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Ethereum’s dominance in stablecoins and real-world assets shifted ETH from a speculative play to a major platform for institutional finance.
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Ethereum’s dominance in stablecoins and real-world assets shifted ETH from a speculative play to a major platform for institutional finance.
$33 trillion in debt matures in 2026. How will Bitcoin respond to macro forces and credit markets that may impact its future as much as halvings once did?
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Key takeaways:
Rising bond yields reflect growing concern about fiscal stability and inflation, leading some investors to question US Treasury’s traditional role as a safe-haven asset.
Bitcoin defies conventional risk models, rising not despite worsening macro conditions, but possibly because of them.
Bitcoin (BTC) climbed to new heights amid an increasingly fragile global macroeconomic backdrop. Bond yields are surging in the US and Japan, global growth is stalling, and consumer confidence in the US is scraping historic lows.
Paradoxically, the very macro conditions that once threatened Bitcoin’s price are now fueling its rise. The shift speaks to a broader transformation in how investors interpret risk and where they seek refuge. At the center of this realignment is the US debt crisis and ballooning Treasury yields, which were once considered the safest assets in the world.
When US bond yields rise, the cost of servicing its national debt increases sharply — a critical issue given that US debt has now surpassed $36.8 trillion, and the interest payments are expected to total $952 billion in 2025.
US President Donald Trump made it clear on several occasions that lowering yields was among his top economic priorities. However, this may prove far more difficult than he expected, as the two most reliable methods to achieve it both need to come from the US Federal Reserve. Lowering interest rates would make newly issued bonds yield less, making existing higher-yielding bonds more attractive, pushing up their price and lowering their effective yield. Another way is through quantitative easing (QE), where the Fed would buy large amounts of bonds on the open market, thus increasing demand and lowering yields.
The Federal Reserve is currently resisting both strategies and taking caution not to reignite inflation, particularly amid the ongoing tariff war. Even if Trump finds a legal or quasi-legal way to pressure Fed Chair Jerome Powell, it could backfire by eroding investor confidence and producing the opposite of the intended effect.
Investors do not appreciate political meddling with the foundations of the US and global economy, and their confidence is already fragile. In times of instability, investors traditionally flock to government bonds as a safe haven. But today, the opposite is happening. Investors are turning away from Treasurys, suggesting the problems in the US economy are too large to ignore. The recent loss of the US government’s last AAA credit rating is a stark confirmation.
On May 22, the yield on the US 30-year bond hit 5.15% — its highest since October 2023, and before that, a level not seen since July 2007. The 10-year yield now stands at 4.48%, the 5-year yield at 4%, and the 2-year yield at 3.92%.
For the first time since October 2021, the US 5-Year to 30-Year bond spread has steepened to 1.00%. This suggests markets are pricing in stronger growth, persistent inflation, and a “higher for longer” rate environment.
Related: Bitcoin price hit a new all-time high and data shows BTC bulls aren’t done yet
Compounding the problem is Japan, the largest foreign holder of US Treasurys. Japanese investors currently hold $1.13 trillion in US government debt, $350 billion more than China. For decades, Japanese institutions borrowed cheaply at home to invest in US bonds and stocks — a strategy known as the carry trade.
This era may be ending. In March 2024, the Bank of Japan started raising interest rates from -0.1% to 0.5% now. Since April, the Japanese 30-year bond yield has surged by 100 basis points, reaching an all-time high of 3.1%. The 20-year bond yields rose to 2.53%, a level not seen since 1999.
On May 19, Prime Minister Shigeru Ishiba even warned the country’s parliament that his debt-strapped government’s position was “worse than Greece” — a startling admission for a country with a 260% debt-to-GDP ratio.
Interestingly, the surge in long-dated Japanese bonds wasn’t matched by shorter maturities. The 10-year bond yield is 1.53%, and the 5-year bond yield is just 1%. As Reuters noted, this suggests a strategic shift by large Japanese pension and insurance funds as the Bank of Japan “normalizes” interest rates. These institutions may now be reassessing both duration risk and foreign bond exposure, which spells potential trouble for US Treasurys if (or when) they begin unwinding their holdings.
As the US continues down the debt spiral, and Japan might be starting its own, the global economy is nowhere near recovery, and that could be a good sign for Bitcoin.
Traditionally, rising bond yields would drag down risk assets. Yet stocks and Bitcoin continue climbing. This divergence suggests investors may be moving away from the traditional playbook. When confidence in the system erodes, assets outside it, like stocks and Bitcoin, begin to shine, even if they are considered risk-on.
What’s more, between Bitcoin and US stocks, an increasing number of institutions choose Bitcoin. As The Kobeissi Letter noted, net 38% of institutional investors were underweight US equities in early May, the lowest since May 2023, according to BofA.
Meanwhile, according to CoinGlass, total inflows into spot Bitcoin ETFs continue to grow, with assets under management now exceeding $104 billion, an all-time high. This surge suggests that institutional capital is beginning to recognize Bitcoin not just as a high-performing asset, but as a politically neutral store of value, akin to gold. In an era of mounting instability in fiat debt-based economies, Bitcoin is emerging as a credible alternative, offering a monetary system grounded in predictability and decentralization. With a market cap still well below gold’s $22 trillion or even the $5.5 trillion in base dollars (not including debt), Bitcoin remains significantly undervalued.
Interestingly, the current situation supports both of Bitcoin’s once-contradictory narratives: It is acting as a high-yield risk asset and a safe haven store of value. In a world where old frameworks are failing, Bitcoin's dual role may no longer be an anomaly, but a sign of what’s to come.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Key takeaways:
Bitcoin market cycle tops are notoriously hard to time, but combining technical and behavioral indicators can offer strong signals.
The MVRV-Z Score, Pi Cycle Top indicator, trade volume trends, Puell Multiple, and exchange inflows accurately predict Bitcoin price cycle tops.
Bitcoin (BTC) might be approaching the final stage of its current market cycle — a dramatic final rally followed by a sharp correction and, eventually, a bear market. For many, this could be the long-awaited climax of the past four years, and major players are preparing accordingly.
Since late 2024, Bitcoin whale accumulation has surged. Glassnode data shows that the number of addresses holding over 100 BTC has jumped by almost 14%, reaching 18,200 — a level not seen since 2017. The biggest market players appear to be positioning for what could be this cycle’s final run-up.
However, riding the rally is trickier than it looks and knowing when to exit is notoriously difficult. The lure of higher price highs fuels FOMO, driving investors to buy the top, only to face painful drawdowns or even liquidations.
So, how can traders and investors spot the top before the market enters recession?
Several technical and onchain indicators, such as MVRV (Market Value to Realized Value) Z-score, Pi Cycle Top, and trading volume trends, have historically been reliable in signaling when Bitcoin is nearing its peak.
The MVRV-Z score compares Bitcoin’s market value to its realized value and adjusts for volatility. A high Z-score suggests Bitcoin is significantly overvalued relative to its historical cost basis. When this indicator is at a historical high, the ensuing downward trend in Bitcoin prices is likely.
The Pi Cycle Top tracks BTC price dynamics using moving averages. When the 111-day simple moving average (111-SMA) crosses above twice the 350-day average (350-SMAx2), it signals overheating. In other words, when the short-term trend catches up to the long-term trajectory, a market top is in.
Historically, all previous Bitcoin bull runs started with a notable surge in MVRV Z-score, and ended with 111-SMA crossing the longer-term trend.
Additionally, lower trading volumes during price increases can be a warning sign, often signaling weakening momentum and potential for a reversal. On-balance volume (OBV), which registers cumulative volume flow, is a valuable metric for tracking this process. When OBV diverges from the price action, it is often an early reversal signal.
The second leg of the 2021 bull run was a great example. While BTC price was hitting higher highs of $68,000 (compared to the previous all-time high of $63,170), trading volumes moved in a different direction, decreasing from 710,000 BTC to 628,000 BTC. This created a bearish divergence between price and volume, suggesting that fewer market participants were supporting the rally — a classic sign of waning momentum.
As market cycle tops approach, long-term holders and Bitcoin miners often start locking in profits. Some valuable metrics that can track it are the Puell Multiple and exchange flows.
The Puell Multiple Indicator looks at miners' revenue relative to its 365-day average. High readings indicate miners may start selling aggressively, and are often seen near market tops.
Large inflows to exchanges are usually signs of distribution, as investors prepare to sell their coins.
Individually, these indicators can mark various shifts in market trends. Combined, they often align with cycle tops.
Related: Sorry bears — Bitcoin analysis dismisses $107K BTC price double top
Historic price activity observations might come in handy, too. Crypto market analyst Cole Garner shared his exit playbook based on whales’ behavior. His roadmap includes three steps:
Euphoria. Bitcoin moves vertically for weeks, with massive $10,000+ daily candles.
Whiplash. Bitcoin experiences its sharpest correction of the bull cycle. The curved parabolic trendline that’s supported the rally is broken — a clear signal that the top is likely in. Meanwhile, altcoins and meme tokens may continue pumping a little longer.
Complacency. Measure 15% below Bitcoin’s all-time high. That’s the sell zone. Order books on major exchanges often show a wall of sell orders around this level — a likely institutional exit point.
According to Garner, the 15% (or 16%) rule works not only in crypto but in traditional markets as well.
