Summary
- Bitcoin price increased by 1.93% to 79,947 USDT, Ethereum rose by 2.48% to 1,582 USDT, showing a short-term “V” shape rebound.
- The total market value of cryptocurrencies has evaporated by more than $1.1 trillion since Trump took office.
- Top crypto VC manages assets significantly increase, Multicoin AUM skyrockets over 50%.
- Stablecoin withdrawals from exchanges have reduced balances to a near three-month low.
- Mantra launched a $108 million fund to accelerate the tokenization of real assets and the development of DeFi projects.
- Hong Kong will open virtual asset spot ETF pledge services, setting a limit on the ratio to enhance risk control.
Market Commentary
BTC — The BTC price is up 1.93% over the past 24 hours and is currently trading at 79,947 USDT. Judging from the chart, BTC rebounded quickly after falling sharply to around 74,500 USDT yesterday, and continued to rise in early trading today, showing a “V” shaped reversal pattern in the short term. The current price has risen back above 79,800 USDT and short-term support has been validated. In terms of volume, the rebound process is accompanied by volume, indicating that the short-term strength of the bulls has increased. Although the short-term moving average is still in a bearish alignment, there are signs of flattening, and it is interesting to see if it can form a further bullish alignment. On the whole, BTC initially stopped falling and rebounded today, but whether it can continue to rebound still depends on whether the trading volume and the upper pressure zone are broken. 【1】
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- **ETH —— The price of ETH has risen slightly by 2.48% in the past 24 hours, currently at 1,582 USDT. **After falling below 1,450 USDT yesterday, ETH quickly stopped declining and continued to recover this morning, with the current price back around 1,580 USDT, showing some short-term recovery momentum. Although it remains in a relatively low range overall, buying support at the bottom is beginning to emerge. In terms of volume, there has been some increase during the recovery process, indicating active buying at low levels. On the technical indicators, the MACD green bars continue to narrow, and the RSI has also started to rise, showing marginal improvement in short-term sentiment. However, the short-term moving averages are still in a bearish arrangement, and whether the subsequent upward trend can continue depends on the breakthrough of the resistance level around 1,587 USDT. Overall, ETH shows signs of stopping the decline after a dip, but the strength of the rebound is still limited, and further observation of the follow-up volume is needed.【2】
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- ETF —— According to data from SoSoValue, on April 7, the total net outflow of Bitcoin spot ETFs in the United States was 102 million USD【3】; there was no new capital inflow for Ethereum spot ETFs in the United States on the same day, with a net inflow of 0 USD. The data is as of April 8, 10:00 AM (UTC+8).【4】
- Shanzhai Coins —— LSDFi, BTCfi, Bittensor Ecosystem and other sectors changed respectively by +48.89%, +29.1%, +16.0%.【5】
- Major U.S. Indices —— On April 7, the S&P 500 index fell by 0.23%, the Dow Jones index fell by 0.91%, and the Nasdaq index rose by 0.10%.【6】
- Spot Gold — The spot gold price is $3,002.75 / ounce, with a daily decline of 1.15%. Data as of April 8, 10:00 AM (UTC+8).【7]
- Fear and Greed Index —— The Fear and Greed Index is at 24, indicating that the market is in a state of extreme fear. [8]
Popular Tokens
According to Gate.io market data【9】, combined with the trading volume and price performance over the past 24 hours, the popular altcoins are as follows:
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**ALE (Project Ailey) **—— Daily increase of approximately 112.43%, with a circulating market value of 178 million USD.
Project Ailey is a Web3 project that combines game interactions with blockchain technology, aiming to create a diverse virtual ecosystem through immersive gaming experiences and community participation mechanisms. Its token ALE serves as the core asset of the platform, not only for reward mechanisms but also closely linked to functions like points exchange and NFT interactions. The official promotion of the project on the X platform indicates that the Ailey ecosystem emphasizes user engagement and playability, especially through mini-games like “Tappy Tappy Ailey”, promoting the integration of players with the blockchain economy. [10]
The recent price increase of the ALE token is mainly attributed to its simultaneous listing on multiple exchanges, especially the official launch on Gate.io, which has attracted market attention. As one of the mainstream trading platforms, Gate.io’s support has significantly enhanced the liquidity and tradability of ALE, while also increasing its exposure among a broader investor base. The concentrated listings on exchanges have provided strong liquidity momentum for the project in the short term, driving trading activity and consequently leading to a substantial price surge.
