Abstract

• Bitcoin prices rose by 1.93% to $79,947, while Ethereum increased by 2.48% to $1,582, exhibiting a short-term “V-shaped” rebound pattern.
• The total market cap of cryptocurrencies has evaporated by over $1.1 trillion since Trump took office.
• Top crypto VCs have seen significant growth in managed assets, with Multicoin AUM soaring by more than 50%.
• Stablecoins are withdrawing from exchanges, with balances dropping to a three-month low.
• Mantra has launched a $108 million fund to accelerate the tokenization of real assets and the development of DeFi projects.
• Hong Kong will open up staking services for virtual asset spot ETFs, setting a maximum ratio to strengthen risk control.

Market Analysis

• BTC — The price of BTC has risen by 1.93% in the past 24 hours, currently at $79,947. The chart shows that BTC rapidly rebounded after a significant drop to around $74,500 yesterday, continuing to climb in today’s early trading, forming a “V-shaped” reversal pattern. The current price has risen above $79,800, with short-term support confirmed. Regarding volume, the rebound was accompanied by an increase, indicating a strengthening of bullish power in the short term. Although the short-term moving averages are still in a bearish arrangement, there are signs of leveling off, with focus on whether a bullish arrangement can further form. Overall, BTC has initially stopped falling and rebounded today, but whether the rebound can continue depends on the cooperation of trading volume and breaking through the upper resistance zone.[1]

• ETH — In the past 24 hours, ETH prices have slightly risen by 2.48%, currently at $1,582. After falling below $1,450 yesterday, ETH quickly stopped declining and continued to rise this morning. The current price has rebounded to around $1,580, showing some short-term recovery momentum. Although still in a lower range, the bottom support is beginning to emerge. In terms of volume, the rise was accompanied by an increase, indicating active buying at lower levels. On the technical front, the MACD green bars are continuously narrowing, and the RSI has also begun to rise, indicating a marginal improvement in short-term sentiment. However, with the short-term moving averages still in a bearish arrangement, the continuation of upward momentum will depend on breaking through the resistance near $1,587. Overall, ETH shows signs of stabilization after its dip, but the strength of the rebound is still limited, and further volume support is needed to sustain the rise.[2]

• ETF — According to SoSoValue data, on April 7, the net outflow from the U.S. Bitcoin spot ETF was $102 million[3]; the U.S. Ethereum spot ETF saw no new fund inflows on the same day, with a net inflow of $0. Data is as of 10:00 AM on April 8 (UTC+8).[4]
• Altcoins — LSDFi, BTCfi, and the Bittensor Ecosystem saw respective changes of +48.89%, +29.1%, and +16.0%.[5]
• U.S. Major Indices — On April 7, the S&P 500 index fell by 0.23%, the Dow Jones index by 0.91%, and the Nasdaq index rose by 0.10%.[6]
• Spot Gold — The price of spot gold is at $3,002.75 per ounce, with a daily decrease of 1.15%. Data is as of 10:00 AM on April 8 (UTC+8).[7]
• Fear and Greed Index — The Fear and Greed Index is at 24, indicating a state of extreme fear in the market.[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:

ALE (Project Ailey) —— Daily increase of approximately 112.43%, with a circulating market cap of $178 million.

Project Ailey is a Web3 initiative that integrates gaming interaction with blockchain technology, aiming to create a diversified virtual ecosystem through immersive gameplay experiences and mechanisms for community participation. Its token, ALE, functions as the platform’s core asset, used not only for reward mechanisms but also closely integrated with features such as point redemption and NFT interactions. Official promotions on the X platform emphasize the Ailey ecosystem’s focus on user engagement and gameplay experience, particularly through mini-games like “Tappy Tappy Ailey”, which promote player participation in the blockchain economy.[10]

The recent surge in ALE token prices has primarily resulted from its simultaneous listing on multiple exchanges—most notably on Gate.io—which garnered significant market attention. As a major trading platform, Gate.io’s support has greatly enhanced ALE’s liquidity and tradability, while also expanding its visibility among a broader base of investors. The concentrated exchange listings provided the project with a strong boost in short-term liquidity, driving active trading and ultimately contributing to the token’s substantial price appreciation.

CBK（Cobak）—— Daily increase of approximately 32.21%, with a circulating market cap of $55.78 million.