No single indicator can pinpoint the exact moment to exit, especially in a shifting macro environment. But when multiple signals align, they become hard to ignore. The final leg of a Bitcoin bull market is thrilling, but knowing when the music might stop is key to locking in profits.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Key takeaways:
Bitcoin price maintains its bullish momentum, but a sentiment indicator suggests the market could be overheating.
Data highlights Bitcoin traders taking profits and a lopsided market angled toward longs.
Analysts warn of a potential short-term correction, especially if gold weakens or seasonal trends play out.
Optimism has returned to the crypto markets, and many traders believe Bitcoin (BTC) price is on the path to new all-time highs. In just one month, Bitcoin surged 39%, briefly crossing the $105,000 mark. According to Glassnode analysts, “there are signs of renewed market strength, and the market is trading within a profit-dominated regime.”
Still, not everyone is convinced the rally will continue unchecked. Some investors are already taking profits, pushing Bitcoin’s realized cap to an all-time high of $889 billion. Even more profit-taking is expected at the $106,000 level.
Historically, euphoric market sentiment has often led to periods of consolidation—or even sharp corrections. That risk may be growing, particularly as gold, whose price action Bitcoin has closely mirrored in recent months, is showing signs of fatigue and could be heading for a correction itself.
The recent Bitcoin rally has returned over 3 million BTC to a profitable state, according to Glassnode. This shift has reignited capital inflows, which exceeded $1 billion per day, suggesting strong demand-side interest and a market willing to absorb selling pressure. Even most short-term holders who were underwater since the December 2024 peak have seen their portfolios turn green.
This relief, both financial and psychological, is already translating into spending behavior. The net difference between short-term holders’ transfer volume in profit versus at a loss has swung sharply to +20% — a notable reversal from the -20% seen during the capitulation phase at the end of April.
Institutional investor confidence is also rebounding. Over the past three weeks, more than $5.7 billion has flowed into Bitcoin ETFs, according to CoinGlass. The total assets under management held within the US spot ETFs have now climbed to over 1.26 million BTC, a new all-time high.
With so much momentum, it’s easy to imagine a moonshot. But that same momentum may be cause for caution. BTC’s open interest has climbed to $68 billion, near all-time highs, indicating a heavily positioned market. In such conditions, even a small catalyst could spark an outsized move—up or down.
André Dragosch, head of research at Bitwise Asset Management, warned that Bitcoin might be getting a bit ahead of itself. He posted Bitwise’s in-house Cryptoasset Sentiment Index, which has reached its highest level since November 2024.
The index, which includes 15 sub-indicators spanning sentiment, flows, onchain data, and derivatives (such as the perpetual funding rate and put-call volume ratio), now shows an overheated market.
In comments to Cointelegraph, Dragosch said:
“The latest readings imply that market sentiment has become overheated and that positioning appears to be one-sided on the long side. It tends to signal an increased risk for a temporary pull-back in the price of Bitcoin, and that the current rally could take a break.”
Yet, Dragosch remains “structurally constructive” until the end of 2025, citing the continued BTC accumulation by corporations and ETPs, which continues to deplete Bitcoin on-exchange balances.
Related: Arizona governor kills two crypto bills, cracks down on Bitcoin ATMs
Several risks could challenge Bitcoin in the short term.
For Bitwise chief investment officer Matt Hougan, renewed regulatory uncertainty is a top concern, particularly after the Senate stalled stablecoin legislation last week.
Broader shifts in market behavior may also be at play. Since March 2025, Bitcoin has shown a stronger correlation with gold than with equities. That shift followed dramatic changes in US policy, which appeared to steer capital toward politically neutral assets: both Bitcoin and gold rose 22% (the latter since corrected to a 13% gain). At the same time, the S&P 500 and Nasdaq-100 merely clawed back earlier losses.
This divergence continues on shorter time frames. Since May 12, major US indexes gained 3% to 4% on positive developments in US-China trade relations, but Bitcoin barely budged. Meanwhile, gold has started printing lower highs — a potential early signal of a downtrend, as noted by analyst Michael Van de Poppe. If gold enters a corrective phase, Bitcoin might follow suit.
Seasonality may also play a role. The adage “sell in May and go away” has some historical backing. As analyst Daan Crypto Trades noted, May has typically been a green month for Bitcoin (averaging over 8%), while June and September are often the worst-performing months. As he put it,
“Seasonality is never something to solely base your decisions on, but it can work out well. Many investors are watching the same thing after all.”
Whether this rally has more room to run — or is due for a breather — may soon be put to the test.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Key takeaways:
Bitcoin’s price closely tracks global liquidity growth, with liquidity explaining up to 90% of its price movements, according to Raoul Pal.
In the long term, global liquidity continues to expand, driven by the increasing debt levels in many countries.
On a shorter timeframe, global liquidity follows a cyclical pattern, with Michael Howell projecting the current cycle to peak by mid-2026.
Bitcoin (BTC) price is notoriously sensitive to global liquidity. Some analysts go as far as calling their correlation near-perfect, with a lag of about three months. This relationship is fueling the current bullish narrative as BTC price soars back above $100,000, but how long can this trend last?
Raoul Pal, the founder of Global Macro Investor, recently gave a speech on the strong correlation between Bitcoin and global M2 liquidity. In a recap posted by Paul Guerra, Pal’s message refers to: despite looming concerns — recession risks, geopolitical tensions, and other global stressors — rising liquidity as the dominant force behind asset price action.
According to Pal, expanding liquidity backs up to 90% of Bitcoin’s price action and as much as 97% of the Nasdaq’s performance. Indeed, a chart comparing global M2 (with a 12-week lead) and Bitcoin’s price shows an almost uncanny alignment.
Pal also frames the issue in personal finance terms. He says there's an 11% "hidden tax" on all of us, composed of 8% currency debasement and 3% global inflation. He notes,
“If you’re not earning more than 11%/yr, you’re getting poorer by definition.”
Bitcoin has returned an average of 130% annually since 2012, despite dramatic drawdowns. That makes it one of the most asymmetric bets of the past decade — and it’s outperformed the Nasdaq by over 99%.
At its core, global liquidity is fueled by expanding the money supply. As independent investor Lyn Alden puts it,
“Fiat currency systems are primarily based on ever-growing debt levels. The money supply continuously grows in every country for this reason.”
This offers a high-level view of global liquidity and suggests its long-term expansion is structural. However, this growth isn't linear. Over shorter time frames, it fluctuates based on specific drivers.
Michael Howell, author of “Capital Wars,” identifies three main drivers currently impacting global liquidity: the US Federal Reserve, the People’s Bank of China (PBoC), and banks lending through collateral markets.
Howell also points to indirect influences that act with a lag of six to 15 months. These include the world business cycle, oil prices, dollar strength, and bond market volatility. A weak global economy and a softening dollar typically boost liquidity. But rising bond volatility tightens collateral supply and chokes lending, undermining liquidity.
Related: New bull cycle? Bitcoin's return to $100K hints at ‘significant price move’
Michael Howell believes that global liquidity moves in roughly five-year cycles, and is now on the way to its local peak. He projects the current cycle to mature by mid-2026, reaching an index level of around 70 (below the post-COVID index of 90). That would mark a turning point, with a subsequent downturn being a likely outcome.
The recent growth in global liquidity stems from the rapidly weakening world economy, which is likely to prompt further easing by central banks. The People’s Bank of China has already begun injecting liquidity into the system.
The Fed now faces a tough choice: continue fighting inflation or pivot to support an increasingly fragile financial system. At its May 7 meeting, rates were held steady, but the pressure on Chair Jerome Powell is mounting, especially from US President Donald Trump.
At the same time, economic uncertainty is driving up US Treasury yields and fueling bond market volatility, both indicators of collateral scarcity and tightening credit conditions. Over time, these pressures are likely to become headwinds for liquidity expansion. Meanwhile, a looming recession is expected to weaken investor risk appetite, further draining liquidity from the system.
Even if a downturn lies ahead in 2026, global liquidity still has room to run, at least through 2025. And that matters for Bitcoin.
Howell notes,
“The likely inevitable policy response of ‘more liquidity’ is a great future omen. It establishes the upward path of persistent monetary inflation that ultimately underpins hedges such as gold, quality equities, prime residential real estate, and Bitcoin.”
Interestingly, Howell’s liquidity cycle roughly aligns with Bitcoin’s four-year halving cycle. The former points to a potential peak in late 2025, and the latter in early 2026. If history rhymes again, that convergence could set the stage for a major price move.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
What to know:
Lyn Alden says a weaker dollar is necessary for the US to stabilize its financial system.
Bitcoin and gold are well-positioned to benefit from de-dollarization.
Sovereign wealth funds and various nations are already increasing their Bitcoin exposure as the dollar’s global dominance starts to wane.
The weakening of the US dollar (DXY) is no longer headline news. With mounting disruptions across the US economy, a declining greenback has become part of the backdrop. Since the start of 2025, the US Dollar Index has dropped 11%, now hovering around levels last seen in April 2022. Markets have largely responded with a shrug. After all, in times of deep restructuring, isn’t some dollar weakness to be expected?
The trouble is, this might not be a temporary dip. The dollar’s slide could reflect a deeper, long-term reconfiguration of both the US economy and the global monetary order. In a May 4 newsletter, independent market analyst Lyn Alden made a compelling case: not only is a weaker dollar likely, but it may be necessary.
