Abstract

• Bitcoin rises by 2.4% to $87,400; Ethereum rises by 0.49% to $1,631.
• Vitalik Buterin proposes replacing the EVM with RISC-V to significantly scale Ethereum’s execution layer.
• Canary Capital applies to the U.S. SEC for a TRX staking ETF.
• Global retail giant SPAR is testing cryptocurrency payments in Switzerland.
• Hyperliquid captures about 70% of the on-chain perpetual contract market.
• Tether users exceed 450 million, with a quarterly growth of over 30 million users.

Market Analysis

• BTC —— Bitcoin’s price has risen by 2.4% in the last 24 hours, currently priced at $87,400. BTC has broken through its previous consolidation range, with the earlier resistance at around $85,800 being decisively surpassed, accompanied by a significant increase in trading volume, indicating a strong bullish momentum. The support level is around $84,000, where the price has repeatedly tested and failed to break, confirming a solid bottom. After the MACD indicator’s golden cross, the volume has continued to increase, with momentum bars showing a substantial upward rise. The short-term trend has shifted from consolidation to upward. If the price can consistently stay above $86,000 with high volume levels, it is likely to target the $90,000 mark. If a volume contraction and pullback occur, attention should be paid to the effectiveness of support at $84,000.[1]

• ETH —— Ethereum’s price has risen by 0.49% in the last 24 hours, currently priced at $1,631. After several days of consolidation, ETH has approached the resistance around $1,630 today, showing a resurgence of bullish strength. The support level is around $1,580, where the price has repeatedly stabilized, forming strong bottom support. The breakout is accompanied by a significant increase in trading volume, indicating a strengthened bullish momentum and a technical bias toward the upside. The MACD has also formed a golden cross, with red bars continuing to rise, suggesting further upward potential. If the price pulls back but holds the $1,600-$1,580 support range, the breakout may be confirmed, with further challenges expected at the $1,660 and even $1,680 high regions.[2]

• ETF —— According to SoSoValue, on April 17, U.S. spot Bitcoin ETFs saw a total net inflow of approximately $107 million[3]; U.S. spot Ethereum ETFs had a net flow of $0 on the same day. Data as of April 21, 12:00 PM (UTC+8)[4].
• Altcoins —— The Bittensor Ecosystem, Bitcoin Sidechains, and AI Agent Launchpad sectors rose by +15.1%, +8.3%, and +7.2%, respectively[5].
• U.S. Stock Indices —— On April 17, the S&P 500 rose 0.13%, the Dow Jones fell 1.33%, and the Nasdaq fell 0.13%[6].
• Spot Gold —— Spot gold rose 1.67% during the day, reaching $3,383.02 per ounce. Data as of April 21, 12:00 PM (UTC+8)[7].
• Fear & Greed Index —— The Fear & Greed Index is at 39, indicating a market in a state of fear[8].

Top Performers

According to Gate.io market data[9], the top-performing altcoins over the past 24 hours, based on trading volume and price movement, are as follows:

MAGIC (Magic) —— Daily gain of approximately 39.30%, with a circulating market cap of $57.96 million.

Magic (MAGIC) is a decentralized blockchain gaming ecosystem based on Arbitrum, aiming to create a community-driven “gaming metaverse network.” It connects various on-chain games, NFT projects, and narrative worlds into an interconnected ecosystem. Treasure ecosystem provides the infrastructure, marketplace, and tools to support game development and enables players to share assets and economic systems across multiple projects. Its core philosophy emphasizes openness, decentralization, and community-driven development, earning it the nickname “Nintendo of blockchain gaming.”

Recently, Treasure released a new roadmap focusing on the AI space, marking a deep integration of NFTs with artificial intelligence. Users’ L1 NFTs will transform into customizable AI companions capable of linking to social media accounts, automatically participating in games and missions to earn rewards, and eventually executing transactions and interactions via dedicated wallets. Operating at the intersection of AI, DeFi, NFT, and GameFi, Treasure enhances the utility and value of MAGIC, significantly boosting market expectations for its ecosystem, thereby attracting investors and driving up MAGIC’s price[10].

USUAL (Usual) —— Daily gain of approximately 36.11%, with a circulating market cap of $127 million.