Cobak is a community-driven crypto platform focused on connecting project teams with users by offering real-time information, airdrop campaigns, and a space for social interaction. Its native token, CBK, can be used for content payments within the platform, unlocking membership privileges, and participating in various reward activities. Cobak has a strong local user base, with reportedly 60,000 daily active users, forming a highly engaged community ecosystem.[11]

The recent rise in CBK’s price was mainly driven by a surge in trading volume and intensified airdrop activities. The recent sharp increase in 24-hour trading volume significantly heightened market attention. Meanwhile, the ongoing airdrop campaigns, which reward active platform participants, have driven increased demand for the token. Alongside the continuous rollout of the official product roadmap and reinforced community incentive structures, these factors have collectively enhanced investor confidence, contributing to the token’s substantial price appreciation.

QUAI (Quai Network) —— Daily increase of approximately 28.06%, with a circulating market cap of $46.21 million.

Quai Network is a Layer 1 blockchain built on a Proof of Work (PoW) foundation, utilizing a unique consensus mechanism known as PoEM (Proof-of-Entropy-Minima). With a multi-chain architecture, it achieves throughput of up to 50,000 TPS. The project integrates Ethereum-compatible smart contracts through its QUAI token and introduces a Bitcoin-inspired stablecoin model known as Qi, aiming to build a decentralized network that balances scalability, security, and low transaction costs. Since its inception, Quai has received backing from prominent institutions such as Coinbase Ventures and Polychain Capital, further bolstering market confidence.

The appreciation of QUAI tokens has been largely attributed to the innovative PoEM consensus, which demonstrates clear advantages in scalability, decentralization, censorship resistance, and determinism. By enabling synchronized PoW sharding, it facilitates real-time, deterministic fork resolution, representing a notable innovation in blockchain consensus design.[12]

Data Highlights

Over $1.1 Trillion Wiped from Crypto Market Cap Since Trump’s Inauguration

Since Donald Trump’s official inauguration as President of the United States on January 20, 2025, the cryptocurrency market has experienced sustained downward pressure. According to data from multiple platforms, the total global crypto market cap has plunged from approximately $3.621 trillion on Inauguration Day to around $2.51 trillion as of April 8, marking a staggering loss of more than $1.1 trillion—a decline of over 30% in just over two months. On April 8 alone, the crypto market dropped 10.7% within 24 hours, underscoring the continued high volatility in the space. This sharp downturn has drawn widespread attention and is now considered one of the most defining financial risk events of Q1 2025.

The dramatic contraction in market value is widely seen as the result of a confluence of factors. First, the latest round of U.S. tariff policies has triggered a wave of risk-off sentiment across global markets, and cryptocurrencies were no exception. Second, the increasing correlation between crypto assets and traditional financial markets has made digital assets more susceptible to macroeconomic policy shifts. Meanwhile, although the Trump administration has outwardly adopted a pro-crypto stance, the lack of clear regulatory follow-through has created confusing signals for the market, further denting investor confidence. In addition, exchange security breaches, forced liquidations, and persistently weak market sentiment have all contributed to the accelerated selloff in digital asset valuations.[13]

Top Crypto VCs See Significant Growth in Managed Assets, Multicoin AUM Surges Over 50%

As the crypto industry warmed up overall in 2024, top crypto venture capital firms saw significant growth in assets under management (AUM). According to the latest financial disclosures submitted to the U.S. Securities and Exchange Commission (SEC), mainstream VCs such as Multicoin Capital, Polychain Capital, and Haun Ventures all achieved double-digit percentage growth in AUM, with Electric Capital and Multicoin experiencing increases of more than 50%.

These venture capital firms had aggressively raised funds during the bull market in 2021, only to face setbacks during the “crypto winter” of 2022–2023. The introduction of spot Bitcoin ETFs and President Trump’s crypto-friendly policies have been driving a new round of recovery in the field. Multicoin Capital, a representative of this trend, has heavily invested in Solana since 2017, achieving a return of over 200 times before 2021. Despite a 90% drawdown in 2022, its AUM has rebounded to nearly $600 million in 2024. Haun Ventures is preparing a second $1 billion fund, and Paradigm launched its third fund in 2024, sized at $850 million. Crypto venture capital is regaining capital market trust and moving into a new cycle.[14]

Stablecoins Withdraw from Exchanges, Balances Hit a Three-Month Low

As of April 7, 2025, the balance of stablecoins on cryptocurrency exchanges has dropped to about $59 billion, marking the lowest level since January and setting a new three-month low. Recent on-chain data shows that stablecoins have been experiencing large-scale net outflows since the end of March, with balances plummeting from nearly $65 billion to less than $60 billion in just one week, indicating a significant decline.