According to Alden, a controlled retreat from dollar hegemony might be one of the few paths left to stabilize an increasingly fragile system. And if the US relinquishes its role at the center of the monetary universe, the world will need alternatives. Neutral assets like gold and Bitcoin could be well-positioned to take on a more central role.
Fractional reserve banking, the system that fiat money relies on, creates money through lending. Each time a bank issues a loan, it expands the supply of broad money, without necessarily creating enough base money to cover the loan principal and its interest. This means that the current financial system relies on continual credit expansion and refinancing to remain solvent.
Today, the US economy holds around $102 trillion in public and private dollar-denominated debt, with another $18 trillion owed by borrowers outside the US And that’s not even counting derivatives, which would push the total much higher.
Yet only $5.8 trillion in base money actually exists.
“It’s like a game of musical chairs with more than 20 kids for every chair,” Alden writes. “And the music can’t stop for long.”
The US plays a special role in this system. It imports more than it exports, while surplus countries funnel their dollar earnings back into American stocks, bonds, real estate, and private equity. For the $18 trillion in dollar liabilities held abroad, non-US entities hold roughly $61 trillion in US dollar assets. But when dollar liquidity tightens — when the music stops — foreign holders often have to sell those assets to service their debts, which, in turn, threatens US financial stability.
This happened in March 2020, when parts of the Treasury market froze during the peak panic stage of the COVID-19 pandemic. The Fed stepped in, quickly opening emergency swap lines with foreign central banks and printing trillions in base money to re-float the system. That solved the liquidity issue but unleashed inflation, hitting lower-income Americans the hardest.
Combined with decades of industrial decline and widening social gaps, this situation eventually created the political mandate for Donald Trump and his protectionist agenda. However, the tariff shock is unlikely to be successful, Alden argues.
The current system implies that the US must run structural trade deficits to provide the global economy with enough dollars to keep the greenback’s dominance. The only way of rebalancing trade flows is through a weak dollar and a step back from monetary hegemony.
As Alden puts it:
“I view the United States and indeed the global financial system as likely beginning a very long-term transition.”
Bitcoin (BTC) and DXY are inversely correlated. When the dollar strengthens, risk-on assets like BTC lose some of their appeal to investors. When the dollar weakens, BTC becomes more attractive not just as a speculative play, but as an alternative currency. In a system where fiat must effectively lose value over time to function, Bitcoin’s fixed supply and monetary neutrality offer a compelling hedge.
Overlaying BTC and DXY charts reveals that major divergences between the two often align with Bitcoin trend reversals. In April 2018 and March 2022, such divergences signaled bear markets, while November 2020 marked the start of a bullish rally.
In the 2023-2026 cycle, BTC caught up with the DXY in early 2024, and the two moved largely in sync until recently. A clear divergence began at the beginning of April 2025, with the DXY dropping below 100 for the first time in two years.
If past patterns are any guide, this could signal the start of a new BTC rally. And if the US moves to strategically weaken the dollar in the long term, the impact could extend well beyond Bitcoin’s usual cyclical price action.
Related: How much Bitcoin can Berkshire Hathaway buy?
Periods of monetary upheaval are notoriously difficult to navigate. While short-term tactics may differ, longer-term strategies point to neutral, high-quality reserve assets — especially those that stand to benefit structurally from de-dollarization.
Gold fits this bill. So does Bitcoin.
Several sovereign entities are already stockpiling Bitcoin. El Salvador and Bhutan are directly buying and mining BTC. Abu Dhabi’s Mubadala Investment Co. and the US state of Wisconsin’s pension fund have exposure via spot BTC ETFs.
A dozen US states hold equity in Michael Saylor’s Strategy, as well as over 13,000 companies and institutions. Even Norway’s sovereign wealth fund, the world’s largest, has Bitcoin exposure through its holdings of Strategy, Mara Holdings, Coinbase, and Riot.
With the dollar retreating from the global financial arena, space will open for other currencies. There are more and more examples of international trade deals settled in yuan, dirham, or other national currencies.
Reuters reports that cross-border yuan payments surged to a record in March. The euro is also on the rise, gaining 10% against the dollar since February. This is all the more impressive taking into account that the European Central Bank has been continuously cutting interest rates, which now stand at just 2.5%, far below the Fed’s 4.5%.
The idea of “de-dollarization” is beginning to take shape in practical terms. As some countries and companies consider alternatives for trade settlement and value storage, Bitcoin’s borderless and politically independent features have attracted attention as one possible option.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Key takeaways:
ETH price has underperformed its peers during the current bull market, but gas sponsorship could lure developers and traders back to the network.
Ethereum’s upcoming Pectra upgrade promises to improve staking efficiency, potentially increasing demand for ETH.
Data suggests ETH price bottomed. Will the Pectra narrative reignite bullish momentum?
Since 2024, Ether (ETH) has been more of a meme than a market mover. Unlike most of its rivals, ETH still hasn’t reclaimed its all-time high of $4,870 from November 2021, and it regularly underperforms even in the weak altcoin market. Currently, ETH trades at $1,813, down 56% from its local peak in December 2024.
Despite the dismal price action, dismissing Ethereum as a relic may be premature. The network continues to evolve, and the upcoming Pectra upgrade scheduled for May 7 could rekindle market interest.
By addressing long-standing user experience challenges and improving staking, Pectra may help Ethereum narrow the competitive gap with rivals like Solana and BNB. What’s more, it could potentially serve as the catalyst that brings the Ether price back into the spotlight.
The Pectra upgrade introduces 11 Ethereum Improvement Proposals (EIPs) aimed at strengthening Ethereum across three dimensions: scalability through layer-2s, user experience (UX), and staking efficiency.
Scalability remains Ethereum’s most persistent challenge, and critics argue that monolithic L1s would consistently outperform modular L2-based architectures. However, the UX and staking improvements in Pectra could have truly meaningful implications for Ethereum and ETH’s market dynamics.
The standout upgrade is EIP-7702, which allows externally owned accounts (regular user wallets) to temporarily act like smart contracts. This unlocks features such as fee sponsorship and gas payments in tokens other than Ether.
These enhancements could make Ethereum significantly more user-friendly, lowering entry barriers, enabling DApps to sponsor new users' gas fees, and improving wallet functionality with less friction. This is particularly relevant for onboarding non-technical users in gaming, payments, and mobile apps, which continue to face hurdles due to poor UX.
Another positive aspect is that the option to pay gas fees with tokens other than ETH won’t diminish ETH’s role in the network. At the protocol level, validators will continue to receive fees in ETH, while payment processors will have to convert the fee tokens into Ether.
On the staking side, EIPs 7251, 6110, and 7002 will also bring major changes. allow validators to hold up to 2,048 ETH instead of just 32, and significantly simplify validator onboarding and exits.
Validators will be able to stake up to 2,048 ETH instead of just 32, and the onboarding and exit processes will become more seamless. These changes are especially meaningful for institutional validators. As disappointed institutions are starting to sell their ETH holdings, this upgrade could stimulate renewed engagement from big players.
Ether’s price reflects the market’s expectations around its future demand, driven by its use to pay gas fees, and the dynamics of its supply. The Pectra upgrade is designed to strengthen both sides of that equation: increasing demand while reducing available supply.
On the demand side, a significantly improved user experience could attract mainstream users and developers, accelerating adoption and onchain activity.
On the supply side, streamlined and institution-friendly staking mechanisms may lead to more ETH being locked in validator nodes, tightening the circulating supply and potentially exerting upward pressure on price.
Furthermore, if more innovative wallet features fulfill their promise of driving user adoption, the increased transaction throughput will also accelerate ETH burning, reducing the supply even further.
Data shows Ethereum is currently experiencing one of its lowest burning periods ever, around 70 ETH per day, compared to 2,000 to 4,000 ETH in 2024. A resurgence in activity could push the burn rate higher, adding deflationary pressure that may support the price.
Related: Ethereum is destroying the competition in the $16.1T TradFi tokenization race
Pectra is set to add powerful features to Ethereum, but their impact may take time to materialize. In the meantime, the upgrade could provide the narrative Ether needs to regain market momentum.
Technically, the setup looks favorable. ETH appears to have already formed a local bottom, with the weekly RSI — often a reliable reverse signal — breaking out of its downtrend on April 20. .
This marks the end of a correction that lasted since December 2024 and wiped out as much as 66% of ETH’s value. A new uptrend could be underway, but could Pectra be its trigger?
Historically, Ethereum upgrades often coincided with short-lived price spikes that often failed to create momentum. In 2022, the Merge was overwhelmed by bear market sentiment. The Shapella in 2023, which enabled stake withdrawals, struggled to sustain momentum. The 2024 Dencun upgrade, which improved L2 integration, marked the end of the March rally.
However, the market cycle is now in its third year, just like in 2021, when Ethereum’s Berlin and London upgrades (improving gas pricing and introducing burning) helped fuel a major bull run. If history rhymes, Pectra could sync with the broader rally and mark Ethereum’s return to strength.
Looking ahead, the Fusaka hard fork scheduled for late 2025 could add further upside potential to Ether.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
What to know:
Altcoins have lagged Bitcoin year-to-date, but BNB price shows relative resilience, trading only 10% lower than the previous cycle’s all-time high.