Usual (USUAL) is a blockchain-based decentralized finance platform designed to offer a secure, transparent, and efficient financial transaction environment through innovative algorithms and smart contracts. Its core goal is to make it as easy as possible for users to participate in decentralized finance (DeFi) activities, addressing the high costs and inefficiencies of traditional financial systems. By leveraging a decentralized automated market maker (AMM) mechanism, Usual supports liquidity pools for various digital assets, enabling users to trade, lend, farm, and more, while ensuring asset security and privacy.

Starting last Tuesday, all new early redemption fees and USUALx unstaking fees are being automatically redistributed daily to stakers, directly increasing their annual percentage yield (APY). This mechanism eliminates the traditional delays and proposal stages, enabling real-time reward distribution to USUALx holders, thereby significantly enhancing staking returns. This efficient and transparent reward model has incentivized more users to participate in staking, further driving demand and price appreciation for USUAL[11].

ENJ (ENJ) —— Daily gain of approximately 30.10%, with a circulating market cap of $163 million.

Enjin is a comprehensive blockchain ecosystem that provides a variety of software products aimed at helping developers, businesses, and individuals easily create, manage, trade, distribute, and integrate NFTs.

Enjin recently launched the “Enjin Snap Challenge” on its NFT marketplace, NFT.io. This campaign encourages users to engage with Enjin dApps and offers exclusive, ENJ-infused rare NFTs as prizes. Such events increase engagement and activity within the Enjin ecosystem while highlighting the utility and connection of the ENJ token with NFTs. This has drawn attention and participation from the community, contributing to the recent price surge of ENJ[12].

Data Highlights

Hyperliquid Captures Around 70% of the On-Chain Perpetual Contracts Market

Hyperliquid has recently made significant progress in the decentralized perpetual contracts market, capturing approximately 70% of the market share. In March alone, it processed $175 billion in volume, and by mid-April, it had already reached $122.6 billion. Compared to major centralized exchanges, Hyperliquid’s trading volume has reached nearly 10% of theirs, indicating strong growth in decentralized derivatives trading[13].

Perpetual futures have long been favored by traders due to their no-expiry structure, leverage support, and high liquidity. Hyperliquid leverages decentralized smart contract execution mechanisms to enhance transaction transparency and automation, while also effectively mitigating common risks associated with centralized exchanges, such as liquidation issues and custodial risks.

Despite its impressive market share, recent events have raised concerns about Hyperliquid’s risk management and security. For instance, the JELLY token on the platform was involved in a complex market manipulation incident, resulting in over $10 million in losses. Additionally, reports have emerged of wallet addresses linked to North Korean hacker groups being active on Hyperliquid, potentially testing the platform for security vulnerabilities. These incidents underscore the challenges Hyperliquid faces amid its rapid growth, particularly in risk control and cybersecurity.

Tether Surpasses 450 Million Users, Adding Over 30 Million Users Per Quarter

Tether has announced that its stablecoin USDT now has over 450 million users in emerging markets, with the majority based in Turkey, Vietnam, Brazil, Argentina, and several African countries. The stablecoin is adding over 30 million new users per quarter, signaling rapid global adoption. Tether CEO Paolo Ardoino stated that USDT is becoming the most widely used “digital dollar” in emerging markets, not just for crypto trading but increasingly for everyday payments and savings.

USDT’s widespread adoption stems from its utility as a convenient dollar alternative in regions with economic instability. In countries like Argentina, Turkey, and Egypt, where local currencies are devaluing and U.S. dollars are in short supply, people have turned to USDT for saving and transacting. For example, in Brazil, Tether has partnered with ATM operators to make USDT available at over 24,000 ATMs, greatly enhancing its accessibility[14].

With major economies like the U.S. frequently adjusting import tariffs and ongoing geopolitical tensions shaking confidence in both traditional and crypto financial assets, large amounts of capital are flowing into stablecoins for risk aversion. As a dollar-pegged crypto asset, USDT’s stable value and ease of use make it a top choice for businesses and individuals seeking to hedge against trade risks and protect their assets. This utility fulfills a critical demand for reliable financial tools in different regions, further solidifying the dollar’s dominance in the global financial system—and contributing to USDT’s explosive user growth.

