This week, Bitcoin traded between $74,000 and $83,000, while performance across altcoin sectors remained mixed. According to CoinGecko, the top-performing sectors were Payment Solutions, AI Meme, and the Pump.fun Ecosystem, with respective 7-day market cap increases of approximately 15.8%, 12.9%, and 12.2%.[8]
Payment Solutions — This sector refers to projects focused on crypto payment infrastructure, including payment gateways, stablecoin settlement, and merchant integration tools, aiming to enhance the usability and efficiency of crypto assets in real-world transactions.
The sector rose 15.8% over the past 7 days, reaching a market cap of $1.614 billion, with a 24-hour trading volume of $145 million. Within the sector, DEPAY gained 194.4%, SAROS rose 54.9%, and IXI increased 10.9% over the week.[9]
AI Meme — This sector consists of crypto projects that combine artificial intelligence with meme culture. These projects typically use AI to generate images, videos, or interactive content, and incorporate token-driven economies. Known for their virality and strong community engagement, they represent one of the most prominent community-driven narratives.
The sector rose 12.9% over the past 7 days, with a market cap of $1.918 billion and a 24-hour trading volume of $960 million. Leading tokens include PRONUT (+85.6%), FARTCOIN (+67.9%), and SHOGGOTH (+39.3%).[10]
Pump.fun Ecosystem — This sector refers to the ecosystem built around Pump.fun, a meme coin launchpad on Solana. It includes native DEXs like PumpSwap, popular meme projects, and trading tools, emphasizing low-barrier token issuance and community-driven liquidity mechanisms.
The sector gained 12.2% over the past 7 days, with a market cap of $2.29 billion and a 24-hour trading volume of $1.529 billion. Notable gainers include RFC (+418.6%), HOUSE (+294.8%), and PVS (+191.3%). [11]
According to CoinGecko data, the top-performing tokens over the past 7 days are: [12]
FARTCOIN (Fartcoin) — 7-day gain of approximately 82.1%, with a circulating market cap of $773 million.
Fartcoin is a memecoin built on the Solana blockchain, combining humor, community interaction, and blockchain technology. Since its launch, it has quickly gained attention among crypto enthusiasts seeking entertainment. A standout feature is its “Gas Fee” system, which emits a digital fart sound with each transaction, adding a playful twist.
The token has recently been listed on multiple exchanges including Gate.io, significantly boosting liquidity and market exposure. This has attracted more users and fueled upward momentum. [13]
HYPE (Hyperliquid) — 7-day gain of approximately 14.2%, with a circulating market cap of $4.5 billion.
Hyperliquid is an on-chain perpetuals trading platform offering high-speed order matching, low latency, and robust transparency. Built on its own Layer 1 blockchain, it combines the user experience of a centralized exchange (CEX) with the security and transparency of a decentralized exchange (DEX). Key features include native token staking, a points-based incentive system, and permissionless token listings.
A recent upgrade to Hyperliquid’s on-chain governance mechanism has boosted market confidence. This upgrade introduced a native validator voting system with automated asset delisting capabilities and integrated proof-of-stake (PoS) elements. The first vote, initiated by the Hyper Foundation validators, demonstrated enhanced security, autonomy, and scalability—laying the foundation for future decentralized governance. These improvements have increased investor confidence in HYPE, contributing to rising demand and price appreciation.[14]
FLR (Flare) — 7-day gain of approximately 12.7%, with a circulating market cap of $930 million.
Flare is an EVM-compatible Layer 1 blockchain focused on providing decentralized and high-integrity data access to enhance interoperability across blockchain networks. Its native token, FLR, is used for transaction fees, governance participation, and staking to secure the network. Flare integrates two core protocols—State Connector and the Flare Time Series Oracle (FTSO)—enabling developers to build decentralized applications that securely access data from other blockchains and the internet.
