Abstract

Bitcoin price rose by 0.31% to $93,176; Ethereum fell by 1.24% to $1,752.39.
The U.S. Federal Reserve has pulled back its regulatory guidance on banks’ crypto operations, signaling a loosening of regulatory stance.
Sui launched a digital version of Mastercard, enabling European users to pay in crypto.
Securitize partnered with Mantle to launch an institutional crypto fund, aiming to become a “crypto version of the S&P 500.”
SUI’s market cap surpassed LINK, driven by ETF hype and meme coin momentum.
The market cap of stablecoins on Solana reached a new high of $12.885 billion.

Market Analysis

• BTC — Over the past 24 hours, Bitcoin (BTC) rose slightly by 0.31%, currently trading at $93,176.6. Chart analysis shows BTC fluctuating within the $91,778 to $94,301 range. The price repeatedly tested the upper resistance band but failed to break through. In the short term, the price is oscillating between the 5-day and 10-day moving averages, staying around the midpoint of the consolidation range. Trading volume remains at an average level with no significant increase. The MACD indicator shows the fast and slow lines sticking close below the zero axis, and the histogram alternates between red and green with limited amplitude, indicating weak market momentum and a likely continuation of the consolidation phase in the short term.[1]

• ETH — Ethereum (ETH) declined by 1.24% in the past 24 hours, currently priced at $1,752.39. According to chart analysis, ETH is consolidating within the $1,731 to $1,816 range. The price has been fluctuating around the 5-day, 10-day, and 30-day moving averages, without any effective breakout in the short term. Trading activity is low, and lack of volume expansion suggests ongoing market hesitation. The MACD shows the fast and slow lines sticking close below the zero axis, with histogram movements diminishing in amplitude. Short-term momentum is weakening, and ETH remains in a consolidation phase.[2]

• ETF — According to SoSoValue, on April 24, U.S. Bitcoin spot ETFs recorded a net inflow of $442 million[3], while U.S. Ethereum spot ETFs saw a net inflow of $63.49 million. Data as of 10:00 AM (UTC+8), April 25.[4]
• Altcoins — Bitcoin Sidechains, AI Agent Launchpad, and AI Agents sectors gained +9.8%, +6.2%, and +4.0%, respectively.[5]
• U.S. Stock Market — On April 24, the S&P 500 rose by 2.03%, the Dow Jones by 1.23%, and the Nasdaq by 2.74%.[6]
• Spot Gold — Spot gold prices reached $3,356.73 per ounce, with a daily gain of 0.37%. Data as of 10:00 AM (UTC+8), April 25.[7]
• Fear & Greed Index — The index is at 60, indicating the market is in a state of greed.[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:

CETUS (Cetus Protocol) — Daily increase of approximately 35.36%, with a circulating market cap of $139 million.

Cetus Protocol is a decentralized exchange (DEX) and concentrated liquidity protocol built on the Sui and Aptos blockchains. The platform adopts the Concentrated Liquidity Market Maker (CLMM) model, allowing liquidity providers to allocate assets within specific price ranges for improved capital efficiency. Cetus focuses on enhancing the trading experience and liquidity efficiency, making it a core infrastructure within the Sui and Aptos ecosystems. Its tokenomics include the governance and utility token CETUS, and xCETUS, which is used for staking and governance voting.

The recent price surge of CETUS was mainly driven by protocol integrations and ecosystem synergies. Recently, Cetus completed a Vault LP integration with Nemo Protocol, unlocking more on-chain yield scenarios, including LST rewards and yield trading features. At the same time, Cetus has been strengthening its ecosystem synergy with Sui Network, leveraging Sui’s strong user growth and capital inflow to increase exposure and market attention on its token. The market generally holds a positive long-term outlook on its value within the Sui ecosystem, driving the recent price rise.[10]

EGLD (MultiversX) — Daily increase of approximately 27.75%, with a circulating market cap of $529 million.

MultiversX is a blockchain platform that employs sharding technology and focuses on high scalability and low transaction costs. The platform supports up to 100,000 transactions per second and is positioned as the foundational infrastructure for decentralized finance (DeFi), real-world assets (RWA), and metaverse applications. Its native token, EGLD, is used for transaction payments, network staking, and governance, serving as the core asset within the ecosystem.

The recent rise in EGLD’s price was fueled by multiple favorable factors, including technical upgrades and ecosystem integrations. The ongoing Andromeda upgrade has reached a critical stage, promising to reduce block finality time to 600 milliseconds, which has caught the attention of performance-focused blockchain investors. Additionally, PulsarMoneyApp announced its integration with the MultiversX ecosystem, creating new channels for payments and user growth. These positive moves have pushed EGLD higher.[11]

UDS (Undeads Games) — Daily increase of approximately 26.7%, with a circulating market cap of $58.68 million.