Bitcoin Network Difficulty Hits New All-Time High as Hashrate Continues to Rise

At 17:13:37 on April 19, 2025, at block height 893,088, the Bitcoin network completed a new round of difficulty adjustment. This round saw an increase of 1.42%, raising the mining difficulty to 123.23T — a new all-time high for the network. Meanwhile, the network’s average hashrate has climbed to 888.37 EH/s, indicating steadily increasing participation across the network[15].

Bitcoin’s mining difficulty is automatically adjusted approximately every two weeks (every 2,016 blocks) based on changes in network hashrate, to maintain the target of one block every 10 minutes. This adjustment is yet another in a series of increases, suggesting either a growing number of miners or improved mining hardware efficiency. The next difficulty adjustment is expected in approximately 13 days and 21 hours, when the network will once again respond dynamically to current conditions.

The difficulty increase has been fueled by a recent rebound in Bitcoin’s price and renewed capital inflows from spot ETFs, which have boosted mining profitability and brought significant hashrate back online. Additionally, ongoing expansions at large mining facilities in North America and the Middle East, along with improvements in chip energy efficiency, have also contributed to the rising hashrate, indirectly pushing difficulty higher.

Spotlight Analysis

Global Retail Giant SPAR Testing Crypto Payments in Switzerland

SPAR is currently piloting cryptocurrency payments in Switzerland. As a global grocery retail brand operating more than 13,900 stores in 48 countries across Europe, Asia, Africa, and Australia, SPAR’s store in Zug, Switzerland is now accepting Bitcoin payments via the Lightning Network. This trial marks one of the most significant tests of crypto payments by a major retail chain[16].

The pilot leverages the benefits of the Lightning Network, enabling fast, low-cost microtransactions. Customers can simply scan a QR code using a Lightning-compatible wallet to complete the payments, with near-instant settlement and significantly lower fees than traditional credit card transactions. Switzerland, known for its crypto-friendly stance, already has over 230 merchants accepting Lightning payments, with Zug’s “Crypto Valley” at the heart of this trend.

SPAR’s move reflects growing interest in accommodating the increasing number of crypto holders and exploring digital payment methods. The pilot is likely to be closely monitored to assess the feasibility and demand for crypto payments in mainstream retail. As payment giants like Visa and Stripe gradually enter the crypto space, the Lightning Network could become a key part of the global payments infrastructure — pushing Bitcoin’s evolution from “digital gold” toward “digital cash.”

Canary Capital Applies to U.S. SEC to Launch Staked TRX ETF

Canary Capital has submitted an application to the U.S. Securities and Exchange Commission (SEC) seeking approval to launch a spot exchange-traded fund (ETF) based on staked TRON tokens (TRX). Named the “Canary Staked TRX ETF,” this product would incorporate token staking functionality—an innovation for the U.S. crypto ETF market if approved. In addition, Canary Capital is reportedly considering a series of other crypto ETFs linked to assets like Pengu, Sui, Hedera, and Litecoin[17].

TRX, the native token of the TRON blockchain, features a stable staking mechanism and a broad range of use cases, making it attractive to institutional investors seeking steady yields. However, the SEC typically requires that related assets have a federally regulated futures market—a criterion TRX does not yet meet. The SEC has also yet to approve any ETF associated with TRX, which could present regulatory hurdles.

Since Donald Trump assumed the U.S. presidency in January this year, the SEC has shown a more open stance toward the crypto industry. It has held several public crypto roundtables and withdrawn multiple lawsuits against crypto companies. If this ETF is approved, it would mark another major milestone in the crypto ETF space, potentially attracting more institutional attention to staked crypto assets and accelerating TRX adoption and growth of the TRON ecosystem. Moreover, it could prompt other crypto asset issuers to fast-track similar products, contributing to greater diversification in the crypto ETF market. However, due to regulatory uncertainties, market participants should closely monitor the SEC’s review process and related policy developments.

Vitalik Buterin Proposes Replacing EVM with RISC-V to Greatly Scale Ethereum’s Execution Layer

Ethereum co-founder Vitalik Buterin recently proposed a new long-term technical initiative on the Ethereum Magicians forum: transitioning the Ethereum Virtual Machine (EVM) from its current bytecode-based architecture to the open-source instruction set RISC-V. He believes this shift represents the “only viable path” to achieving major performance breakthroughs for the execution layer , stating it could potentially reduce on-chain execution costs by up to 100-fold.