As part of its “2.0 Vision,” Flare is incorporating Trusted Execution Environments (TEEs) into its data protocols to expand cross-chain consensus and strengthen dApp decentralization and censorship resistance. On April 4, the network burned approximately 66 million FLR tokens, with a target to burn 2.1 billion tokens—around 40% of its initial distribution—by January 2026. This combination of technical upgrades and tightened token supply has driven the recent rise in FLR’s price.[15]
Trump’s Tariff Pause Sparks Broad Market Rally: U.S. Stocks and Crypto Surge, Bitcoin Surpasses $82,000
On April 9, U.S. President Trump announced a 90-day suspension of new tariffs on most countries, triggering a rare global market rally as investors responded positively to easing trade tensions. According to the statement, the U.S. will pause additional tariffs on over 75 countries that have not imposed retaliatory measures, aiming to create room for new trade negotiations. However, China was excluded from the pause, with tariffs on Chinese goods immediately raised to 125%, highlighting ongoing U.S.-China tensions. Despite lingering policy uncertainties, the announcement sent U.S. equities soaring: the S&P 500 jumped 9.5%—its largest single-day gain since World War II—while the Dow Jones surged nearly 3,000 points and the Nasdaq rose 12.2%, with a sharp rally kicking off around 2:30 PM ET as sentiment turned markedly optimistic.
The crypto market followed suit, with Bitcoin climbing from around $76,000 to $82,572, an 8.19% single-day gain. The total crypto market cap rose 6.53% to exceed $2.61 trillion. Major assets like Ethereum also posted gains of around 7%, reflecting the asset class’s heightened sensitivity to macroeconomic policy shifts. Analysts noted that the rally was fueled not only by optimism over easing trade risks, but also by growing investor focus on U.S. dollar policy direction and global market stability.[16]
U.S. SEC Approves Options Trading for Spot ETH ETFs
On April 9, the U.S. Securities and Exchange Commission (SEC) officially approved options trading for several spot Ethereum ETFs, including those issued by major institutions such as BlackRock, Bitwise, and Grayscale. This marks another significant milestone following the approval of spot Ethereum ETFs in July 2024, signaling a gradually more open regulatory stance toward the Ethereum market and reinforcing Ethereum’s position as a mainstream crypto asset.
The introduction of options provides institutional and retail investors with more flexible, lower-cost tools for risk management and investment strategies. This is especially meaningful in a market environment where spot fund inflows remain relatively limited, as options could help boost trading activity and capital interest. For example, BlackRock’s ETHA currently has net assets of around $1.8 billion—down more than 50% since the beginning of the year—indicating that options products could offer a new avenue for growth.
Overall, this approval not only expands the scope of Ethereum-based financial products, but also reflects a broader shift in U.S. regulatory policy toward greater inclusivity and diversification. It sets a positive precedent for the rollout of additional crypto derivatives, contributing to the continued maturation of the market.[17]
Tether CEO: AI Platform Launch Set for June or September, Empowering Users with Data Control
Tether is actively pushing into the artificial intelligence space as part of its diversification strategy. The company plans to launch its own AI platform in June—or September at the latest—as a decentralized alternative to models like OpenAI. The platform will allow users to retain full control over their data, with all complex AI inference processed locally on personal devices such as smartphones and laptops. Users will also be able to connect additional devices to enhance functionality. This approach eliminates the need to share data with centralized platforms like ChatGPT, aligning with crypto’s core principle of decentralization. Tether CEO criticized centralized AI platforms, calling them unsustainable and destined to disappear due to their reliance on extracting user data. In contrast, Tether’s model aims to empower users rather than exploit them.
To realize this vision, Tether has hired around 60 developers and injected capital into its venture fund, which now totals approximately $10 billion—making it one of the largest among crypto firms. The company has also invested over $1 billion in supporting data center operator Northern Data. CEO Paolo Ardoino expressed hopes that Tether will be known not just for its stablecoins, but also as a global symbol of innovation and progress in emerging technologies.[18]
Filament Finance Suffers Coordinated Attack, Loses Over $570K and Halts Trading and Withdrawals
In the early hours of April 6, 2025, on-chain derivatives trading platform Filament Finance reported a premeditated attack that occurred between 00:00 and 04:00 UTC. The attacker exploited price manipulation via the order book and a self-liquidation mechanism to carry out coordinated cross-account operations, illegally siphoning funds from the platform. The incident resulted in losses of approximately $572,000—accounting for 84% of total user deposits at the time.