CBK (Cobak) — Daily increase of about 32.21%, circulating market value is 55.78 million USD.
Cobak is a community-driven cryptocurrency platform dedicated to connecting project parties with users, providing users with real-time information, airdrop activities, and a space for social interaction. Its native token CBK can be used for content payments within the platform, unlocking membership privileges, and participating in various reward activities. Cobak has a strong local user base, reportedly reaching sixty thousand daily active users, forming a highly active community ecosystem.
The past price increase of the CBK token was mainly driven by a surge in trading volume and airdrop activities. Recently, the 24-hour trading volume of CBK has skyrocketed, significantly raising market attention. In addition, the ongoing airdrop activities by Cobak are rewarding active users of the platform, which has sparked more demand for the token. Coupled with the recent continuous implementation of the product roadmap by the official team and the strengthening of community incentives, these factors have collectively enhanced market confidence, leading to a substantial price surge.
**QUAI (Quai Network) **—— Single-day increase of approximately 28.06%, circulating market value is 46.21 million USD.
Quai Network is a Layer 1 blockchain project based on Proof of Work (PoW) that employs a unique PoEM (Proof-of-Entropy-Minima) consensus mechanism, achieving a throughput of up to 50,000 TPS through a multi-chain architecture. It combines Ethereum-compatible smart contracts with the QUAI token and a Bitcoin-like model with the Qi stablecoin, aiming to build a decentralized network that balances scalability, security, and low transaction costs. Since its establishment, the project has garnered support from well-known institutions such as Coinbase Ventures and Polychain Capital, enhancing trader confidence.
The QUAI token’s past increase was mainly influenced by its innovative consensus mechanism PoEM (Proof of Entropy Minima). PoEM demonstrates significant advantages in scalability, decentralization, censorship resistance, and determinism, achieving instant and deterministic fork processing through a synchronized PoW sharding mechanism, making it an important breakthrough in blockchain consensus mechanisms. [12]
Highlight Data
The total market value of cryptocurrencies has evaporated by over $1.1 trillion since Trump officially took office
Since Donald Trump officially took office as President of the United States on January 20, 2025, the cryptocurrency market has been under continuous pressure. According to records from several data platforms, the total market value of global crypto assets has significantly dropped from approximately $3.621 trillion on that day to about $2.51 trillion on April 8, evaporating more than $1.1 trillion in just over two months, a decline of over 30%. On April 8, the crypto market fell by 10.7% within 24 hours, reflecting that the market remains in a state of high instability. This trend has attracted widespread attention in the market and is regarded as one of the most representative financial risk events in the first quarter of 2025.
The reason for this sharp decline in market capitalization is believed to be the result of a combination of factors. First of all, the introduction of a new round of tariffs in the United States has triggered a wave of risk aversion in risky assets around the world, and cryptocurrencies have not been spared. Second, the linkage between the crypto market and traditional financial markets is growing, making it more susceptible to macroeconomic policy fluctuations. At the same time, although the Trump administration has shown a crypto-friendly posture on the surface, the supporting regulatory policies are not clear, creating a situation of “signal confusion” and weakening investor confidence. In addition, short-term factors such as exchange security incidents, liquidation tides, and sluggish market sentiment have all contributed to the rapid decline in the market value of crypto assets in this round. 【13】
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Top VC managing cryptocurrency assets sees significant growth, Multicoin AUM surges over 50%
As the cryptocurrency industry overall recovers in 2024, the assets under management (AUM) of top crypto venture capital firms have seen significant growth. According to the latest financial disclosures submitted to the U.S. Securities and Exchange Commission (SEC), mainstream VCs such as Multicoin Capital, Polychain Capital, and Haun Ventures have all achieved double-digit percentage growth in AUM, with Electric Capital and Multicoin seeing increases of over 50%.
In recent years, these venture capital firms raised substantial funds during the bull market in 2021, only to face severe setbacks during the “crypto winter” of 2022-2023. The launch of a spot Bitcoin ETF and the friendly policies towards crypto following President Trump’s return to office are driving a new wave of recovery in the sector. Multicoin Capital represents this trend, having heavily invested in Solana since 2017, achieving over 200 times returns before 2021, and although it faced a 90% drawdown in 2022, its AUM has returned to nearly $600 million in 2024. Haun Ventures is preparing a second $1 billion fund, while Paradigm is launching a third new fund in 2024, sized at $850 million. Crypto venture capital is regaining trust in the capital markets and entering a new cycle.