BNB Chain shows a robust activity, consistently ranking third in daily transactions, active addresses, and TVL, while leading in the number of DApps.
The blockchain’s weakest point is its revenue, which still lags compared to competitors.
Altcoin price action has been underwhelming for much of the 2023-2026 cycle, pushing many crypto traders to focus primarily on Bitcoin. However, with moderate optimism returning to the markets, a closer look reveals that not all altcoins are struggling. In fact, the total altcoin market cap remains solidly above $1 trillion — $1.17 trillion, to be exact — and its 9% surge over the past week offers a glimmer of hope.
Among the major altcoins, BNB Chain (BNB) stands out for its relative strength and stability. Currently ranked as the fifth-largest cryptocurrency by market cap, behind BTC, ETH, USDT, and XRP, BNB is valued at around $89 billion. Some analysts see it as one of the most resilient altcoins in the current cycle.
As João Wedson, the founder of Alphractal, pointed out, using data from the cryptocurrency drawdown heatmap:
“While most altcoins have suffered drops of up to -98.5% from their all-time highs, BNB stands out alongside BTC as one of the least affected cryptocurrencies — and more impressively, it's one of the few that has reached a new all-time high this cycle.”
For Wedson, this resilience isn't just about price action — it’s also backed by solid foundations, such as BNB Chain’s well-developed ecosystem and BNB’s rising role in DeFi. He calls BNB “one of the rare altcoins with real utility, strong fundamentals, and growing adoption, making it the strongest-performing altcoin alongside BTC.”
Looking solely at price performance among top smart contract platforms’ coins tells a more nuanced story. BNB has indeed reached a new all-time high during this cycle, but so have XRP (XRP), TRX (TRX), and SOL (SOL) — though in Solana's case, the new high barely surpassed its 2021 peak by just 1%.
When comparing current prices to their previous cycle highs (mostly from May or November 2021), BNB is now down only about 10%. That’s significantly better than ETH (ETH), which is down 63%, and Solana, down 40%. However, XRP (+19%) and TRX (+49%) have performed even better.
One of BNB’s monetary advantages lies in its low dilution risk. According to Messari’s Market Cap/Fully Diluted Valuation (FDV) ratio, 96.51% of BNB’s supply is already in circulation. That’s in line with Ethereum (99.93%) and TRX (99.96%), indicating a relatively low risk of future token inflation. In contrast, Solana (86.33%) and especially XRP (58.33%) could face significant future dilution.
While BNB’s price performance has been relatively strong, it alone doesn't entirely justify its reputation for resilience; fundamentals offer deeper insight.
Beyond speculation, BNB’s value is defined by its use in BNB Chain — an umbrella term now used to define both BNB Smart Chain (the original blockchain) and the Beacon Chain (used for governance and staking). BNB Chain specializes in gaming, DeFi, launchpads, and other large-scale consumer DApps. More recently, it also got into the memecoins game, soaking up some of Solana’s volume. Being the key altcoin on the leading centralized exchange also helps.
According to Messari, BNB Chain processes around 4 million daily transactions on average, ahead of Ethereum (1 million), XRP Ledger (1.8 million), but behind Tron (5.5 million) and far behind Solana (54 million non-vote transactions daily).
In terms of daily active addresses, BNB Chain also performs well with about 1.1 million, beating Ethereum (384,800) and XRP Ledger (55,600), but trailing Tron (2.4 million) and Solana (3.7 million).
Where BNB Chain really shines is in the number of DApps. According to DappRadar, BNB Chain supports 5,686 DApps — more than Ethereum (4,987), with Polygon (2,402) trailing in third. This reinforces Wedson’s assertion of a “massive” BNB ecosystem and places BNB Chain in a strong position to lead the charge once Web3 fully matures.
BNB Chain also ranks 3rd in total value locked (TVL) in DeFi, with $5.8 billion, behind Ethereum ($50.5 billion) and Solana ($8 billion), according to DefiLlama. The blockchain seems to pay special attention to developing its DeFi activity. On March 24, its DEX trading volume even managed to briefly outpace all other blockchains, hitting a weekly total of $14.3 billion.
Related: ‘Vitalik: An Ethereum Story’ is less about crypto and more about being human
Blockchain revenue plays a crucial role in its long-term sustainability and growth. It is commonly assessed through the total transaction fees generated.
In 2024, Ethereum led the pack with $2.5 billion in fees, followed by Tron ($2.1 billion), Bitcoin ($923 million), and Solana ($751 million), according to CoinGecko. BNB Chain closed the top 5 with $194 million. Since XRP has little utility, its blockchain’s revenues were only $1.1 million.
So far in 2025, the revenue rankings are shifting, but BNB Chain remains 5th. In the past 30 days, Tron has taken the lead with $272 million in fees, followed by Solana ($34.7 million), Ethereum ($20.8 million), and BNB Chain ($17.1 million), per Messari data.
Overall, while BNB may not always top the charts across every metric, it consistently holds a respectable third place among the leading smart contract platforms. Its healthy activity metrics contribute to maintaining relative price stability within the sector.
The blockchain’s revenue remains its weakest point compared to competitors. However, if the promise of Web3 is realized and adoption accelerates, BNB Chain’s dominance in the DApp space could become its biggest strength.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Bitcoin (BTC) price surged over the Easter weekend, jumping 9% and crossing the $91,000 threshold on April 22. This strong performance diverged sharply from the stock market’s lukewarm rebound and mirrored gold’s bullish behavior, which briefly touched a new all-time high of $3,500.
While the BTC rally and its growing decoupling from equities are noteworthy, it's the derivatives market that offers an even more bullish signal.
According to data from CoinGlass, Bitcoin open interest (OI) soared by 17%, reaching a 2-month high at $68.3. OI measures the total capital invested in BTC derivatives, and such an uptick shows a growing bullish sentiment among traders.
The market is currently in contango — a situation where futures prices (notably CME Bitcoin futures) are higher than the spot price. This typically occurs because investors anticipate rising prices and take advantage of leverage tools offered by exchanges, allowing them to gain greater exposure through futures than they could with direct spot purchases.
This raises two questions: Who is buying, and why?
A key metric for understanding investor composition is the Coinbase Bitcoin Premium Index. It measures the percentage price difference between Bitcoin on Coinbase Pro (BTC/USD) and Binance (BTC/USDT). Since Coinbase Pro caters predominantly to US-based institutional investors, while Binance has a broader global retail audience, this premium can indicate where the buying pressure is coming from.
While the first half of April showed strong retail dominance, April 21–22 saw institutional demand kick in, with the Coinbase premium rising to 0.16%, per CoinGlass.
Michael Saylor’s Strategy could be among those buyers. On April 21, Saylor announced the acquisition of 6,556 more BTC for approximately $555.8 million at an average price of ~$84,785 per coin. This brings MicroStrategy’s total holdings to an eye-watering 538,200 BTC, worth approximately $48.4 billion at current prices.
On a smaller scale, Japan-based Metaplanet also added 330 BTC to its treasury, pushing its total to 4,855 BTC, the company’s CEO announced on the same day.
Meanwhile, investors who favor traditional financial instruments over direct Bitcoin holding have also begun to renew their interest. According to the CoinGlass data, on April 21, BTC ETFs recorded $381 million in inflows — a much-needed reversal after a prolonged period of heavy outflows. Since February, ETFs had suffered 33 days of net outflows versus just 21 days of inflows, with outflows strongly dominating in volume. The recent reversal suggests renewed confidence, particularly from TradFi-aligned investors.
Related: Bitcoin risks 10%-15% BTC price dip after key rejection near $89K
Since tariff fears took grip of the market, institutional investors have kept Bitcoin and equities at arm’s length, but something shifted over the Easter weekend.
Crypto analyst Rekt Capital noted that Bitcoin has decisively broken out of its multimonth downtrend
“The multimonth downtrend is over. And when a technical downtrend is broken, technical uptrends emerge.”
Another, more macroeconomic, factor may be the increasing tension between US President Donald Trump and Federal Reserve Chair Jerome Powell. Their growing rift, centered on concerns about inflationary pressure from tariffs and the Fed’s reluctance to cut rates, has cast a shadow over the US dollar.
The US Dollar Index, which tracks the dollar’s value against a basket of currencies, has been in freefall since February, reaching lows last seen in 2022. Trump’s public pressure on Powell, and speculation that he might attempt to remove him or other Fed officials, is fueling anxiety over the Fed’s independence — a foundational pillar of the US financial system.
The potential consequences of a falling dollar for the global economy are difficult to predict, but one thing is clear: Bitcoin stands poised to be a major beneficiary. A decentralized, censorship-resistant money governed solely by code, with a fixed supply schedule and no central authority to manipulate its issuance. As confidence in traditional monetary systems continues to erode, Bitcoin’s narrative grows ever stronger.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Bitcoin (BTC) remains under pressure as macroeconomic uncertainty continues to weigh on its price action. After making a strong bounce from the local bottom near $75,000 on April 7 and 9, analysts are beginning to question whether BTC could be gearing up for a reversal of the downward trend that’s persisted since the start of the year.
For some, like the veteran trader Peter Brandt, this trendline is nothing but hopium. As he noted in his X post,
“Of all chart construction, trendlines are the LEAST significant. A trendline violation does NOT signify a transition of the BTC trend. Sorry.”