Undeads Games is a multiplayer online role-playing game (MMORPG) launched in 2022, set in a post-apocalyptic metaverse, and features a play-to-earn mechanism that allows players to earn cryptocurrency. The project utilizes a dual-token model: UDS as the main governance and transaction token, and UGOLD as the dynamic in-game currency. The game supports web, desktop, and mobile platforms, with the main game having launched on Steam in Q2 of 2024.

The recent rise in UDS was mainly driven by progress in game testing and a surge in community sentiment. According to the latest update on the third test version, the game has undergone major improvements in matchmaking, map performance, and visual effects—particularly in combat fluidity and interface visuals—drawing significant attention from players and the community. The development team has also actively engaged with the community and responded to feedback, further boosting market confidence in the game’s quality and long-term potential. Combined with the resurgence of interest in the Web3 gaming sector and ongoing enhancements to UDS tokenomics, market expectations for the project’s future value have grown, driving a notable price increase in a short period.[12]

Data Highlight

Solana Stablecoin Market Cap Hits Record $12.885 Billion, USDC Accounts for Nearly 80%

As of April 25, 2025, the stablecoin market cap on the Solana blockchain surpassed $12.885 billion for the first time, setting a new all-time high. Thanks to its high processing speed and low transaction costs, Solana is increasingly becoming a popular platform for stablecoin issuance and trading—particularly in DeFi and payment scenarios, attracting a large user base. USDC is the main driver of this growth, accounting for nearly 77% of the total market cap. Circle has minted over $6 billion worth of USDC on Solana this year, reflecting strong institutional and developer support.

Earlier this year, Solana experienced a surge in trading volume due to the meme coin craze—such as TRUMP and MELANIA—which led to a spike in stablecoin demand. Although that speculative heat has cooled somewhat, the stablecoin market cap continues to trend upward, indicating that Solana’s ecosystem is transitioning from speculative phases toward more stable real-world applications like trading, lending, and payments.

The widespread use of stablecoins is also providing a liquidity foundation for the expansion of Solana’s DeFi ecosystem. While the total value locked (TVL) has fluctuated from early-year highs, the sustained increase in stablecoin activity is strengthening Solana’s position in on-chain finance outside of Ethereum, and is unlocking the platform’s potential in areas such as real-world asset (RWA) and payments.[13]

SUI Market Cap Surpasses LINK, Driven by ETF Hype and Meme Coin Surge

On April 25, 2025, SUI’s market cap surpassed that of Chainlink (LINK) for the first time, reaching approximately $10.83 billion and ranking as the 13th largest cryptocurrency globally. LINK fell to 14th place with a market cap of around $9.93 billion. Data shows that SUI currently has a circulating supply of 3.25 billion tokens, priced at about $3.33 each; LINK, by comparison, has a supply of 657 million tokens at around $15.11 per unit.

SUI’s market cap leap is attributed to several factors, including a spot ETF application submitted by CBOE in early April and the explosive growth of meme coin ecosystems on the Sui network (such as MUI, LOFI, BLUB, and DEEP). Together, these drivers helped SUI surge 54% over the past 7 days, while LINK rose by only 20.6% during the same period. The influx of capital and users sparked by the ETF and trending projects has made SUI a focal point for short-term market attention.

On-chain data also confirms the uptick in activity behind this rally. According to DefiLlama, Sui’s total value locked (TVL) reached $745 million as of April 24, up more than 31% from approximately $568 million a week ago. The rise in TVL reflects increased network usage and provides fundamental support for the market cap growth. As the ETF application progresses and meme coin enthusiasm continues, SUI’s on-chain metrics and market performance remain in the spotlight.[14]

Uniswap Protocol’s Total Trading Volume Nears $3 Trillion All-Time High

According to data from Dune, as of April 2025, the cumulative trading volume on the Uniswap protocol has surpassed $2.94 trillion. Chart trends show that since 2020, Uniswap’s trading volume has followed a steady upward trajectory, accelerating significantly after 2021. This underscores Uniswap’s leading position and strong appeal in the decentralized trading space.

Uniswap is a decentralized trading protocol built on Ethereum that utilizes the Automated Market Maker (AMM) model, enabling users to swap tokens without intermediaries. Its growing trading volume is fueled by multichain expansion (such as Polygon, Arbitrum, and Optimism), the launch of Uniswap V3, and the efficiency gains from Layer 2 solutions in terms of cost reduction and speed improvements. Since surpassing $1 trillion in total trading volume in May 2022, the platform has maintained an average annual growth rate of approximately 43%, highlighting its robust market traction.

