, and they want it accessible to them,” Sethi said. He added, “That’s our mission: How do we make all these products open. We want to be able to help enable what you want to do with your own capital.”

During the same appearance, Sethi also addressed broader concerns about technology—specifically, fears that artificial intelligence could significantly disrupt software-as-a-service businesses. 

According to Semafor’s report on the matter, he argued that those worries have been overstated. “There’s always a certain set of companies that get disrupted by technology, and that has continued to happen,” he said. 

He also noted that many modern businesses are already built on software, saying, “I also don’t think there are companies today that aren’t run by software in some ways, and so today we’re seeing AI just proliferating at a faster and faster pace.”

Deutsche Börse Deal

Kraken’s IPO filing comes on the heels of a major ownership move reported earlier on April 14. Deutsche Börse, the German exchange operator, said Tuesday that it acquired a $200 million stake in Kraken. 

The investment was made through the purchase of existing shares in a secondary market transaction, according to Reuters, and results in a fully diluted stake of 1.5%, Deutsche Börse said. 

Deutsche Börse said the new investment is intended to deepen that relationship. It described the expanded cooperation as covering regulated crypto, tokenized markets, and derivatives, along with improved liquidity for institutional clients across different geographies. 

Featured image from OpenArt, chart from TradingView.com 

Сооснователь прекратившей работу девять лет назад криптобиржи BTC-e Александр Винник рассказал, что средства клиентов площадки после его ареста фактически разделились на две части. Освобожденный в прошлом году из американской тюрьмы предприниматель ответил на вопросы перед участниками конференции Blockchain Forum 2026.

Congress returned from the Easter recess on Monday, and Ripple CEO Brad Garlinghouse used the moment to sound notably more confident about the CLARITY Act—the anticipated crypto market structure bill that has been stuck for months. 

In recent remarks, Garlinghouse pointed to May as the most important month to watch for passage, arguing that the stablecoin yield dispute, which has held up the legislation since January, is nearing a resolution.

Ripple CEO Signals Resolution Progress

Garlinghouse’s comments came during a panel at the Semafor World Economy Summit in Washington on April 13. According to reporting by 24/7 Wall St., Ripple’s executive told the audience that the dispute over stablecoin yield is nearing resolution. 

He suggested the political process is reaching the point where compromise becomes more likely, saying, “When people are at their peak frustration, that’s when they finally compromise, and it gets done,” before adding, “I think we’re there.”

While he did not name a specific day for a vote, Garlinghouse’s timeframe matches what he had previously signaled. His outlook had already shifted once: when he spoke at the FII Priority Miami Summit on March 27, Ripple’s CEO moved his expectation from April to the end of May. 

Other figures in the administration have echoed that progress is happening beyond just the stablecoin yield dispute. White House crypto adviser Patrick Witt said on April 13 that negotiations have made meaningful progress behind the scenes on issues beyond stablecoin yield. 

“All of these issues felt intractable and unsolvable at one point in time,” Witt said. He added that the fact that many of those problems have already been narrowed gives him confidence that the remaining hurdles can be addressed as well.

CLARITY Act Could Be Delayed Until 2027

Senator Thom Tillis is expected to release a revised draft of the stablecoin yield agreement as early as this week. If both sides accept the updated version, the Senate Banking Committee can finally schedule the markup that has been paused since January.

Even so, the bill still faces steps that can’t be skipped. Ripple’s CEO may be pointing to May as the likely target, but committee timing remains uncertain. 

Banking Committee Chairman Tim Scott has not yet set a markup date, and while some lawmakers are still aiming for late April, the schedule could still slide depending on how negotiations play out and how quickly the committee advances the text.

Senators Hagerty and Lummis have both said a late April vote is still the target. Senator Bernie Moreno, however, offered a sharper warning. 

He said that if the CLARITY Act does not reach the Senate floor by May, it could be shelved until 2027, citing the likelihood that midterm campaign activity will take over after summer and push major legislative action off the calendar.

At the time of writing, Ripple’s associated cryptocurrency, XRP, was trading at $1.37. It had surged by 5% over the previous week, in line with the broader crypto market’s recovery during that period. 