Others, however, see more reason for cautious optimism. Analyst Kevin Svenson highlighted a possible weekly RSI breakout, pointing out that “Once confirmed, weekly RSI breakout signals have proven to be among the most reliable macro breakout indicators.”
Ultimately, price is driven by supply and demand—and while both sides of the equation are beginning to show subtle signs of recovery, they are yet to reach the levels needed for a proper breakout. Furthermore, the bulls must cut through a dense sell wall near $86,000 to confirm the reversal.
According to CryptoQuant, Bitcoin’s apparent demand — measured by the 30-day net difference between exchange inflows and outflows — is showing early signs of recovery after a sustained dip into negative territory.
However, the analysts caution against prematurely declaring a trend reversal. Looking back to the 2021 cycle peak, similar conditions occurred: demand remained low or negative for months, prices temporarily stabilized or rebounded, and true structural recovery only followed extended consolidation.
This current uptick in demand may simply mark a pause in selling pressure—not a definitive bottom sign. Time and confirmation are still needed to confirm a shifting momentum.
From a trader’s perspective, the apparent demand metric does not look optimistic just yet. Bitcoin daily trade volumes currently hover around 30,000 BTC (spot) and 400,000 BTC (derivatives), according to CryptoQuant. This is, respectively, 6x and 3x less compared to the June-July 2021 period that preceded the last bull run of the 2019-2022 cycle. Despite hopeful comparisons of the current price dip to that period, current volume dynamics suggest a more subdued trader appetite.
Institutional investors confirm the low demand trend. Since April 3, the spot BTC ETFs have recorded continuous outflows totaling over $870 million, with the first modest inflow not occurring until April 15. Despite this, trading volumes remain relatively high — only 18% below the 30-day average — indicating that some investor appetite for Bitcoin persists.
Related: Crypto in a bear market, rebound likely in Q3 — Coinbase
On the supply side, liquidity remains weak. According to Glassnode’s recent report, the realized cap growth has slowed to 0.80% per month (from 0.83% previously). This points to a continued lack of meaningful new capital entering the Bitcoin network and, as Glassnode notes, “remains well below typical bull market thresholds.”
Furthermore, the BTC balance on exchanges — often used to gauge available sell-side liquidity — has dropped to just 2.6 million BTC, the lowest level since November 2018.
Yet, on a broader macroeconomic level, some analysts see reasons for cautious hope. Independent market analyst Michael van de Poppe pointed out the quickly rising M2 Supply, which, with a certain lag (here 12 weeks), has often influenced Bitcoin price in the past.
“If the correlation remains, he wrote, then I assume that we'll see Bitcoin rally to an ATH in this quarter. This would also imply a rise in CNH/USD, a fall in Yields, a fall in Gold, a fall in DXY, and a rise in Altcoins.”
Even if bullish momentum and demand returns, Bitcoin will need to clear a critical resistance zone between $86,300 and $86,500, as shown on CoinGlass’ liquidity heatmap, which maps dense clusters of buy and sell orders at different levels.
Alphractal adds another layer of insight through its Alpha Price Chart, which incorporates realized cap, average cap, and onchain sentiment — and comes to the same conclusion. According to the chart, BTC must decisively break above $86,300 to restore short-term bullish sentiment. If the price weakens again, support levels lie at $73,900 and $64,700.
Overall, calling a trend reversal at this stage may be premature. Liquidity remains thin, macroeconomic headwinds persist, and investors remain cautious. Still, Bitcoin’s resilience above $80,000 signals strong support from long-term holders. A decisive breakout above $86,300 could shift market sentiment—and, in a best-case scenario, ignite a new rally. For such a move to be meaningful, however, it must be backed by spot market volume, not just leverage-driven activity.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
On April 6, Bitcoin price formed a death cross on a daily chart — a technical pattern where the 50-day moving average (MA) falls below the 200-day MA. Historically associated with trend reversals and long bearish trading periods, this ominous signal has sometimes preceded major market drawdowns.
The latest death cross comes amid growing macroeconomic uncertainty. Equities are reeling from what appears to be the early stages of a tariff war, volatility is rising, and fear continues to dominate investor sentiment. For some investors, Bitcoin’s death cross could be the final blow to hopes of a near-term rally. Early signs of capitulation from short-term holders may already be emerging.
Still, not everyone sees doom ahead.
By definition, a death cross confirms the end of a bullish phase. When the 50-day MA drops below the 200-day MA, it suggests recent price action has weakened relative to the longer-term trend. Its counterpart, the golden cross, occurs when the opposite happens — often heralding a new rally.
Since its inception, Bitcoin has experienced 10 such death crosses, with the 11th unfolding right now. Analyzing their dates and durations gives a major insight: every bear market included a death cross, but not every death cross has led to a bear market. This distinction is key to understanding the current setup.
BTC/USD 1-day death cross history (log). Source: Marie Poteriaieva, TradingView
Indeed, there are two types of death crosses: those that happen during bear markets and the rest. The three death crosses that formed during the bear markets of 2014-2015, 2018, and 2022 were long and painful. They lasted for 9 to 13 months and saw drawdowns between 55% and 68% from the day of the cross to the cycle bottom.
The remaining seven were far less severe. They lasted from 1.5 months to 3.5 months and saw Bitcoin decline anywhere from 27% to nothing at all. In many cases, these signals marked local bottoms and were followed by renewed rallies.
This brings us to the critical question: Is Bitcoin already in a bear market, or is this another bear trap?
If Bitcoin is indeed in bear territory, as CryptoQuant CEO Ki Young Ju believes, the current death cross could signal 6 to 12 more months of downward price action. This outlook aligns with his observations of the difference between the current market cap and the realized cap (average cost basis for each wallet x amount of BTC held).
“If Realized Cap is growing, but Market Cap is stagnant or falling, it means capital is flowing in, but prices aren’t rising—a classic bearish signal.”
Current data clearly points to the latter, Ki Young Ju adds.
“Sell pressure could ease anytime, but historically, real reversals take at least six months—so a short-term rally seems unlikely.”
BTC growth rate difference. Source: CryptoQuant
Other market participants disregard the presence of the death cross. Crypto analyst Mister Crypto argued that the current death cross is a setup for a rally rather than a slide. “The trap is set again. This will be the most hated rally of 2025!” he posted alongside a chart showing previous false signals of this cycle.
Bitcoin death cross during the bull market. Source: Mister Crypto
CoinShares head of research James Butterfill also downplayed the signal’s significance. As he put it,
“For those of you that think the Bitcoin death cross means anything - empirically, it's total nonsense, and in fact, often a good buying opportunity.”
Butterfill’s data shows that, on average, Bitcoin prices are only slightly lower one month after a death cross (-3.2%) and often higher three months out.
Related: Trump tariffs reignite idea that Bitcoin could outlast US dollar
Interestingly, Bitcoin isn’t the only asset flashing warning signs. The Nasdaq 100 and S&P 500 are both on the verge of forming their own death crosses, while individual tech stocks — including Apple, Microsoft, Nvidia, and Alphabet — have already triggered them or are close to doing so.
Bitcoin’s recent move is part of a larger market reset, for better or for worse. At the moment, however, it leans more toward the "worse" side: as some analysts point out, what’s bad for the Nasdaq tends to be bad for Bitcoin, too. Unless, of course, Bitcoin fully claims its role as digital gold.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Bitcoin’s (BTC) four-year cycle, anchored around its halving events, is widely recognized as a key factor in BTC’s year-over-year price growth. Within this larger framework, traders have come to expect distinct phases: accumulation, parabolic rallies, and eventual crashes.
Throughout the four-year period, shorter-duration cycles also emerge, often driven by shifts in market sentiment and the behavior of long- and short-term holders. These cycles, shaped by the psychological patterns of market participants, can provide insights into Bitcoin’s next moves.
Long-term Bitcoin holders — those holding for three to five years — are often considered the most seasoned participants. Typically wealthier and more experienced, they can weather extended bear markets and tend to sell near local tops.
According to recent data from Glassnode, long-term holders distributed over 2 million BTC in two distinct waves during the current cycle. Both waves were followed by strong reaccumulation, which helped absorb sell-side pressure and contributed to a more stable price structure. Currently, long-term Bitcoin holders are in the new accumulation period. Since mid-February, this cohort’s wealth increased sharply by almost 363,000 BTC.
Total BTC supply held by long-term holders. Source: Glassnode
Another cohort of Bitcoin holders often seen as more seasoned than the average market participant are whales—addresses holding over 1,000 BTC. Many of them are also long-term holders. At the top of this group are the mega-whales holding more than 10,000 BTC. Currently, there are 93 such addresses, according to BitInfoCharts, and their recent activity points to ongoing accumulation.
Glassnode data shows that large whales briefly reached a perfect accumulation score (~1.0) in early April, indicating intense buying over a 15-day period. The score has since eased to ~0.65 but still reflects consistent accumulation. These large holders appear to be buying from smaller cohorts—specifically wallets with less than 1 BTC and those with under 100 BTC—whose accumulation scores have dipped toward 0.1–0.2.
This divergence signals growing distribution from retail to large holders and marks potential for future price support (whales tend to hold long-time). Oftentimes, it also precedes bullish periods.
The last time mega-whales hit a perfect accumulation score was in August 2024, when Bitcoin was trading near $60,000. Two months later, BTC raced to $108,000.