Additionally, the meme coin craze, stablecoin minting growth, and the rise of native on-chain assets have continued to fuel on-chain trading activity, providing a steady stream of momentum that is pushing Uniswap’s cumulative volume ever closer to the $3 trillion mark.[15]

Spotlight Analysis

Federal Reserve Withdraws Crypto Guidance for Banks, Signaling Easing Regulatory Stance

On April 24, 2025, the U.S. Federal Reserve officially announced the withdrawal of previous regulatory guidance letters and joint statements related to banks engaging in crypto asset and USD stablecoin activities, marking a significant shift in the regulatory stance toward crypto within the U.S. banking system. The decision aims to align regulatory expectations with the evolving risks in the sector, while also providing greater room for technological innovation within the banking system.

The withdrawal specifically affects guidance issued in 2022, which required state member banks to proactively notify regulators before engaging in or planning crypto-related business activities. Moving forward, the Fed will no longer require prior notification, opting instead to supervise through routine review processes. It has also rescinded the “no-objection” process introduced in 2023 for USD stablecoin activities and, in coordination with the FDIC and OCC, is withdrawing two 2023 joint statements regarding crypto asset risks and liquidity concerns.

This change sends a signal of a shift toward a “tolerant but not permissive” regulatory attitude. While the removal of the notification mechanism and joint statements may appear as a loosening, the return to standard supervisory processes suggests regulators still intend to maintain control over financial stability without directly stifling innovation. This move may offer banks greater flexibility to explore compliant crypto services, while also reflecting a realistic adjustment of regulatory tools and pacing under pressure.[16]

Sui Launches Digital Mastercard to Enable Crypto Payments in Europe

The Sui Foundation announced a strategic partnership with financial platform xMoney and crypto super app xPortal to launch a virtual Mastercard for European users. xPortal has integrated the Sui blockchain into its wallet app, which currently serves 2.5 million users. Users can now experience a custom Sui wallet within the app and add the virtual Mastercard to Apple Pay and Google Pay, enabling seamless real-world payments using cryptocurrency. A physical card is also expected to be released later this year.

Sui provides the speed, throughput, and seamless user experience behind the service. xMoney offers the financial infrastructure, including payment processing, card issuance, and regulatory licensing to ensure smooth operations in regulated markets like the EU. xPortal, with its user-friendly interface, allows users to buy, swap, stake, and spend crypto—all while maintaining the security and ownership benefits of self-custody. Christian Thompson, Managing Director at the Sui Foundation, stated that this innovative product significantly enhances the accessibility of the Sui ecosystem to everyday consumers.

Sui becomes one of the few Layer 1 blockchains supporting frictionless real-world payments and financial services through a fully compliant platform. Users can now spend SUI tokens at over 20,000 merchants, further advancing mainstream adoption of crypto. Looking ahead, Sui plans to expand the service to the U.S. and announce more enterprise-grade services and product launches at the upcoming Sui Basecamp event, continuing its push for innovation and growth in the digital economy.[17]

Securitize Partners with Mantle to Launch Institutional Crypto Fund Aiming to Be the “S&P 500 of Crypto”

On April 24, Securitize announced a partnership with DeFi protocol Mantle to launch an institutional crypto fund called Mantle Index Four (MI4). The fund is designed to offer institutional investors diversified exposure to crypto assets, including Bitcoin, Ethereum, Solana, and stablecoins, while generating yield through on-chain staked tokens. The fund features assets such as Mantle’s mETH, Bybit’s bbSOL, and Ethena’s USDe, leveraging liquid staking mechanisms to enhance overall returns.

MI4 is market-cap weighted and positioned as the “S&P 500 of the crypto market,” offering institutions a structured income product similar to traditional index funds. Mantle noted that mETH currently offers an annual yield of about 3.78%, with the platform’s total value locked (TVL) exceeding $680 million—highlighting the growing market demand for on-chain yield products.

Securitize, a leading platform for tokenizing real-world assets (RWA), holds an estimated 71% market share. Its BUILD fund in collaboration with BlackRock already manages over $2.5 billion in assets. The launch of the MI4 fund comes at a time when both institutional and retail investors are increasingly seeking crypto exposure to hedge against macroeconomic uncertainty. This development also reflects the rapid mainstreaming of on-chain asset allocation models.[18]

Gate.io Launches CandyDrop Airdrop Platform

Gate.io has launched a new task-based airdrop platform called CandyDrop. The platform is designed to lower the barrier for users to earn cryptocurrency by completing tasks such as trading, deposits, and inviting friends, earning them “Candies” points in the process. These Candies can then be exchanged for airdropped tokens from high-quality projects selected by Gate.io, offering users a simple and efficient way to receive free tokens. CandyDrop is accessible via both web and app interfaces, and the more tasks a user completes, the more Candies they earn—resulting in a greater share of project tokens once the campaign ends. The first round of CandyDrop is now live, and users can earn from a pool of HYPER tokens by completing specified tasks.[19]

CandyDrop’s task-based airdrop model tightly links user activity with token incentives, providing a high-efficiency, targeted distribution channel for quality projects aiming to build communities and distribute tokens. Gate.io also applies strict selection criteria for participating projects, helping to ensure that users receive valuable and reliable assets—setting it apart from low-quality airdrop campaigns on the market. As a result, CandyDrop offers users a relatively easy and low-risk way to engage with and acquire tokens from promising new projects.