Following the attack, Filament immediately suspended all trading and withdrawal functions to prevent further outflows. The team has launched a full investigation and is working closely with law enforcement and leading on-chain analytics firms to trace the stolen funds. Preliminary findings indicate that the attacker used the Symbiosis Bridge to transfer assets cross-chain, eventually moving them through decentralized exchange FixedFloat. Filament has reported all related wallet addresses and transaction hashes to relevant authorities and has publicly disclosed five wallet addresses believed to be directly involved in the incident.
To expedite the recovery process, Filament has proposed a white-hat bounty: if the attacker returns 90% of the stolen funds, they will be allowed to keep the remaining 10% as a reward. The offer requires full cooperation with the investigation and the return of assets. Filament has also expressed willingness to resolve the matter non-confrontationally through negotiation. The team added that they are actively coordinating with key partners in the DeFi ecosystem to freeze and recover stolen funds and will continue to provide transparent and timely updates to maintain user trust and asset security.[19]
Babylon Launches L1 Blockchain ‘Babylon Genesis’
The Babylon Foundation officially launched the Babylon Genesis mainnet today—a Layer 1 blockchain built using the Cosmos SDK. This marks the first-ever deployment of Bitcoin staking on a live mainnet. The network introduces a dual-staking model: validators stake BABY tokens, while finality providers stake Bitcoin, both subject to slashing penalties for malicious behavior. The BABY token has an annual inflation rate of 8%, with 4% allocated to BABY stakers and the other 4% to Bitcoin stakers. Token transfers and staking are now live, with support from multiple wallets, custodians, and exchanges. Gate.io is scheduled to list BABY for spot trading at 18:00 (UTC+8) today.
In its initial phase, Bitcoin staking will be limited to Cap-1 participants (approximately 1,000 BTC) for the first two weeks, to ensure network stability and security at launch. After that, it will be fully opened to both initial and new stakers. Babylon’s core mission is to expand Bitcoin’s native utility beyond payment and store of value to include staking. The Genesis launch marks the second phase of Babylon’s three-stage roadmap. The first phase, completed in late 2024, saw a total of 57,000 BTC staked. Next, Babylon will enter its third phase: enabling other networks to leverage Bitcoin staking for enhanced security—laying the foundation for a Bitcoin-secured network ecosystem.[20]
Bitcoin Sees Over 7,500 BTC Liquidated in a Single Day — Highest Since 2023
On April 6, more than 7,500 BTC (approximately $570 million) in long positions were liquidated in a single day, marking the largest one-day liquidation since 2023. The event was triggered by a steep price drop, as Bitcoin plunged from a high near $84,000 to a low of $77,440—forcing a wave of margin calls and liquidations across leveraged long positions.[21][22]
The immediate cause of this mass liquidation was the market turbulence sparked by Trump’s new tariff policy. As a risk asset, Bitcoin is highly sensitive to geopolitical developments. The policy uncertainty drove a surge in risk-off sentiment, prompting some capital to exit the crypto market and triggering a price correction. Additionally, the prevalence of high-leverage trading has been a defining feature of the current bull market. Many investors had overexposed themselves to upside bets, and when the price broke through key support levels, a cascading “domino effect” of liquidations amplified the sell-off.
This liquidation event highlights the fragility of crypto markets under high-leverage conditions. Large-scale liquidations intensify volatility and can undermine investor confidence. However, such corrections are a normal part of bull cycles, helping to flush out speculative excess and laying the groundwork for more sustainable growth. Going forward, investors must manage leverage carefully and avoid chasing price spikes blindly. Greater attention should also be paid to how macroeconomic events interact with overall market sentiment.
Bitcoin Hashrate Surpasses 1 Zetahash for the First Time, Marking a 1,000x Infrastructure Leap
Bitcoin’s network hashrate recently surpassed 1 Zetahash per second (ZH/s) for the first time, setting a new all-time high and positioning Bitcoin as one of the most powerful supercomputing networks in the world. This milestone reflects a 1,000-fold increase in network infrastructure over the past 16 years.
According to mempool.space, Bitcoin’s hashrate reached 1.025 ZH/s on April 5, while BTC Frame reported 1.02 ZH/s the day prior. Data from Coinwarz shows an even higher peak of 1.1 ZH/s at block height 890,915.