Featured image from OpenArt, chart from TradingView.com

Ethereum network activity is not being influenced or shaped by the current price action of the altcoin, which has been steadily battling with volatility. Even as the price of ETH has fallen sharply from its new peak, user activity on the leading blockchain network is experiencing robust growth, with more operations being carried out on a daily basis.

Rising On-Chain Activity Contrasts With Declining Price

In a highly uncertain and volatile cryptocurrency environment, the Ethereum network appears to be thriving, experiencing robust interest and engagement. ETH’s current network strength is evident, particularly in the number of transactions processed on the blockchain each day.

The daily transaction counts on the network have exploded while price action continues to struggle to regain bullish momentum. This mismatch between market performance and fundamentals often indicates underlying strength that may not yet be represented in valuation.

Reports from Everstake, the largest global non-custodial staking infrastructure provider, revealed that the Ethereum network is making history, recording over 3.6 million transactions on April 12, 2026. As of today, this figure marks the strongest daily activity on the network since its existence. 

What makes this quite interesting is the fact that ETH’s price is still trading about 55% below its all-time high. The increase in on-chain activity indicates that consumers are still actively participating in the network despite the lack of price change.

EverstaKe added that this trend creates a notable divergence because network activity is at peak levels in the absence of complete price strength. In the past, such gaps have demonstrated a tendency to narrow over time.

Adding to the network growth, the platform highlighted that Ethereum is now one of the strongest foundations it has ever had. Since choosing ETH, there have been record levels of usage, a deeply established ecosystem, and continued progress in scaling and development.

In many ways, this progress highlights a simple dynamic where price typically follows fundamentals, not the other way around. Meanwhile, Everstake stated that the fundamentals are already in place.

Ethereum Sees Stablecoin Supply Peak

As the financial sector grows, the Ethereum network is steadily emerging as the major settlement layer for on-chain finance activity. The stablecoin supply managed on the leading network is rising at a significant rate over the years.

In an X post, Leon Waidmann, a researcher and optimist, shared that stablecoin supply on ETH has reached a new all-time high. Data shows over $180 billion has been added to the network over the past 3 years, representing a 150% increase within the period.

Currently, Ethereum controls about 60% market share in stablecoins. In the next 4 years, an additional $1.7 trillion is set to go on-chain, and ETH could dominate this revenue. Even if Ethereum’s market share eventually drops from 60% to 50%, it still means that by 2030, the ETH network will secure almost $850 billion in new stablecoin supply.

Bitcoin’s latest rebound has not done much to settle the argument among crypto analysts over where this cycle really is right now. 

A technical analysis posted on X claims the market is once again tracing the same structure seen in prior bear phases, only this time with a slower tempo, deeper institutional involvement, and a more controlled trading environment. However, the outlook of this analysis is that the downtrend is still not complete.

Familiar Bitcoin Script Is Showing Up Again

The concept of the analysis is that the Bitcoin price keeps moving through the same emotional and structural framework from one cycle to the next. In that framework, the Bitcoin price first pushes into a parabolic advance, then enters distribution, suffers a violent break lower, stages a misleading recovery, and eventually grinds into a final capitulation. 

That is the same pattern that appeared in 2018 and again in 2022, and in this reading, 2026 is now occupying the same late-stage position, only on a larger scale and with lower volatility.

That timing element is important, and it supports an extended bearish case in the months to come. History shows prior cycle bottoms formed a year after the all-time high, not immediately after the first large drawdown. By that logic, the Bitcoin price may still be too early in the process for a lasting bottom, especially if this cycle peak is treated as the October 2025 high at $126,080.

Where Does Bitcoin Go From Here?

The technical structure is only part of the case. Technical analysis from a crypto analyst known as BLADE on the social media platform X leaned on on-chain signals, particularly long-term holder stress and NUPL, to argue that the reset is incomplete. 

Glassnode’s Net Unrealized Profit/Loss measures whether the network is sitting on aggregate paper profits or losses. The farther it moves from zero, the closer the market tends to get to major extremes. What this means is that true cycle lows usually arrive when investors are much deeper in pain, and sentiment has turned miserable.