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Stablecoin withdrawals from exchanges hit a 3-month low
As of April 7, 2025, the stablecoin balance of cryptocurrency exchanges has fallen to approximately $59 billion, marking the lowest level since January and refreshing a nearly three-month low. Recent on-chain data shows that there has been a large-scale net outflow of stablecoins since the end of March, with the balance dropping sharply from nearly $65 billion to less than $60 billion in just one week, a significant decline.
Unlike previous market trends where outflows of stablecoins were often accompanied by rising Bitcoin prices, this round of decline indicates that the market is in a wait-and-see or even a withdrawal state. A decrease in stablecoin balances typically means that investors are withdrawing funds from exchanges, possibly transferring them to cold wallets, self-custody solutions, or using them in decentralized finance protocols (DeFi) to reduce risk exposure. This phenomenon may be influenced by multiple factors: including global macroeconomic turmoil, cautious market sentiment stemming from uncertainties in U.S. trade policy, and recent technical issues or security incidents faced by some exchanges leading to a crisis of trust.
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Hot Topics Commentary
Mantra launches a $108 million fund to accelerate the tokenization of real assets and the development of DeFi projects
The blockchain platform Mantra announced the establishment of an ecosystem fund totaling $108 million (Mantra Ecosystem Fund, abbreviated as MEF), aimed at supporting the tokenization of real-world assets (RWA) and startup projects in the decentralized finance (DeFi) space. The fund will adopt an “open arms” strategy, welcoming high-potential projects from around the world at all stages to participate.
As a Layer 1 blockchain built for RWA scenarios, Mantra plans to screen and invest in high-quality projects around the world through its partner network in the next four years, covering RWA, DeFi applications and related infrastructure construction. The fund is backed by a number of institutions, including Laser Digital, Shorooq, Brevan Howard Digital, Valor Capital, Three Point Capital, and Amber Group, among others. It is worth mentioning that Mantra is also the first DeFi platform to receive a Virtual Asset Service Provider (VASP) license from the Dubai Virtual Asset Regulatory Authority (VARA). With its compliance strengths and capital support, Mantra is accelerating its leadership position in the global RWA infrastructure sector. 【16】
The South Korean National Pension Plan Introduces Blockchain Management, Paving the Way for Crypto Asset Applications
The National Pension Service (NPS) of South Korea is exploring the application of blockchain technology in its large fund trading system to enhance transaction transparency and security. This initiative marks the active assessment of cutting-edge technology in the traditional financial system by the world’s third-largest public pension fund.
The report shows that NPS currently manages approximately 1,224 trillion won (about 836 billion USD) in assets. The main goal of exploring blockchain technology is to prevent the alteration of fund records through a shared ledger mechanism, strengthening internal management of deposits, withdrawals, and investments. This is crucial for ensuring the pension security of millions of retirees. NPS stated that before starting the research, it will launch a “pre-disclosure procedure” inviting blockchain experts and companies to submit opinions and technical suggestions. This process is standard in large public projects in South Korea, and the feedback will be used for subsequent feasibility studies to determine whether to integrate blockchain into the pension accounting system. This new initiative coincides with a series of recent innovations in the digital currency field in South Korea — including 7-Eleven convenience stores beginning to pilot accepting payments in the central bank’s digital currency, reflecting the country’s gradual push for the widespread application of blockchain and digital assets. [17]
The Hong Kong Securities and Futures Commission will open virtual asset spot ETF pledging services, setting a cap to strengthen risk management
The Hong Kong Securities and Futures Commission (SFC) has announced that it will release a circular today allowing licensed virtual asset trading platforms to offer staking services, covering virtual asset spot ETFs. This means that investors in the future can use their held spot ETFs for staking, participate in blockchain networks, and earn returns, marking another significant progress for Hong Kong in the compliant development of virtual assets.
Since 2018, Hong Kong has been continuously building a regulatory framework for virtual assets and became the first region in Asia to launch a virtual asset spot ETF in April 2023. Currently, Hong Kong has risen to become the largest virtual asset ETF market in the Asia-Pacific region. Regulators are also planning to expand the scope of eligible virtual asset underlyings, and in addition to Bitcoin and Ethereum, there may be a basket of ETF products tracking multiple crypto assets in the future, further enriching market options.