While different platforms may report slightly different figures due to varying estimation methods—such as the number of trailing blocks used, difficulty adjustment windows, or node selection—the achievement is widely recognized as a major step forward in decentralization and network security. Since first reaching 1 EH/s in 2016, Bitcoin’s hashrate has increased 1,000 times. For comparison, Litecoin’s current hashrate stands at just 2.49 Petahash per second, less than one forty-thousandth of Bitcoin’s.
This dramatic growth has been driven by the rapid expansion and technological advancement of large-scale mining operations. MARA Holdings alone contributes over 50 EH/s, making it the world’s largest Bitcoin miner. Mining pools like Foundry USA Pool and AntPool also hold dominant positions. Publicly traded firms such as Riot Platforms, Core Scientific, CleanSpark, Hut 8 Mining, and TeraWulf are actively scaling operations and helping maintain the network.[23]
AI Agent Platform Virtuals Sees Revenue Collapse, Token Drops 90%
Virtuals Protocol, a platform focused on the creation and monetization of AI agents, has recently experienced a dramatic downturn. Its daily revenue has plummeted from a peak of $1.58 million on January 2 to less than $1,500. The platform’s native token, VIRTUAL, has dropped by 90% in value—exposing the fragility and speculative nature of the crypto-AI sector.[24]
Despite expanding to the Solana network on January 25, the project has struggled to maintain momentum. Agent creation has declined, user engagement remains weak, and market enthusiasm for “AI agents” appears to be fading. Many existing AI agents still offer only basic functionality, leaving significant room for improvement. Similar projects, such as AIXBT, have also seen sharp pullbacks in token prices, reflecting broader market skepticism toward the maturity of these products.
Currently, most AI agent platforms lack sustainable, real-world utility and are overly focused on token issuance and short-term gains. While the integration of AI and Web3 continues to evolve, the agent economy model promoted by Virtuals still holds exploratory value. Continued progress in this space will depend on improvements in technology and user experience. For investors, long-term platform development and ecosystem growth may prove more meaningful than short-term price swings.
Gomble Games
Gomble Games is a Web3 gaming project launched by South Korean developer 111%, aiming to build a new kind of gaming platform that combines fun, casual gameplay with on-chain economies. The project seeks to bridge the gap between Web2 and Web3 gaming, attracting a global user base into a decentralized gaming ecosystem. To celebrate the release of Tiger Research’s GOMBLE Report, the Gomble team is airdropping $1 million worth of GM tokens to users who engage with their vision.[25]
How to participate:
Note:
The airdrop program and participation methods are subject to change. Users are advised to follow Gomble Games’ official channels for the latest updates. Additionally, users should exercise caution, be aware of potential risks, and conduct thorough research before participating. Gate.io does not guarantee the distribution of future airdrop rewards.
Several projects successfully closed funding rounds this week, spanning infrastructure, DeFi, and more. According to RootData, between April 4 and April 9, a total of 13 projects announced funding raises, amounting to approximately $1.338 billion. [26]
Here are the top three fundraising deals by amount:[26]
Hidden Road — On April 8, Hidden Road was acquired by Ripple for $1.25 billion. Hidden Road is a global credit network serving institutional clients, processing over $3 trillion in transactions annually for more than 300 clients. It offers prime brokerage, clearing, and financing services.
Ripple plans to migrate its post-trade infrastructure to the XRP Ledger to streamline operations and strengthen its institutional DeFi strategy. By leveraging Hidden Road’s global, multi-asset prime brokerage network, Ripple aims to advance the adoption of its RLUSD stablecoin in cross-border payments and asset management, enhancing its competitive edge in those sectors.
Blackbird — On April 8, Blackbird Labs raised $50 million in a Series B round led by Silicon Valley firm Spark Capital, with participation from Coinbase, a16z crypto, Union Square Ventures, and Amex Ventures. Blackbird is a loyalty and payment app for restaurants, rewarding users with FLY tokens each time they dine at participating locations. These tokens can be used for meals at any restaurant within the Blackbird network.
The funding will support Blackbird’s expansion across major U.S. cities, aiming to boost customer engagement and business growth. The company also announced the launch of Blackbird Pay, a new payment network that supports credit cards, debit cards, and FLY tokens, helping restaurants reduce costs and improve the payment experience for users.