Funding Updates

According to data from RootData, two projects publicly announced funding rounds over the past 24 hours, totaling $6.25 million. These rounds span sectors including infrastructure and decentralized finance (DeFi). The details are as follows:[20]

Inco Network — Raised $5 million in a strategic round led by a16z crypto CSX, with participation from Coinbase Ventures, 1kx, Orange DAO, South Park Commons, and Script Capital. Inco Network is an EVM-compatible Layer-1 blockchain that utilizes fully homomorphic encryption (FHE) to enable composable and actionable privacy states. Its core technology, fhEVM (FHE + EVM), allows developers to write privacy-preserving smart contracts and perform computations directly on encrypted data without needing to decrypt it.

The funding will support continued development in solving confidentiality challenges in blockchain, particularly in enhancing data privacy, improving transaction anonymity, and building secure, trustworthy infrastructure for decentralized applications.[21]

Catalysis — Raised $1.25 million in a pre-seed round led by Hashed Emergent, with support from Presto Labs, Spaceship DAO, Funfair Ventures, Cosmostation, and Crypto Times. Catalysis is a decentralized service infrastructure startup focused on unifying economic security across multiple restaking protocols.

The funding will be used to develop its first “security abstraction layer,” aimed at simplifying the process for developers and node operators to deploy shared security services. The platform has already integrated with restaking protocols like EigenLayer, Symbiotic, and Kernel DAO, and is set to launch a public testnet in Q2 2025.[22]

Airdrop Opportunity

Initia

Initia is a blockchain platform focused on building a unified cross-chain ecosystem. It combines a Layer 1 main chain with a variety of interwoven Rollup networks, allowing developers to deploy custom application chains (Appchains), creating a high-performance and interoperable multi-chain environment. The architecture is built using Cosmos SDK and supports multiple virtual machines, including EVM, MoveVM, and WasmVM. The goal is to provide scalable and modular infrastructure for dApps, DeFi, gaming, and more. The project is led by former members of Terraform Labs and emphasizes developer-friendliness, economic consistency, and user experience.

Currently, Initia is conducting an airdrop of its native token, INIT. The total airdrop amount is 50 million INIT, accounting for 5% of the total token supply. Recipients include testnet participants, ecosystem protocol users, and active users on social platforms.[23]

How to Participate:

1. Visit the Airdrop Page: Go to Initia’s official site and connect your wallet to automatically check eligibility.
2. Claim Period: Tokens can be claimed within 30 days after the mainnet launch, expected from April 24 to May 24, 2025. Claims made after this period will not be honored.
3. Airdrop Allocation:

• Testnet participants: 90% (approx. 44.7 million INIT)
• Partner protocol users: 4.5% (e.g., LayerZero, IBC)
• Socially active users: 6% (Discord, Telegram, X)

Note:
The airdrop plan and participation rules may be updated at any time. Users are advised to follow Initia’s official channels for the latest information. Participation should be approached with caution—be sure to research thoroughly and understand the risks involved. Gate.io does not

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/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/CetusProtocol/status/1914997568637136951
11. X, https://x.com/MultiversX/status/1915074161619148880
12. X, https://x.com/Undeadscom/status/1914967296306815170
13. DefiLlama, https://defillama.com/stablecoins/Solana
14. DefiLlama, https://defillama.com/chain/sui
15. Dune, https://dune.com/mud2monarch/countdown-to-three-trillion-united-states-dollars
16. Federalreserve, https://www.federalreserve.gov/newsevents/pressreleases/bcreg20250424a.htm
17. SUI , https://blog.sui.io/xmoney-xportal-wallet-mastercard/
18. Cointelegraph, https://cointelegraph.com/news/securitize-mantle-launch-institutional-crypto-fund
19. Gate.io, https://www.gate.io/candy-drop
20. Rootdata, https://www.rootdata.com/Fundraising
21. Rootdata, https://www.rootdata.com/Projects/detail/Inco%20Network?k=OTc5Ng%3D%3D
22. Rootdata, https://www.rootdata.com/Projects/detail/Catalysis?k=MTczMTM%3D
23. Initia, airdrop.initia.xyz

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Disclaimer
Investing in the cryptocurrency market involves high risk, and it is recommended that users conduct independent research and fully understand the nature of the assets and products they are purchasing before making any investment decisions. Gate.io is not responsible for any losses or damages caused by such investment decisions.