BTC trend accumulation score by cohort. Source: Glassnode
Short-term holders, usually defined as those holding BTC for 3 to 6 months, behave differently. They're more prone to selling during corrections or periods of uncertainty.
This behavior also follows a pattern. Glassnode data shows that spending levels tend to rise and fall approximately every 8 to 12 months.
Currently, short-term holders’ spending activity is at a historically low point despite the turbulent macro environment. This suggests that so far, many newer Bitcoin buyers are choosing to hold rather than panic-sell. However, if the Bitcoin price drops further, short-term holders may be the first to sell, potentially accelerating the decline.
BTC short-term holders’ spending activity. Source: Glassnode
Markets are driven by people. Emotions like fear, greed, denial, and euphoria don’t just influence individual decisions — they shape entire market moves. This is why we often see familiar patterns: bubbles inflate as greed takes hold, then collapse under the weight of panic selling.
CoinMarketCap’s Fear & Greed Index illustrates this rhythm well. This metric, based on several market indicators, typically cycles every 3 to 5 months, swinging from neutral to either greed or fear.
Since February, market sentiment has remained in the fear and extreme fear territory, now worsened by US President Donald Trump’s trade war and the collapse in global stock market prices. However, human psychology is cyclical, and the market might see a potential return to a “neutral” sentiment within the next 1-3 months.
Fear & Greed Index chart. Source: CoinMarketCap
Perhaps the most fascinating aspect of market cycles is how they can become self-fulfilling. When enough people believe in a pattern, they start acting on it, taking profits at expected peaks and buying dips at expected bottoms. This collective behavior reinforces the cycle and adds to its persistence.
Bitcoin is a prime example. Its cycles may not run on precise schedules, but they rhyme consistently enough to shape expectations — and, in turn, influence reality.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Hyperliquid is one of the current bull market’s standout DeFi success stories. With daily trading volumes having reached $4 billion, the exchange has become the largest decentralized (DEX) derivatives platform, commanding nearly 60% of the market.
Hyperliquid still lags far behind Binance Futures’ $50 billion daily average volume, but the trend suggests that it has started to encroach on centralized exchange (CEX) territory.
Launched in 2023, Hyperliquid gained popularity in April 2024 after launching spot trading. This, combined with its aggressive listing strategy and easy-to-use onchain user interface, helped to lure in a wave of new users.
The platform’s real explosion, however, came in November 2024, following the launch of its HYPE (HYPE) token. Hyperliquid’s trading volume skyrocketed, and it now boasts over 400,000 users and more than 50 billion trades processed, according to data from Dune.
Hyperliquid cumulative trades and users. Source: Dune
While Hyperliquid started as a high-performance perpetual futures and spot DEX, its ambitions have since expanded. With the launch of HyperEVM on Feb. 18, the project has become a general-purpose layer-1 chain capable of supporting third-party DeFi apps built on top of its infrastructure.
As one of Hyperliquid’s founders, Jeff Yan, put it,
“Most L1s build infrastructure and hope that others will come build the killer apps. Hyperliquid takes the opposite approach: polish a native application and then grow into general-purpose infrastructure.”
If this approach works, the liquidity driven by Hyperliquid’s core DEX could naturally feed into the broader ecosystem and vice versa, creating a flywheel effect.
Related: Hyperliquid flips Solana in fees, but is the ‘HYPE’ justified?
According to CoinGecko, Hyperliquid now ranks 14th among derivatives exchanges by open interest, sitting at $3.1 billion. That’s still behind Binance’s $22 billion but ahead of older names like Deribit or derivatives divisions of Crypto.com, BitMEX, or KuCoin. It’s the first time a DEX is competing so closely with established CEXs.
Furthermore, as Hyperliquid deepens its focus on specialized trading pairs, it continues to chip away at the market share of major exchanges. The DEX accepts not only Arbitrum USDC as collateral but also native BTC. This makes it one of the few decentralized platforms that handle BTC wrapping and unwrapping natively, giving users the option to use BTC for Web3-wallet-based trading.
X user Skewga.hl noted that Hyperliquid’s BTC perpetual futures volume share recently hit an all-time high, reaching almost 50% of Bybit’s and 21% of Binance’s. Skewga.hl wrote,
“No DEX has ever come this close to matching Tier 1 CEX volume.”
Daily volume ratios, Hyperliquid vs Other exchanges (BTC perp). Source: Skewga.hl
Since 2024, perpetual swaps have seen a revival as a trading tool. During the 2021–2022 bull market, daily perps volume averaged around $5 billion. In early 2025, that number often exceeded $15 billion, with Hyperliquid accounting for nearly two-thirds of it.
Data from DefiLlama illustrates the shift: while dYdX (green) dominated in 2023–2024, the landscape diversified significantly in 2024—and by 2025, Hyperliquid (pink) had taken the lead.
Perps volume breakdown. Source: DefiLlama
Despite the recent JELLY token scandal, which involved the exchange halting trading and delisting a low-market-cap token that a whale had exploited, Hyperliquid remains a popular exchange among DeFi and DEX traders. It has yet to capture institutional investor flows or scale to the level of top-tier CEXs. However, if its layer 1 ecosystem gains traction with developers, Hyperliquid could evolve into more than just a leading DEX.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
April 2 is shaping up to be a pivotal moment in global trade policy. US President Donald Trump has dubbed it “Liberation Day,” in reference to when new tariffs — exceeding 20%— will hit imports from over 25 countries. According to The Wall Street Journal, the administration is also weighing “broader and higher tariffs” beyond this initial wave, meaning that April 2nd is unlikely to be the end of economic uncertainty.
Markets reacted negatively over the past week, with the S&P 500 dropping 3.5%, while the Nasdaq 100 slid 5%, underscoring investor anxiety. At the same time, gold surged 4%, reaching a record high above $3,150 per ounce. The yield on the 10-year Treasury dropped to 4.2%, even as recent inflation data showed an uptick in some of the core components.
The markets’ is a classic sign of a risk-off environment—one that often precedes economic contraction.
Throughout the volatility, Bitcoin (BTC) dropped 6%—relatively modest compared to its historical volatility, but this does not make it a reliable hedge just yet, although its growing role as a reserve asset suggests this could shift over time.
In periods of macroeconomic and geopolitical instability, investors typically seek yield-bearing and historically stable assets. Both US government bonds’ decreasing yield and gold prices’ increase signal an increasing demand for these types of assets.
Gold is having a standout moment. Over the past two months, gold funds have attracted more than $12 billion in net inflows, according to Bloomberg — marking the largest surge of capital into the asset since 2020.
Gold funds monthly inflows. Source: Bloomberg
Since the beginning of the year, gold prices have been up nearly +17%, while the S&P 500 has been down 5%. This shows a precarious state of the economy, further confirmed by a sharp drop in the US consumer sentiment, which has fallen around 20 points to reach levels not seen since 2008. In March, just 37.4% of Americans expected stock prices to rise over the next year—down nearly 10 points from February and 20 points below the peak in November 2024.
As The Kobeissi Letter put it:
“An economic slowdown has clearly begun.”
A Matrixport chart shows that BlackRock’s spot Bitcoin ETF (IBIT) is now 70% correlated with the Nasdaq 100—a level reached only twice before. This suggests that macro forces are still shaping Bitcoin's short-term moves, much like tech stocks.
IBIT BTC ETF vs Nasdaq - 30-day correlation. Source: Matrixport
The ETF data supports this trend. After a strong week of inflows, spot Bitcoin ETFs saw a net outflow of $93 million on March 28, according to CoinGlass. The total Bitcoin ETP assets under management have dropped to $114.5 billion, the lowest in 2025.
The numbers show that Bitcoin is still perceived more as a speculative tech proxy and is yet to enter a new phase of market behavior. However, some signs of this potential transition are already apparent.
Related: Worst Q1 for BTC price since 2018: 5 things to know in Bitcoin this week
Beneath the volatility, a structural shift is underway. Companies are increasingly using Bitcoin and its ETFs to diversify their balance sheets.
According to Tipranks, 80.8% of BlackRock’s IBIT shares are owned by public companies and individual investors. Furthermore, in Feb. 2025, BlackRock incorporated a 1% to 2% allocation of IBIT into its target allocation portfolios, reflecting growing institutional adoption.
Data from BitcoinTreasuries shows that publicly listed companies currently hold 665,618 BTC, and private firms hold 424,130 BTC. Together, that’s 1,089,748 BTC — roughly 5.5% of the total supply (excluding lost coins). These figures underscore the growing acceptance of Bitcoin as a treasury reserve asset. What’s more, some experts predict that holding BTC in corporate treasury will become a standard practice by the end of the decade.
Elliot Chun, a partner at the crypto-focused M&A firm Architect Partners, said in a March 28 blog post:
“I anticipate that by 2030, a quarter of the S&P 500 will have BTC somewhere on their balance sheets as a long-term asset.”
The character of any asset is defined by the attitude of those who own it. As more corporations adopt Bitcoin for treasury diversification—and as sovereign entities begin experimenting with Bitcoin reserves—the cryptocurrency's profile is shifting. The US Strategic Bitcoin Reserve, as imperfect as it is, contributes to this trend.