Octane — On April 8, Octane.Security raised $6.75 million in a seed round co-led by Archetype and Winklevoss Capital, with participation from Gemini Frontier Fund, Circle, and others. Octane is an AI-powered security platform built for Web3 development teams. It simulates real-world attack scenarios using artificial intelligence to identify threats and provide actionable security recommendations, enabling efficient testing and deployment of smart contracts. The platform is designed to integrate seamlessly into development workflows, enhancing security and deployment speed.
While the team has not disclosed detailed plans for the funding, it is likely to be used to expand Octane’s AI-driven security platform and strengthen real-time defense capabilities for crypto teams. Octane aims to build a 24/7 “AI security assistant” that goes beyond traditional passive auditing, offering continuous monitoring and proactive threat mitigation for blockchain projects, helping crypto projects respond to potential attacks more proactively and efficiently.
According to Tokenomist, several major token unlocks are scheduled for next week (April 11–17, 2025), with a combined value of approximately $137 million.[27]
The top three upcoming unlocks are as follows:
APT — Around 11.31 million APT tokens are set to unlock at 08:00 AM (UTC+0) on April 12, 2025, representing 1.87% of its circulating supply and valued at approximately $49.42 million. With a recent average daily trading volume of around $203 million, this unlock may exert a modest impact on price.
AXS — Approximately 9.09 million AXS tokens will be unlocked at 1:30 PM (UTC+0) on April 12, 2025, accounting for 5.67% of its circulating supply and worth about $20.73 million. Given AXS’s recent daily trading volume of around $48 million, this unlock could have a more noticeable effect on price volatility.
ARB — Around 92.65 million ARB tokens unlocked at 1:00 PM (UTC+0) on April 6, 2025, representing 2.01% of its circulating supply, with an estimated value of $26.25 million. ARB’s average daily trading volume stands at approximately $220 million, so the price impact is likely to be limited.
Next week (April 11–17, 2025) will feature a series of key events that could significantly impact the crypto market, global economy, and energy sector. On April 11, the U.S. will release March’s year-over-year Producer Price Index (PPI) and the preliminary one-year inflation expectations for April [28]. On April 12, the SEC will host a roundtable in Washington titled “Between a Block and a Hard Place: Tailoring Regulation for Crypto Trading”[29], which may provide important signals on future regulatory direction. April 14 will mark the Token Generation Event (TGE) for KernelDAO’s KERNEL token [30], potentially triggering increased community engagement and capital flows. On April 15, Layer 1 blockchain Shardeum will launch its mainnet [31], adding momentum to the infrastructure space, while Russia’s social platform VK has set the same day as the deadline for NFT asset migration—users who fail to act may risk losing access to their assets [32]. On April 16, the U.S. will announce March retail sales figures [33], followed by a wave of macroeconomic data on April 17, including initial jobless claims for the week ending April 12 and another inflation expectations reading [34].
References:
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This week, Bitcoin traded between $74,000 and $83,000, while performance across altcoin sectors remained mixed. According to CoinGecko, the top-performing sectors were Payment Solutions, AI Meme, and the Pump.fun Ecosystem, with respective 7-day market cap increases of approximately 15.8%, 12.9%, and 12.2%.[8]
Payment Solutions — This sector refers to projects focused on crypto payment infrastructure, including payment gateways, stablecoin settlement, and merchant integration tools, aiming to enhance the usability and efficiency of crypto assets in real-world transactions.
The sector rose 15.8% over the past 7 days, reaching a market cap of $1.614 billion, with a 24-hour trading volume of $145 million. Within the sector, DEPAY gained 194.4%, SAROS rose 54.9%, and IXI increased 10.9% over the week.[9]
AI Meme — This sector consists of crypto projects that combine artificial intelligence with meme culture. These projects typically use AI to generate images, videos, or interactive content, and incorporate token-driven economies. Known for their virality and strong community engagement, they represent one of the most prominent community-driven narratives.
The sector rose 12.9% over the past 7 days, with a market cap of $1.918 billion and a 24-hour trading volume of $960 million. Leading tokens include PRONUT (+85.6%), FARTCOIN (+67.9%), and SHOGGOTH (+39.3%).[10]
Pump.fun Ecosystem — This sector refers to the ecosystem built around Pump.fun, a meme coin launchpad on Solana. It includes native DEXs like PumpSwap, popular meme projects, and trading tools, emphasizing low-barrier token issuance and community-driven liquidity mechanisms.