CryptoQuant said on April 1 that Bitcoin spot demand is still in deep contraction despite growing institutional buying. This means that the market’s internal strength has not fully caught up with headline demand from large allocators, and the Bitcoin price might continue to struggle until it does.

There’s also an interesting template that Bitcoin might follow based on its previous two major bear markets. The 2017 bull run peaked and gave way to a bear market that ultimately caused an approximately 84% drawdown from top to bottom. The 2021 cycle followed a similar script, with Bitcoin’s top-to-bottom decline ending at about 77%.

At current prices around $74,680, Bitcoin is trading 40.8% below that October top, which means there could be more downside ahead. Furthermore, previous bear market bottoms arrived about 360 to 370 days after the prior cycle’s peak. This sequence would point to a potential cycle bottom somewhere in Q3 or Q4 2026.

A U.S. Senator might unveil a “compromise draft” aimed at settling the crypto-stablecoin yield dispute in the forthcoming CLARITY Act.

Another Update On The Crypto Legislation

Republican U.S. Senator Thom Tillis (R-N.C.) claimed this Monday he aims to unveil a draft deal this week to break the stalemate over stablecoin yield between banks and crypto firms. According to Politico, he has been collaborating with Sen. Angela Alsobrooks (D‑Md.) on new CLARITY Act language designed to finally settle whether crypto companies can pay interest on idle stablecoin holdings.

According to the report, the text has already been shared with both banking groups and crypto firms. Banks still oppose key elements, the report says, and Tillis has left room for changes.

The already long-standing yield dispute is the main roadblock keeping the landmark CLARITY Act stuck in the Senate, even after the House passed its version last year. Although the GENIUS Act that was passed last year prohibits stablecoin issuers from paying interest directly to holders, it still allows third‑party platforms like exchanges to offer yield.

At the beginning of the month, Coinbase’s chief legal officer Paul Grenwal suggested that negotiators in the Senate were “very close” to a deal on the CLARITY Act’s most contentious crypto issue: the stablecoin yield.

The Stablecoin Yield Dispute

Let’s remember the dispute lays on the fact that yield-bearing stablecoins compete directly with traditional bank deposits because they offer dollar-denominated assets that can move instantly on-chain while still paying attractive returns, thus making them a compelling alternative to savings and money-market accounts.

Banks fear this could drain deposits that fund their lending and investment activities, especially from younger and more digitally native customers who are comfortable holding value in tokenized form. As a result, they push for strict limits or outright bans on interest-like payments to stablecoin holders, arguing that such products should be regulated like banking and that unchecked yield could undermine financial stability and their core funding base.

From the crypto side, however, yield on parked stablecoin balances is seen as a fundamental feature: it’s one of the main ways exchanges and DeFi platforms attract and retain users by turning idle cash into a revenue-generating product. These returns help differentiate on-chain dollars from traditional bank accounts, support token incentive programs, and deepen liquidity across lending markets, perpetuals, and automated market makers.

For many platforms, cutting off or sharply limiting stablecoin yield would hit their core business model, weaken DeFi integrations, and make it harder to compete for global capital that can move to more permissive jurisdictions with a few clicks.

What This Means For The Market

Lately, the emerging policy line seems to be in the direction of no “passive” yield for idle balances, but possible rewards tied to payments, transfers, and other “active use”. Tillis’ compromise draft is meant to codify around it, clarifying what counts as prohibited interest versus allowed activity-based rewards.

The way the U.S. defines stablecoin yield will shape dollar competition with foreign central bank digital currencies (CBDCs) and offshore stablecoin venues that still offer yield. U.S. exchanges may have to pivot to activity-based “rewards” and offshore platforms could attract yield-chasing capital.

Any final text will heavily influence stablecoin APY, liquidity, and where serious traders park their dry powder.

Cover image from Perplexity. BTCUSDT chart from Tradingview.

Wall Street’s biggest bank wants to make money off Bitcoin — without actually owning any.