RISC-V is an open-source reduced instruction set architecture (RISC) designed for simplicity and efficiency, allowing anyone to implement it without licensing. Its design promotes streamlined chip architecture, reduced complexity, and optimized hardware-software interaction. Developers note that while the current EVM is cost-effective, it carries high execution risks. Therefore, Vitalik has suggested implementing RISC-V on the Beacon Chain to create a safer and more verifiable version of the EVM[18].

By leveraging RISC-V’s openness and modularity, Ethereum developers could formally verify the EVM’s behavior, enhancing network security and stability. Its simplified architecture would also reduce development and maintenance costs while improving system scalability. However, such a transformation could introduce challenges, including adapting existing infrastructure and ensuring compatibility with current smart contracts. Nonetheless, adopting RISC-V could help Ethereum improve performance and security, making it even stronger in the blockchain space.

Airdrop Opportunity

Recall is a decentralized intelligent network designed to serve as an on-chain knowledge storage, sharing, and exchange platform for autonomous AI agents. The project emerged from a merger between 3Box Labs and Textile, integrating technologies like Ceramic and Tableland to build a permissionless AI data collaboration ecosystem. Recall enables verification, training, and monetization among AI agents, driving the development of decentralized AI applications[19].

Recall has received backing from institutions such as Multicoin Capital and Coinbase Ventures. It has launched a points-based incentive program to encourage users to participate in testing and tasks, with the potential for future airdrop rewards.

How to Participate:

1. Visit Recall’s official website, connect your wallet, and browse the task portal to learn about current tasks.
2. Go to Recall’s campaign page on Galxe and complete tasks such as following social media accounts or engaging in interactions.
3. Complete tasks on Zealy, including actions like retweeting posts or joining the Discord server.
4. Earn the Genesis role on Discord by staying active, helping new members, or creating content—this role boosts your points.
5. If you discover an AI agent suitable for Recall’s competitions, you can submit it by providing its X (Twitter) handle for additional points.
6. After completing tasks, return to the platform to claim badges to ensure your points are accurately recorded.

Note:
The airdrop plan and participation rules are subject to change, so users are advised to follow Recall’s official channels for the latest updates. Users should participate cautiously, be aware of risks, and conduct thorough research beforehand. Gate.io does not guarantee the distribution of future airdrop rewards.


References:

1. Gate.io,https://www.gate.io/trade/BTC_USDT
2. Gate.io,https://www.gate.io/trade/ETH_USDT
3. SoSoValue,https://sosovalue.xyz/assets/etf/us-btc-spot
4. SoSoValue,https://sosovalue.xyz/assets/etf/us-eth-spot
5. CoinGecko,https://www.coingecko.com/en/categories
6. Investing,https://investing.com/indices/usa-indices
7. Investing,https://investing.com/currencies/xau-usd
8. Gate.io,https://www.gate.io/bigdata
9. Gate.io,https://www.gate.io/price
10. X,https://x.com/mikelauofficial/status/1913483120156057777
11. X,https://x.com/usualmoney/status/1913255420430630981
12. X,https://x.com/enjin/status/1912106308016460030
13. Theblock,https://www.theblock.co/post/351051/hyperliquid-grabs-70-market-share-in-onchain-perps-signaling-shift-from-centralized-derivatives
14. X,https://x.com/paoloardoino/status/1913256690633392378
15. Cloverpool,https://explorer.cloverpool.com/zh-CN/btc/insights-difficulty
16. Linkedin,https://www.linkedin.com/posts/rahimt_first-bitcoin-payment-at-a-supermarket-in-activity-7317931663441723392-ZuYb/
17. Theblock,https://www.theblock.co/post/351289/canary-capital-seeks-sec-approval-for-staked-trx-etf?utm_source=twitter&utm_medium=social
18. Magicians,https://ethereum-magicians.org/t/long-term-l1-execution-layer-proposal-replace-the-evm-with-risc-v/23617
19. X,https://x.com/recallnet/status/1905259039392493669

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