The sector gained 12.2% over the past 7 days, with a market cap of $2.29 billion and a 24-hour trading volume of $1.529 billion. Notable gainers include RFC (+418.6%), HOUSE (+294.8%), and PVS (+191.3%). [11]
According to CoinGecko data, the top-performing tokens over the past 7 days are: [12]
FARTCOIN (Fartcoin) — 7-day gain of approximately 82.1%, with a circulating market cap of $773 million.
Fartcoin is a memecoin built on the Solana blockchain, combining humor, community interaction, and blockchain technology. Since its launch, it has quickly gained attention among crypto enthusiasts seeking entertainment. A standout feature is its “Gas Fee” system, which emits a digital fart sound with each transaction, adding a playful twist.
The token has recently been listed on multiple exchanges including Gate.io, significantly boosting liquidity and market exposure. This has attracted more users and fueled upward momentum. [13]
HYPE (Hyperliquid) — 7-day gain of approximately 14.2%, with a circulating market cap of $4.5 billion.
Hyperliquid is an on-chain perpetuals trading platform offering high-speed order matching, low latency, and robust transparency. Built on its own Layer 1 blockchain, it combines the user experience of a centralized exchange (CEX) with the security and transparency of a decentralized exchange (DEX). Key features include native token staking, a points-based incentive system, and permissionless token listings.
A recent upgrade to Hyperliquid’s on-chain governance mechanism has boosted market confidence. This upgrade introduced a native validator voting system with automated asset delisting capabilities and integrated proof-of-stake (PoS) elements. The first vote, initiated by the Hyper Foundation validators, demonstrated enhanced security, autonomy, and scalability—laying the foundation for future decentralized governance. These improvements have increased investor confidence in HYPE, contributing to rising demand and price appreciation.[14]
FLR (Flare) — 7-day gain of approximately 12.7%, with a circulating market cap of $930 million.
Flare is an EVM-compatible Layer 1 blockchain focused on providing decentralized and high-integrity data access to enhance interoperability across blockchain networks. Its native token, FLR, is used for transaction fees, governance participation, and staking to secure the network. Flare integrates two core protocols—State Connector and the Flare Time Series Oracle (FTSO)—enabling developers to build decentralized applications that securely access data from other blockchains and the internet.
As part of its “2.0 Vision,” Flare is incorporating Trusted Execution Environments (TEEs) into its data protocols to expand cross-chain consensus and strengthen dApp decentralization and censorship resistance. On April 4, the network burned approximately 66 million FLR tokens, with a target to burn 2.1 billion tokens—around 40% of its initial distribution—by January 2026. This combination of technical upgrades and tightened token supply has driven the recent rise in FLR’s price.[15]
Trump’s Tariff Pause Sparks Broad Market Rally: U.S. Stocks and Crypto Surge, Bitcoin Surpasses $82,000
On April 9, U.S. President Trump announced a 90-day suspension of new tariffs on most countries, triggering a rare global market rally as investors responded positively to easing trade tensions. According to the statement, the U.S. will pause additional tariffs on over 75 countries that have not imposed retaliatory measures, aiming to create room for new trade negotiations. However, China was excluded from the pause, with tariffs on Chinese goods immediately raised to 125%, highlighting ongoing U.S.-China tensions. Despite lingering policy uncertainties, the announcement sent U.S. equities soaring: the S&P 500 jumped 9.5%—its largest single-day gain since World War II—while the Dow Jones surged nearly 3,000 points and the Nasdaq rose 12.2%, with a sharp rally kicking off around 2:30 PM ET as sentiment turned markedly optimistic.
The crypto market followed suit, with Bitcoin climbing from around $76,000 to $82,572, an 8.19% single-day gain. The total crypto market cap rose 6.53% to exceed $2.61 trillion. Major assets like Ethereum also posted gains of around 7%, reflecting the asset class’s heightened sensitivity to macroeconomic policy shifts. Analysts noted that the rally was fueled not only by optimism over easing trade risks, but also by growing investor focus on U.S. dollar policy direction and global market stability.[16]
U.S. SEC Approves Options Trading for Spot ETH ETFs
On April 9, the U.S. Securities and Exchange Commission (SEC) officially approved options trading for several spot Ethereum ETFs, including those issued by major institutions such as BlackRock, Bitwise, and Grayscale. This marks another significant milestone following the approval of spot Ethereum ETFs in July 2024, signaling a gradually more open regulatory stance toward the Ethereum market and reinforcing Ethereum’s position as a mainstream crypto asset.