Fusion Information
According to RootData, a total of 2 projects publicly announced funding in the past 24 hours, with a total funding amount exceeding $9.7 million, involving areas such as infrastructure and DeFi. Here are the details of the funded projects:【19】
**CAP **—— CAP has completed a $8 million seed round financing, led by Triton Capital and Franklin Templeton, with participation from Robot Ventures, GSR, and others. CAP is a stablecoin engine designed to free users from the cycle of endogenous models. The CAP stablecoin engine will produce various denominations of redeemable stablecoins, such as USD, BTC, and ETH. Their goal is to democratize what was previously accessible only to a few seasoned and already wealthy participants. This financing will be used to develop the stablecoin engine, which is expected to launch later this year.【20】
Sats Terminal – Sats Terminal closed a $1.7 million funding round led by prominent institutions such as Coinbase Ventures and Draper Associates. At its core, Sats Terminal aggregates major Bitcoin DeFi protocols, allowing users to earn the best staking yields, the most competitive token exchange rates, and seamless bridging options through a single interface. The funding will be used to expand the platform and further develop the infrastructure by providing de-DEX, cross-chain bridges, and yield aggregation within the Bitcoin ecosystem. 【21】
Airdrop Opportunity
Hyperlane
Hyperlane is a cross-chain messaging protocol designed for decentralized applications (dApps), aimed at achieving secure communication and data transfer between different blockchains.
It supports permissionless deployment, allowing developers to deploy on any chain; and provides customized protection through a modular security architecture (ISM). Hyperlane also supports cross-chain asset transfers (such as ezETH), widely used in well-known projects like Elixir, Injective, Eclipse, and Karak, addressing inter-chain fragmentation issues and enhancing Web3 interoperability. 【22】
Currently, Hyperlane is conducting an airdrop for its native token HYPER. A total of 7.5% of the total supply (75 million tokens) is allocated for this airdrop, prioritizing users who have used Hyperlane and spent ≥ 5 USD in gas fees before February 28, 2025.
In addition, active users on chains such as Eclipse and Injective, some NFT holders, and addresses providing liquidity for TIA also have additional allocation eligibility.
Participation Method:
- Visit the claiming page and connect your wallet to check if you meet the requirements (such as having spent ≥ 5 USD on Gas or being a specific chain/LP user).
- Complete registration before April 14, 2025, UTC 3:59 AM, otherwise you will not be able to claim.
- Return to the page between April 22 and May 6, select to receive HYPER or stHYPER, and specify the network.
Tip:
The airdrop plan and participation methods may be updated at any time, and users are advised to follow Hyperlane’s official channels for the latest information. At the same time, users should participate cautiously, be aware of the risks, and conduct thorough research before participating. Gate.io does not guarantee the distribution of subsequent airdrop rewards.
Reference Material:
- Gate.io, https://www.gate.io/trade/BTC_USDT
- Gate.io, https://www.gate.io/trade/ETH_USDT
- SoSoValue, https://sosovalue.xyz/assets/etf/us-btc-spot
- SoSoValue, https://sosovalue.xyz/assets/etf/us-eth-spot
- CoinGecko, https://www.coingecko.com/en/categories
- Investing, https://investing.com/indices/usa-indices
- Investing, https://investing.com/currencies/xau-usd
- Gate.io, https://www.gate.io/bigdata
- Gate.io, https://www.gate.io/price
- X, https://x.com/aileyverse/status/1909164241321419024
- X, https://x.com/CobakOfficial/status/1909409305755013463
- X, https://x.com/QuaiNetwork/status/1908901160259375413
- CoinGecko, https://www.coingecko.com/global-charts
- Fortune, https://fortune.com/crypto/2025/04/07/paradigm-multicoin-electric-haun-pantera-polychain-aums-crypto-vc/
- X, https://x.com/nansen_ai/status/1909179105654059065/photo/1
- Cointelegraph, https://cointelegraph.com/news/mantra-108-m-fund-rwa-tokenization-defi-startups
- Daum, https://v.daum.net/v/20250407173012037
- Sfc, https://apps.sfc.hk/edistributionWeb/gateway/TC/news-and-announcements/news/doc?refNo=25PR47
- Roodata, https://www.rootdata.com/Fundraising
- Roodata, https://www.rootdata.com/Projects/detail/CAP?k=MTQ3MDA%3D
- Roodata, https://www.rootdata.com/Projects/detail/Sats%20Terminal?k=MTcwOTA%3D
- X, https://x.com/hyperlane/status/1909355575231889548
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