It’s too early to call Bitcoin a full-fledged hedge. Its price is still primarily driven by short-term speculation. But the transition is underway. As adoption grows across countries, companies, and individuals, Bitcoin’s volatility will likely decrease, and its utility as a partial hedge will increase.
For now, the safe haven label may be aspirational. But if current trends continue, it might not be for long.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Few things in crypto are as elusive and misunderstood as the concept of an “altcoin season.” Traditionally, this term referred to a brief window — usually 2–3 months — following a Bitcoin (BTC) price rally, where altcoins outperform BTC in cumulative returns. That pattern held in the 2015–2018 and 2019–2022 cycles, but the verdict is not yet in on whether the current bull market has had its altcoin season.
The Blockchain Center defines an altcoin season as a period when 75% of the top 50 altcoins outperform Bitcoin over a rolling 90-day time frame. Its Altseason Index registered upticks in March 2024 and again in January 2025 — but neither lasted long enough to qualify as a full-fledged altseason.
Altcoin season index. Source: Blockchain Center
Some analysts argue that memecoins drained liquidity from the broader altcoin market. Others blame the oversaturation of crypto investment products — particularly ETFs — which cater to institutions and spotlight only the largest altcoins.
A third explanation calls for a deeper rethink of what altcoins actually are. Within this view, altcoins are perceived as a unified asset class but are a diverse collection of crypto assets with different functions, value structures, and growth potential.
For the crypto analyst Miles Deutscher, the launch of Pump.fun is directly correlated to the destruction of the altcoin market vs. BTC.
“The reason we’ve seen no major “altseason” across majors is because the speculative capital that would’ve once poured into top 200 assets, instead decided to jump the gun and flood into onchain low caps instead.”
Deutscher notes that the early birds and insiders got insanely rich from this, but most retail investors who entered late lost. This was also the case in previous altcoin cycles.
However, unlike 2022, where the losses were mainly limited to CEX altcoins with solid liquidity, they got stuck into illiquid onchain memecoins, which quickly retraced 70%-80%. This led to a “wealth destruction event greater than the early 2022 bear (LUNA aside),” even though BTC (and some majors) are still in a macro bull trend.
Solana TVL vs Top 125 Alts (excl. Top 10). Source: Miles Deutscher
Politics in the United States added fuel to the memecoin craze. For example, President Donald Trump’s public embrace of memecoins sparked momentum — but the results quickly disappointed. TRUMP and MELANIA tokens have dropped 83% and 95%, respectively, since launching at the end of January, delivering another hit to retail sentiment.
Related: Will new US SEC rules bring crypto companies onshore?
Another factor impacting the strength of the current bull market’s altcoin season was the arrival of Wall Street. The launch of spot Bitcoin ETFs in January 2024 brought $129 billion in inflows as investors rushed into familiar structures with custody, regulation, and easy access. BlackRock’s IBIT became a dominant vehicle, and the introduction of ETF options in July 2024 added even more depth.
Some analysts believe that the safety and scalability of spot BTC ETFs sucked capital away from speculative assets. With the ability to hedge through options and futures, the incentive to gamble on illiquid, low-volume altcoins diminishes significantly.
But this explanation has limits. Crypto is not a zero-sum market — global liquidity is growing, and capital entering the space can flow in many directions. If anything, institutional demand could expand the total crypto pie.
Furthermore, some altcoins already have their ETFs as well. Spot Ether ETFs debuted in July 2024 and have since registered a modest net inflow of $565,000, according to CoinGlass. Such a drastic difference in scale with spot BTC ETFs suggests that the ETF structure alone isn’t enough; investor conviction still matters.
The term “altcoin” emerged when any non-Bitcoin token was novel. But in today’s ecosystem, the term lumps together wildly different assets: blockchain-native coins, governance tokens, stablecoins, memecoins, DApp tokens, and real-world asset protocol tokens — each with distinct functions and investor profiles.
Just as it wouldn’t make sense to group gold, Nvidia stock, and the US dollar into a single index in traditional finance, it makes little sense to treat all altcoins as one unified category.
A closer look at price action supports this idea. According to CoinGecko data, major altcoin categories have diverged sharply this cycle. Real-world asset (RWA) tokens surged 15x. GameFi, by contrast, lost half its market cap. This shows that narratives play a growing role in driving investors’ capital allocation decisions.
Crypto categories market cap. Source: CoinGecko
Even core blockchain tokens have started to specialize. Ethereum remains the hub for DeFi. Solana dominates memecoins. Tron now holds second place in stablecoin transfers. ImmutableX is carving out its territory in the gaming space.
In each case, token performance is increasingly tied to ecosystem activity. This means that we might want to abandon the term “altseason” and start to pay more attention to specific narratives within the crypto space.
Altcoins aren’t moving as a pack anymore, and that might be the biggest signal of how the crypto market is maturing.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
On March 2, President Donald Trump mentioned Cardano’s ADA (ADA) token among the cryptocurrencies to be included in the US strategic crypto reserve. Trump’s March 6 executive order clarified that altcoins would be part of the Digital Asset Stockpile (DAS) under the “responsible stewardship” of the Treasury.
ADA’s potential inclusion in a government-managed portfolio sparked industry-wide surprise and, at times, harsh criticism. Although it has loyal investors who have supported it for years, many in the crypto community questioned why the token was included in the digital asset stockpile.
Let’s analyze the blockchain to see if ADA’s fundamentals and utility support its place in the US Digital Asset Stockpile.
Launched in 2017 via an ICO, Cardano is one of the oldest smart contract platforms. It differs from others through its research-driven design approach and its use of a delegated proof-of-stake mechanism combined with an extended UTXO accounting model.
Cardano’s ambition as a smart contract platform is well captured by X ‘Cardano_whale,’ who outlined the blockchain’s “non-negligible fees, voting power, decentralized consensus, all native token trading paired with it.”
The X post emphasizes ADA’s utility (something “most VC coins lack”) along with Cardano’s decentralized governance as key advantages.
Indeed, Cardano’s Project Catalyst is one of the largest decentralized funding initiatives in crypto. Through it, treasury funds from transaction fees and inflation are allocated democratically to community proposals. Also, unlike the Ethereum network, which still relies on offchain governance for major upgrades, Cardano aims to transition entirely to onchain governance.
The Plomin hard fork that took place on Jan. 29 marked the transition to “full decentralized governance,” according to the Cardano Foundation. It grants ADA holders “real voting power—on parameter changes, treasury withdrawals, hard forks, and the blockchain’s future.”
Cardano’s native coin, ADA, is used for network fees, staking, and governance. Its maximum supply is 45 billion, with 31 billion initially distributed—26 billion sold in the public sale and 5 billion allocated to IOHK, Emurgo, and the Cardano Foundation.
The remaining 14 billion ADA were reserved for gradual release through minting. With 0.3% of ADA reserves distributed as rewards every five days, ADA inflation declines as reserves deplete. The current inflation rate is approximately 4%, with a circulating supply of 35.95 billion ADA.
While a capped supply can support a coin’s value and justify its inclusion in the DAS, other ADA metrics, such as fees and staking yields, lag far behind competitors.
Despite its years in the smart contract ecosystem, Cardano has struggled to generate enough activity to establish itself among the leaders. As a result, ADA’s limited usage within the crypto ecosystem raises concerns about its long-term value.
According to Messari’s Q4 2024 State of Cardano report, the blockchain processed an average of 71,500 daily transactions, with 42,900 daily active addresses. Quarterly fees totaled $1.8 million, a stark contrast to Ethereum’s $552 million in fees over the same period, according to CoinGecko.
Cardano’s annualized real staking yield, adjusted for inflation, was approximately 0.7% in Q4, compared to Ethereum’s 2.73%.
Cardano key metrics overview, Q4 2024. Source: Messari
Related: Crypto fans are obsessed with longevity and biohacking: Here’s why
Other blockchain activity metrics reinforce the concern about adding ADA into a government portfolio:
With 449 developers working on the blockchain, Cardano ranks 12th among blockchains in developer count, according to Electric Capital’s report.
Its stablecoins’ share is just 0.01% of the total $224 billion stablecoin market cap, per DefiLlama.
Cardano’s DeFi ecosystem is underdeveloped, accounting for just 0.3% of the total $169 billion DeFi sector. However, if we include its core staking, which does not require locking and therefore is not counted in the TVL, Cardano’s share will grow to 12%.
Cardano’s DApp activity remains low compared to other smart contract platforms. In Q4, it averaged just 14,300 daily DApp transactions—well outside the top 25 and a fraction of Solana’s 22 million. Even more concerning is its 73% decline from Q4 2023, when Cardano recorded 52,700 daily transactions. Such a sharp drop signals a troubling trend for a blockchain that is still in its growth phase.
Cardano DApp transactions, Q4 2024. Source: Messari
The case for ADA in the strategic crypto reserve is far less clear than for Ethereum and Solana, which are leading blockchains in many different categories. Cardano’s low activity, limited adoption, and weak staking incentives raise serious doubts about ADA’s suitability for a government-managed asset pool.
On the other hand, ADA’s capped supply and Cardano’s focus on decentralization give it a unique edge over competitors. They could lead to greater adoption and relevance in the long run.
Furthermore, projects like those by Atrium Lab are exploring Cardano’s native compatibility with Bitcoin through the eUTXO system, which could potentially unlock a new framework for DeFi on Bitcoin and drive activity to Cardano.