The introduction of options provides institutional and retail investors with more flexible, lower-cost tools for risk management and investment strategies. This is especially meaningful in a market environment where spot fund inflows remain relatively limited, as options could help boost trading activity and capital interest. For example, BlackRock’s ETHA currently has net assets of around $1.8 billion—down more than 50% since the beginning of the year—indicating that options products could offer a new avenue for growth.
Overall, this approval not only expands the scope of Ethereum-based financial products, but also reflects a broader shift in U.S. regulatory policy toward greater inclusivity and diversification. It sets a positive precedent for the rollout of additional crypto derivatives, contributing to the continued maturation of the market.[17]
Tether CEO: AI Platform Launch Set for June or September, Empowering Users with Data Control
Tether is actively pushing into the artificial intelligence space as part of its diversification strategy. The company plans to launch its own AI platform in June—or September at the latest—as a decentralized alternative to models like OpenAI. The platform will allow users to retain full control over their data, with all complex AI inference processed locally on personal devices such as smartphones and laptops. Users will also be able to connect additional devices to enhance functionality. This approach eliminates the need to share data with centralized platforms like ChatGPT, aligning with crypto’s core principle of decentralization. Tether CEO criticized centralized AI platforms, calling them unsustainable and destined to disappear due to their reliance on extracting user data. In contrast, Tether’s model aims to empower users rather than exploit them.
To realize this vision, Tether has hired around 60 developers and injected capital into its venture fund, which now totals approximately $10 billion—making it one of the largest among crypto firms. The company has also invested over $1 billion in supporting data center operator Northern Data. CEO Paolo Ardoino expressed hopes that Tether will be known not just for its stablecoins, but also as a global symbol of innovation and progress in emerging technologies.[18]
Filament Finance Suffers Coordinated Attack, Loses Over $570K and Halts Trading and Withdrawals
In the early hours of April 6, 2025, on-chain derivatives trading platform Filament Finance reported a premeditated attack that occurred between 00:00 and 04:00 UTC. The attacker exploited price manipulation via the order book and a self-liquidation mechanism to carry out coordinated cross-account operations, illegally siphoning funds from the platform. The incident resulted in losses of approximately $572,000—accounting for 84% of total user deposits at the time.
Following the attack, Filament immediately suspended all trading and withdrawal functions to prevent further outflows. The team has launched a full investigation and is working closely with law enforcement and leading on-chain analytics firms to trace the stolen funds. Preliminary findings indicate that the attacker used the Symbiosis Bridge to transfer assets cross-chain, eventually moving them through decentralized exchange FixedFloat. Filament has reported all related wallet addresses and transaction hashes to relevant authorities and has publicly disclosed five wallet addresses believed to be directly involved in the incident.
To expedite the recovery process, Filament has proposed a white-hat bounty: if the attacker returns 90% of the stolen funds, they will be allowed to keep the remaining 10% as a reward. The offer requires full cooperation with the investigation and the return of assets. Filament has also expressed willingness to resolve the matter non-confrontationally through negotiation. The team added that they are actively coordinating with key partners in the DeFi ecosystem to freeze and recover stolen funds and will continue to provide transparent and timely updates to maintain user trust and asset security.[19]
Babylon Launches L1 Blockchain ‘Babylon Genesis’
The Babylon Foundation officially launched the Babylon Genesis mainnet today—a Layer 1 blockchain built using the Cosmos SDK. This marks the first-ever deployment of Bitcoin staking on a live mainnet. The network introduces a dual-staking model: validators stake BABY tokens, while finality providers stake Bitcoin, both subject to slashing penalties for malicious behavior. The BABY token has an annual inflation rate of 8%, with 4% allocated to BABY stakers and the other 4% to Bitcoin stakers. Token transfers and staking are now live, with support from multiple wallets, custodians, and exchanges. Gate.io is scheduled to list BABY for spot trading at 18:00 (UTC+8) today.