Unlike previous instances where stablecoin outflows often coincided with a rise in Bitcoin prices, this round of decline indicates that the market is in a wait-and-see or even withdrawal mode. A reduction in stablecoin balances usually means that investors are withdrawing funds from exchanges, possibly moving them to cold wallets, self-custody solutions, or decentralized finance (DeFi) protocols to reduce risk exposure. This phenomenon could involve multiple factors, including global macroeconomic instability, market caution due to uncertainties in U.S. trade policies, and recent technical issues or security incidents at some exchanges that have eroded trust.[15]

Spotlight Analysis

Mantra Launches $108 Million Fund to Accelerate Tokenization of RWA(Real World Assets) and DeFi Project Development

Crypto public chain Mantra has announced the establishment of the Mantra Ecosystem Fund (MEF), totaling $108 million, aimed at supporting startup projects in the tokenization of real-world assets (RWA) and decentralized finance (DeFi). The fund will adopt an “open arms” strategy, welcoming high-potential projects at various stages from around the world.

As a Layer 1 blockchain designed specifically for RWA use cases, Mantra plans to select and invest in high-quality projects globally through its partnership network over the next four years, covering RWA, DeFi applications, and related infrastructure development. The fund has received support from multiple institutions, including Laser Digital, Shorooq, Brevan Howard Digital, Valor Capital, Three Point Capital, and Amber Group. Notably, Mantra is also the first DeFi platform to receive a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Asset Regulatory Authority (VARA). With its compliance advantages and capital support, Mantra is positioning itself as a leading player in the global RWA infrastructure sector.[16]

South Korea’s National Pension Plans to Integrate Blockchain Management, Paving the Way for Cryptocurrency Applications

The National Pension Service of Korea (NPS) is exploring the implementation of blockchain technology in its extensive fund transaction system to enhance transaction transparency and security. This move signifies that the world’s third-largest public pension fund is actively evaluating the potential of cutting-edge technology in the traditional financial system.

Reports indicate that NPS currently manages assets worth approximately 1,224 trillion Korean Won (about $836 billion). The exploration of blockchain technology primarily aims to prevent the tampering of fund records through a shared ledger mechanism, enhancing internal management of deposits, withdrawals, and investments. This is crucial for ensuring the security of pensions for millions of retirees. NPS stated that it would initiate a “pre-disclosure procedure” before starting the study, inviting blockchain experts and enterprises to submit opinions and technical suggestions. This process is a standard procedure for large public projects in South Korea, and the feedback will be used for subsequent feasibility studies to determine whether to integrate blockchain into the pension accounting system. This new initiative coincides with a series of innovations in the digital currency sector in South Korea, including a pilot program by 7-Eleven convenience stores to accept payments in the country’s central bank digital currency, reflecting the nation’s gradual push towards the widespread application of blockchain and digital assets.[17]

Hong Kong Securities and Futures Commission to Open Staking Services for Virtual Asset Spot ETFs, Setting a Cap Ratio to Strengthen Risk Management

The Hong Kong Securities and Futures Commission (SFC) has announced that it will issue a circular today, allowing licensed virtual asset trading platforms to offer staking services, covering virtual asset spot ETFs. This means that investors will be able to use their spot ETF holdings for staking, participate in blockchain networks, and earn returns, marking another significant advancement in Hong Kong’s compliant development of virtual assets.