Could this possibility be enough to justify ADA’s place in the digital asset stockpile?
As David Nage, the portfolio manager of the venture capital firm Arca, put it,
“Like the rest of crypto, the Cardano ecosystem needs to find and support developers to create products and applications that millions of people enjoy and depend on. Then, they need brilliant storytellers to solidify the narrative behind it to build mass, sustainable audiences. After all that, putting ADA into a US national reserve begins to make more sense, in my opinion. It can be done.”
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
At the start of the week, Bitcoin (BTC) price succumbed to pressure from sellers, declining from $84,500 on March 17, to $81,300 at the time of writing. This downward movement was most likely a sell-off related to the Federal Open Market Committee’s (FOMC) two-day meeting, which takes place on March 18-19.
Federal Open Market Committee (FOMC) meetings tend to act as market resets. Each time the FOMC meets to deliberate on US monetary policy, crypto markets brace for impact.
Historically, traders de-risk and reduce leverage ahead of the announcement, and after the meeting and press conference from Federal Reserve Chair Jerome Powell the markets can be equally reactive.
The press release of the current FOMC meeting scheduled for Wednesday, March 19, at 2:30 pm ET, and it could trigger major movements in the Bitcoin market. Analyzing market behavior leading to its release could offer clues about Bitcoin’s next move.
Traders are closely monitoring the FOMC minutes for any shifts in the Fed’s stance on inflation and interest rates.
After the FOMC announcement, Bitcoin price tends to react sharply. Since the beginning of 2024, BTC prices mostly declined after the FOMC decided to maintain rates, as can be seen on the chart below.
The notable exception was the pre-halving rally of February 2024, which also coincided with the launch of the first spot BTC ETFs. When US interest rates were cut on Sept. 18, 2024, and Nov. 7, 2024, Bitcoin rallied.
However, the third cut on Dec. 18, 2024, did not yield the same result. The modest decrease by 25 basis points to the 4.50%–4.75% range marked the local Bitcoin price top at $108,000.
BTC/USD 1-day chart with FOMC dates. Souce: Marie Poteriaieva, TradingView
A key indicator that provides insight into market sentiment is Bitcoin open interest—the total number of derivative contracts, mostly $1 perpetual futures, that have not been settled.
Historically, Bitcoin open interest falls before FOMC meetings, showing that traders are reducing leverage and risk exposure, as per the graph based on CoinGlass data.
Bitcoin futures open interest and FOMC dates. Source: Marie Poteriaieva, CoinGlass
However, this month, another pattern has emerged. Despite Bitcoin’s $12 billion open interest shakeout earlier this month, in the days preceding the FOMC there was no noticeable decrease in Bitcoin’s open interest. BTC price, however, declined, which is unusual and could indicate a strong directional bet.
This could also be a sign that traders feel less anxiety about the Fed’s decision, possibly expecting a neutral outcome. Supporting this view, CME Group’s FedWatch tool indicates a 99% probability that the Fed will maintain rates at 4.25%–4.50%.
If the rates remain unchanged, it is possible that Bitcoin price will continue its current downtrend. This may be exactly what the HyperLiquid whale was hoping for when it opened a 40x leveraged short position worth over $500 million at its peak. However, this position is now closed.
Related: Bitcoin stalls under $85K— Key BTC price levels to watch ahead of FOMC
Unlike Bitcoin whales, investors in the spot Bitcoin ETFs have historically offloaded BTC holdings before FOMC meetings.
Since the spot BTC ETFs launched in January 2024, most FOMC events have coincided with ETF outflows or, at best, modest inflows, according to CoinGlass data. The notable exception was the previous all-time high of January 2025, when even the spot Bitcoin ETF investors couldn’t resist the urge to buy.
Spot Bitcoin ETF net inflows and FOMC dates. Source: Marie Poteriaieva, CoinGlass
On March 17, the spot Bitcoin ETFs saw $275 million in net inflows, marking a shift from a month of outflows. This may signal a shift in investor sentiment and expectations regarding the Fed’s policy decisions.
If spot ETF inflows are rising before the FOMC, investors might be anticipating a more dovish stance from the Fed, such as signaling future rate cuts or maintaining liquidity-friendly policies.
Investors could also be loading up on Bitcoin as a hedge against uncertainty. This suggests that some institutional investors believe Bitcoin will perform well regardless of the Fed’s decision.
Investors could also be anticipating a possible short squeeze. If traders were expecting Bitcoin to drop and positioned short, a sudden increase in ETF inflows could play a role in traders’ behaviors and trigger a short squeeze.
Following the FOMC, BTC’s price action, along with onchain data and spot ETF flows will show whether the recent activity was part of a long-term accumulation trend or just speculative positioning.
However, one thing that many traders agree on now is that BTC could experience a significant price movement after the FOMC announcement. As crypto trader Master of Crypto put it in a recent X post:
“The FOMC is tomorrow, and a Big Move is expected.”
Even without rate cuts, the chance of the Fed issuing dovish statements could lift markets, while the absence of them could drive prices lower.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Ripple’s XRP (XRP), the third-largest cryptocurrency by market cap, gained national recognition after President Donald Trump mentioned the “valuable cryptocurrency” alongside BTC, ETH, SOL, and ADA as part of a planned US strategic crypto reserve.
Trump’s executive order on March 6 established a new structure for the altcoins — the Digital Asset Stockpile, managed by the Treasury.
While the crypto community remains divided on whether XRP is truly as valuable as President Trump suggests, a closer look at the altcoin’s utility is warranted.
Launched in 2012 by Ripple Labs, the XRP Ledger (XRPL) was designed for interbank settlements. It initially offered three enterprise solutions: xRapid, xCurrent, and xVia, all later rebranded under the RippleNet umbrella. XCurrent is real-time messaging and settlement between banks, xVia is a payment interface allowing financial institutions to send payments through RippleNet, and xRapid, now part of On-Demand Liquidity (ODL), facilitates cross-border transactions.
Only ODL actually requires XRP; the other services allow banks to use RippleNet without ever holding the token. This means bank adoption of Ripple technology does not always drive XRP’s price.
Some of the world’s largest banks have used xCurrent and xVia, including American Express, Santander, Bank of America, and UBS. There is less data on the entities that use XRP-powered ODL service. Known adopters include SBI Remit, a major Japanese remittance provider, and Tranglo, a leading remittance company in Southeast Asia.
XRP is also used as a gas token. However, unlike the Ethereum network, where fees go to validators, a small amount of XRP is burned as an anti-spam mechanism.
XRP’s role in Web3 is minimal. Unlike Ethereum, Ripple does not support complex smart contracts or DApps. It offers only basic Web3 functionality, such as a token issuance mechanism and native NFT support under the XLS-20 standard, introduced in 2022.
The XRPL Web3 ecosystem is small. Its modest DeFi sector holds $80 million in total value locked (TVL), according to DefiLlama. XRPL’s tokens have a combined market cap of $468 million, according to Xrpl.to. Most of them are DEX tokens (SOLO) and memes (XRPM), as well as wrapped BTC and stablecoins.
So far, XRPL’s Web3 sector remains niche and trails true smart contract platforms like Ethereum and Solana.
Related: SEC delays decision on XRP, Solana, Litecoin, Dogecoin ETFs
Ripple Labs representatives have long advocated for equal treatment of cryptocurrencies, with CEO Brad Garlinghouse reiterating this on Jan. 27.
Garlinghouse said,
“We live in a multichain world, and I’ve advocated for a level-playing field instead of one token versus another. If a government digital asset reserve is created—I believe it should be representative of the industry, not just one token (whether it be BTC, XRP or anything else).”
However, not all cryptocurrencies serve the same purpose. Bitcoin’s primary role is to be a “geopolitically neutral asset like gold,” in the words of crypto analyst Willy Woo. XRP’s purpose remains less clear, but few in the crypto space would argue that it could qualify as independent money.
This is primarily due to one of Ripple’s most uncomfortable aspects—its permissioned nature. Unlike Bitcoin or Ethereum, Ripple does not rely on miners or staked tokens to secure the network. Instead, it uses a Unique Node List—a group of trusted validators responsible for approving transactions. While this optimizes speed and efficiency, it raises concerns about censorship, corruption, and security risks.
Bitcoin proponent and co-founder of Casa Jameson Lopp didn’t hold back when discussing XRP’s potential:
“There’s Bitcoin, then there’s Crypto, then there’s Ripple. Ripple has attacked Bitcoin at a level rivaled only by BSV’s lawsuits. Ripple explicitly wants to power CBDCs. They have always been focused on servicing banks. Few projects are as antithetical to Bitcoin.”
There’s no love lost between Bitcoiners and Ripple supporters, especially after Ripple co-founder Chris Larsen partnered with Greenpeace to fund an anti-Bitcoin campaign.
However, Lopp’s comparison to CBDCs holds some weight, given XRPL’s permissioned nature. It reflects a common view in the crypto community that XRP functions more like a banking tool than a truly independent cryptocurrency.
While the XRPL blockchain sees widespread use in banking, XRP’s utility remains a point of concern. It is underscored by the fact that approximately 55% of the 100 billion pre-mined coins are still held by Ripple Labs. This concentration raises concerns about potential market manipulation and the coin’s long-term stability.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
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