1. Market Observation

Keywords: SOL, ETH, BTC

The macroeconomic environment is undergoing significant changes. Cleveland Fed President Mester stated that the likelihood of a Fed rate cut in May is low, but if clear economic data is obtained before June, a rate cut could occur as early as June. She reiterated that the Fed intends to keep rates stable until there is more understanding of the Trump administration's policies. On the same day, Fed Governor Waller also indicated that tariffs are unlikely to trigger sustained inflation and warned against overreacting, emphasizing that action would be taken if the labor market significantly declines. This is the first time the Fed has provided a specific timeline for rate cuts since Trump took office. The next Fed meeting will be held from May 6 to 7, and the market generally expects the status quo to be maintained.

Bitcoin is currently fluctuating around $94,000. Glassnode analysis indicates that for Bitcoin to break through the $100,000 mark, it must first overcome a dense supply zone of approximately 392,000 Bitcoins at $97,000. Crypto analysis firm Swissblock shares a similar view, believing that Bitcoin faces significant resistance in the $94,000 to $95,000 range, and expects the market may see a pullback to the $89,000-$90,000 range to build further upward momentum. However, based on Bitcoin's structural strength, these pullbacks should be viewed as buying opportunities rather than trend reversals.

An increasing number of listed companies are starting to accumulate Solana. The companies holding the most SOL include Sol Strategies (holding about 270,000 SOL), Upexi (holding $100 million worth of SOL reserves), DeFi Development Corporation (formerly Janover, holding about 320,000 SOL), and SOL Global Investments (holding 260,000 SOL). Notably, the appeal of SOL to listed companies has far surpassed that of ETH. Additionally, Solana's on-chain activity has significantly rebounded, with trading volume increasing sharply. After breaking through $150, SOL is expected to challenge the $180 mark. Several projects within the ecosystem have performed well, with DARK surging over 30% within 24 hours after being retweeted by Solana's official account, reaching a market cap of over $40 million; DPCORE and NOBODY saw their market caps peak at $10 million and $30 million, respectively, within 24 hours. Meanwhile, the altcoin market has generally risen, with the AI sector and SUI ecosystem performing prominently.

2. Key Data (As of April 25, 12:00 HKT)

(Data Source: Coinglass, Upbit, Coingecko, SoSoValue, Tomars, GMGN)

• Bitcoin: $93,213.44 (Year-to-date -0.46%), Daily Spot Trading Volume $31.745 billion

• Ethereum: $1,765.13 (Year-to-date -46.94%), Daily Spot Trading Volume $14.265 billion

• Fear and Greed Index: 60 (Greed)

• Average GAS: BTC 1.01 sat/vB, ETH 0.67 Gwei

• Market Share: BTC 63.3%, ETH 7.3%

• Upbit 24-Hour Trading Volume Ranking: ARDR, XRP, AERGO, TRUMP, BTC

• 24-Hour BTC Long/Short Ratio: 1.0157

• Sector Performance: DePIN sector up 5.82%, AI sector up 4.93%

• 24-Hour Liquidation Data: A total of 114,152 people were liquidated globally, with a total liquidation amount of $261 million, including $50.7 million in BTC, $38.78 million in ETH, and $23.55 million in ZEREBRO.

• BTC Medium to Long-Term Trend Channel: Upper line ($89,325.60), Lower line ($87,556.78)

• ETH Medium to Long-Term Trend Channel: Upper line ($1,688.80), Lower line ($1,655.36)

*Note: When the price is above the upper and lower lines, it indicates a medium to long-term bullish trend; conversely, it indicates a bearish trend. When the price is within the range or fluctuates through the cost range in the short term, it indicates a bottoming or topping state.

3. ETF Flows (As of April 24, EST)

• Bitcoin ETF: $442 million

• Ethereum ETF: $63.49 million

4. Today's Outlook

• The U.S. SEC Holds Third Crypto Policy Roundtable, Focusing on Custody Issues

• Binance to Adjust the Collateral Rate for Unified Accounts ZEC, TWT, and Other Assets on April 25

• Bosera Ethereum Approved to Participate in Staking Activities Starting Today

Top Gainers Among the Top 500 by Market Cap Today: XYO up 40.58%, CETUS up 36.53%, INIT up 34.94%, KEEP up 28.41%, PENGU up 25.66%.

5. Hot News

• El Salvador Increases Holdings by 1 Bitcoin, Total Holdings Reach 6,157.18 Bitcoins

• ARK Raises Bitcoin Bull Market Target Price for 2030 to $2.4 Million

• Deloitte Report: Global Real Estate Tokenization Market May Reach $4 Trillion by 2035

• Mantle (MNT) Listed on Coinbase Asset Roadmap

• Cumberland Deposits 2,261 BTC into CEX, Valued at Over $200 Million

• U.S. SEC Meets with Ondo Finance to Discuss Compliance for Issuing Tokenized Securities

• FLock.io Announces Collaboration with Alibaba Cloud to Co-create AI Models, FLOCK Rises Nearly 48% in 24 Hours

• CME Group Announces Plans to Launch XRP Futures on May 19, Effective After Regulatory Review

• Polygon Launches Aggregator Program, Successful Projects Will Airdrop 5%-15% of Native Tokens to POL Stakers

• Ether.fi Transforms into a New DeFi Bank and Launches Cash Card in the U.S.

• Fed's Mester: Fed May Take Action in June if Economic Data is Clear

• Securitize Launches New Crypto Index Fund, Secures $400 Million Support from Mantle

• Early Supporter of Solana, RockawayX, Launches New $125 Million Fund

• TRUMP Dinner TOP10 Whales Show Unrealized Losses of $1.26 Million, TOP1 Whale Suspected to Belong to Wintermute

• Deribit: $8 Billion in BTC and ETH Options Set to Expire, BTC's Maximum Pain Point at $85,000

• SNX Added to DAXA Trading Warning List, Upbit Suspends Deposit Services for Assessment

• Binance to Delist ALPACA, PDA, VIB, and WING on May 2

• DeFi Development Corporation Increases Holdings by Approximately $9.9 Million in Solana

• Twenty One Announces Launch with Over 42,000 BTC Holdings

• SOL Strategies Secures Up to $500 Million in Convertible Note Financing to Purchase More SOL

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