Goldman Sachs: A Different Kind Of Bitcoin Play

Goldman Sachs has filed paperwork with the Securities and Exchange Commission for a Bitcoin Premium Income ETF, a fund designed to give investors Bitcoin exposure while generating regular income through options trading.

The bank plans to put at least 80% of the fund’s assets into products tied to Bitcoin’s price — including shares of existing spot Bitcoin ETFs and options on those funds — rather than buying Bitcoin outright.

To produce income, Goldman intends to sell call options on Bitcoin ETF holdings at a premium. That strategy lets the fund collect fees from options buyers. The tradeoff is a cap on how much upside investors can capture if Bitcoin’s price shoots higher.

The Second Bank To Make A Move

Goldman’s filing comes on the heels of a similar push from Morgan Stanley, which launched its own spot Bitcoin ETF last week — making it the first bank-issued Bitcoin ETF on record.

Goldman Sachs is now the second major bank to enter this space, though its product takes a different approach. Morgan Stanley went the direct route with a spot fund. Goldman is building around options and indirect exposure.

SHOCK: Goldman jumping into the bitcoin ETF game.. with a filing for a Bitcoin Premium Income ETF pic.twitter.com/WszEIrQ2tV

— Eric Balchunas (@EricBalchunas) April 14, 2026

The filing landed as Bitcoin was already making a move. The leading cryptocurrency climbed as high as $76,000 on the day Goldman’s registration statement was submitted to the SEC, before pulling back to around $75,000.

Goldman Sachs: What The Filing Covers

According to the SEC document, the fund may hold spot Bitcoin ETF shares and Bitcoin ETF options directly. Goldman noted in its prospectus that the fund’s income-generating mechanism centers on selling covered call options against those holdings.

That kind of structure is already common in equity income funds, but applying it to Bitcoin marks a relatively new direction for a bank of Goldman’s size.

No fee details or a launch date have been disclosed. The SEC has not yet approved the fund. Goldman Sachs manages roughly $3.6 trillion in assets across its operations.

The filing adds to a broader wave of institutional involvement in Bitcoin-linked investment products. With two of Wall Street’s largest banks now formally in the game, the push to bring Bitcoin into mainstream finance through regulated vehicles shows no sign of slowing.

Featured image from Michael Nagle/Bloomberg/Getty Images, chart from TradingView

XRP is recording unusually high trading volume while its price remains largely unchanged, creating a clear disconnect between activity and price movement. With billions of dollars flowing through the asset as it trades sideways near $1.37, attention is shifting from price action to what this surge in participation reveals about current market behavior and what may come next.

Understanding What The XRP Volume Surge Represents

The recent spike in XRP’s trading volume is not just a numerical increase; it reflects how market participants are engaging with the asset at this stage. On April 11, 2026, analyst Xfinancebull pointed to a significant imbalance between derivatives and spot activity, with futures volume reaching $1.74 billion compared to $295 million in spot trading, alongside a market capitalization of about $82.43 billion.

This contrast highlights a market that is active, but not in a straightforward way. Futures markets are typically used by traders positioning ahead of expected price movement, rather than reacting to immediate changes. The fact that such high derivatives activity is taking place while the price remains steady suggests that participants are preparing for a move—either up or down—rather than simply buying and holding the asset.

The exchange heatmap included in the data further supports this. Volume is spread across major global platforms, led by Binance at approximately $893.59 million and Coinbase at $576.69 million. Other exchanges such as Bybit, OKX, and Gate each contribute over $190 million, while Kraken, Bitget, Crypto.com, and Bitstamp add further depth. This widespread participation shows that the surge is not isolated, but instead reflects consistent activity across the broader market.

How Sustained Volume Could Shape Market Direction

The key implication of this sustained volume lies in what it reveals about market behavior during a stable price phase. When high volume comes in without moving the price, it usually means accumulation and distribution are happening at the same time. Some participants are buying heavily, while others are selling into that demand, keeping prices steady.

This behavior often happens before a breakout. Once one side, either the buyers or the sellers, runs out of supply or demand, the price typically moves sharply in the direction of the stronger side.