Since 2018, Hong Kong has been continuously building its regulatory framework for virtual assets and became the first region in Asia to launch a virtual asset spot ETF in April 2023. Currently, Hong Kong has emerged as the largest virtual asset ETF market in the Asia-Pacific region. The regulatory body is also planning to expand the range of eligible virtual asset targets. In addition to Bitcoin and Ethereum, there may be basket ETF products tracking multiple cryptocurrencies in the future, further enriching market choices.[18]

Funding News

According to RootData, in the past 24 hours, two projects have publicly announced financing totaling over $9.7 million, involving infrastructure and DeFi sectors. Here are the details of the financed projects:[19]

CAP — CAP has completed an $8 million seed funding round led by Triton Capital and Franklin Templeton, with participation from Robot Ventures, GSR, and others. CAP is a stablecoin engine designed to free users from the cyclical nature of inherent models. CAP’s stablecoin engine will produce various denominations of redeemable stablecoins, such as USD, BTC, and ETH. Their goal is to democratize access to opportunities previously available only to a select few experienced and wealthy participants. The funds will be used to develop the stablecoin engine, with a launch expected later this year.[20]

Sats Terminal — Sats Terminal has completed a $1.7 million financing round led by notable entities including Coinbase Ventures and Draper Associates. The core of Sats Terminal is to aggregate major Bitcoin DeFi protocols, allowing users to access the best staking yields, most competitive token exchange rates, and seamless bridging options through a single interface. The funds will be used to expand the platform and further develop infrastructure by providing services such as decentralized exchanges (DEX), cross-chain bridges, and yield aggregators within the Bitcoin ecosystem.[21]

Airdrop Opportunity

Hyperlane

Hyperlane is a cross-chain messaging protocol designed for decentralized applications (dApps), aimed at enabling secure communication and data transfer between different blockchains. It supports permissionless deployment, allowing developers to deploy on any chain and offers customized protection through its Modular Security Architecture (ISM). Hyperlane supports cross-chain asset transfers, such as ezETH, and is widely used in prominent projects like Elixir, Injective, Eclipse, and Karak to address inter-chain fragmentation and enhance Web3 interoperability.[22]

Currently, Hyperlane is conducting an airdrop for its native token, HYPER. This airdrop allocates 7.5% of the total supply (75 million tokens) with priority given to users who have used Hyperlane before February 28, 2025, and have spent ≥ $5 on gas fees. Additional allocations are available for active users on chains like Eclipse and Injective, some NFT holders, and addresses providing liquidity for TIA.

How to Participate:

1. Visit the claim page and connect your wallet to check eligibility (e.g., if you have spent ≥ $5 on gas or are a specific chain/LP user).
2. Register by April 14, 2025, at 3:59 AM UTC to be eligible for the airdrop.
3. Return to the page between April 22 and May 6 to receive HYPER or stHYPER and select the network.

Note:
The airdrop plan and participation methods are subject to change. Users are advised to follow Hyperlane’s official channels for the latest information. Participants should exercise caution, be aware of risks, and conduct thorough research before engaging. Gate.io does not guarantee the issuance of future airdrop rewards.


Reference:

1. Gate.io, https://www.gate.io/trade/BTC_USDT
2. Gate.io, https://www.gate.io/trade/ETH_USDT
3. SoSoValue, https://sosovalue.xyz/assets/etf/us-btc-spot
4. SoSoValue, https://sosovalue.xyz/assets/etf/us-eth-spot
5. CoinGecko, https://www.coingecko.com/en/categories
6. Investing, https://investing.com/indices/usa-indices
7. Investing, https://investing.com/currencies/xau-usd
8. Gate.io, https://www.gate.io/bigdata
9. Gate.io, https://www.gate.io/price
10. X, https://x.com/aileyverse/status/1909164241321419024
11. X, https://x.com/CobakOfficial/status/1909409305755013463
12. X, https://x.com/QuaiNetwork/status/1908901160259375413
13. CoinGecko, https://www.coingecko.com/global-charts
14. Fortune, https://fortune.com/crypto/2025/04/07/paradigm-multicoin-electric-haun-pantera-polychain-aums-crypto-vc/
15. X, https://x.com/nansen_ai/status/1909179105654059065/photo/1
16. Cointelegraph, https://cointelegraph.com/news/mantra-108-m-fund-rwa-tokenization-defi-startups
17. Daum, https://v.daum.net/v/20250407173012037
18. Sfc, https://apps.sfc.hk/edistributionWeb/gateway/TC/news-and-announcements/news/doc?refNo=25PR47
19. Roodata, https://www.rootdata.com/Fundraising
20. Roodata, https://www.rootdata.com/Projects/detail/CAP?k=MTQ3MDA%3D
21. Roodata, https://www.rootdata.com/Projects/detail/Sats%20Terminal?k=MTcwOTA%3D
22. X, https://x.com/hyperlane/status/1909355575231889548

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