At the same time, the relatively lower spot volume compared to futures trading introduces an element of caution. It indicates that while traders are actively positioning through derivatives, full commitment in the underlying asset remains measured. This balance helps explain why the price continues to move sideways despite the scale of activity behind it.

Overall, the spike in XRP volume means the market is preparing for a significant move. Large amounts of capital are already in play, positions are being built across multiple exchanges, and leverage is high. The only missing piece is a trigger strong enough to break the current balance between buyers and sellers, which would then push XRP out of its current range.

Основатель крупнейшего корпоративного публичного держателя биткоинов, компании Strategy, Майкл Сэйлор (Michael Saylor) считает, что на горизонте 20 лет первая криптовалюта станет глобальным активом с капитализацией около $400 трлн, а цена одной монеты может достичь $20–21 млн.

За восемь лет объем криптовалютного рынка Саудовской Аравии удвоится и будет расти со среднегодовым темпом роста 7,51%, предположила консалтинговая компания IMARC Group. В конце 2025 года объем составлял $24,9 млрд, а к 2034 году может увеличиться до $47,8 млрд.

Crypto pundit Kevin Cage has revealed how XRP holders could earn passive income on their holdings. He noted that the XRP Ledger isn’t proof of stake, but highlighted that other infrastructure is in place for holders to earn yields. 

Expert Reveals How Holders Can Earn Passive Income

In an X post, Cage stated that in the next few years, crypto investors will likely be able to earn 5% to 10% on their holdings in multiple ways. He specifically alluded to XRP, noting it isn’t proof of stake, but that yield is coming through a new infrastructure being built. The expert added that today’s options are limited and that the altcoin is mostly just idle capital, but that is changing. 

As to what yield could look like, Cage stated that the lending markets could provide 3% to 8% yield, institutional vaults could provide 5% to 12% yield, and RWA integrations could provide 4% to 10% yield. Additionally, he mentioned cross-chain yield, with the Flare network already providing ways for XRP holders to earn yield on its network. 

Other firms of yields for holders could also come through ‘Set it and forget it Yield accounts,’ wallets, applications, and exchanges that embed yields for several products. Cage also cited risky DeFi products that could give XRP holders up to 20% yield but advised against them. 

He described Collateralized Debt Positions (CDPs) as the ‘big one’ for holders to earn yields, in which they use their holdings as collateral. They can borrow against their XRP, access liquidity without selling their asset, and the loans are not taxable events. Cage added that this is what billionaires do when they borrow against their stocks rather than sell them, triggering taxes. 

Pundit Highlights Common Yield Strategies

XRP pundit BankXRP also recently highlighted common yield strategies, including CeFi lending and competitive APY. He also mentioned XRPL AMM liquidity pools, which give yields to holders who provide liquidity to the pool. Lastly, the pundit alluded to Flare’s FXRP and earnXRP mechanism. 

It is worth noting that XRP treasury company Evernorth is collaborating with XRPL developers to introduce native XRP lending through the proposed XLS-66 amendment. This is expected to unlock up to $100 billion in idle XRP capital, as holders, including institutional investors, lend their holdings for yield. 

Evernorth Chief Business Officer Sagar explained that this development was key, as it would provide a safer way for holders to earn yields without bridging their assets to other networks. He also noted that bridging one’s assets to other networks triggers a taxable event, which is why it is better to earn yields natively on the Ledger. 

At the time of writing, the XRP price is trading at around $1.36, up over 3% in the last 24 hours, according to data from CoinMarketCap.

Блокчейн-исследователь ZachXBT обвинил криптобиржу KuCoin в слабом контроле за отмыванием денег. По сведениям криптодетектива, через платформу могли быть отмыты более $9,5 млн, украденных с помощью поддельного приложения Ledger Live.

Заместитель лидера британской Партии либеральных демократов Дейзи Купер (Daisy Cooper) призвала Управление по финансовому надзору Соединенного Королевства (FCA) расследовать связь лидера правопопулистской партии Reform UK Найджела Фараджа (Nigel Farage) с компанией Stack BTC.