In its initial phase, Bitcoin staking will be limited to Cap-1 participants (approximately 1,000 BTC) for the first two weeks, to ensure network stability and security at launch. After that, it will be fully opened to both initial and new stakers. Babylon’s core mission is to expand Bitcoin’s native utility beyond payment and store of value to include staking. The Genesis launch marks the second phase of Babylon’s three-stage roadmap. The first phase, completed in late 2024, saw a total of 57,000 BTC staked. Next, Babylon will enter its third phase: enabling other networks to leverage Bitcoin staking for enhanced security—laying the foundation for a Bitcoin-secured network ecosystem.[20]
Bitcoin Sees Over 7,500 BTC Liquidated in a Single Day — Highest Since 2023
On April 6, more than 7,500 BTC (approximately $570 million) in long positions were liquidated in a single day, marking the largest one-day liquidation since 2023. The event was triggered by a steep price drop, as Bitcoin plunged from a high near $84,000 to a low of $77,440—forcing a wave of margin calls and liquidations across leveraged long positions.[21][22]
The immediate cause of this mass liquidation was the market turbulence sparked by Trump’s new tariff policy. As a risk asset, Bitcoin is highly sensitive to geopolitical developments. The policy uncertainty drove a surge in risk-off sentiment, prompting some capital to exit the crypto market and triggering a price correction. Additionally, the prevalence of high-leverage trading has been a defining feature of the current bull market. Many investors had overexposed themselves to upside bets, and when the price broke through key support levels, a cascading “domino effect” of liquidations amplified the sell-off.
This liquidation event highlights the fragility of crypto markets under high-leverage conditions. Large-scale liquidations intensify volatility and can undermine investor confidence. However, such corrections are a normal part of bull cycles, helping to flush out speculative excess and laying the groundwork for more sustainable growth. Going forward, investors must manage leverage carefully and avoid chasing price spikes blindly. Greater attention should also be paid to how macroeconomic events interact with overall market sentiment.
Bitcoin Hashrate Surpasses 1 Zetahash for the First Time, Marking a 1,000x Infrastructure Leap
Bitcoin’s network hashrate recently surpassed 1 Zetahash per second (ZH/s) for the first time, setting a new all-time high and positioning Bitcoin as one of the most powerful supercomputing networks in the world. This milestone reflects a 1,000-fold increase in network infrastructure over the past 16 years.
According to mempool.space, Bitcoin’s hashrate reached 1.025 ZH/s on April 5, while BTC Frame reported 1.02 ZH/s the day prior. Data from Coinwarz shows an even higher peak of 1.1 ZH/s at block height 890,915.
While different platforms may report slightly different figures due to varying estimation methods—such as the number of trailing blocks used, difficulty adjustment windows, or node selection—the achievement is widely recognized as a major step forward in decentralization and network security. Since first reaching 1 EH/s in 2016, Bitcoin’s hashrate has increased 1,000 times. For comparison, Litecoin’s current hashrate stands at just 2.49 Petahash per second, less than one forty-thousandth of Bitcoin’s.
This dramatic growth has been driven by the rapid expansion and technological advancement of large-scale mining operations. MARA Holdings alone contributes over 50 EH/s, making it the world’s largest Bitcoin miner. Mining pools like Foundry USA Pool and AntPool also hold dominant positions. Publicly traded firms such as Riot Platforms, Core Scientific, CleanSpark, Hut 8 Mining, and TeraWulf are actively scaling operations and helping maintain the network.[23]
AI Agent Platform Virtuals Sees Revenue Collapse, Token Drops 90%
Virtuals Protocol, a platform focused on the creation and monetization of AI agents, has recently experienced a dramatic downturn. Its daily revenue has plummeted from a peak of $1.58 million on January 2 to less than $1,500. The platform’s native token, VIRTUAL, has dropped by 90% in value—exposing the fragility and speculative nature of the crypto-AI sector.[24]
Despite expanding to the Solana network on January 25, the project has struggled to maintain momentum. Agent creation has declined, user engagement remains weak, and market enthusiasm for “AI agents” appears to be fading. Many existing AI agents still offer only basic functionality, leaving significant room for improvement. Similar projects, such as AIXBT, have also seen sharp pullbacks in token prices, reflecting broader market skepticism toward the maturity of these products.
Currently, most AI agent platforms lack sustainable, real-world utility and are overly focused on token issuance and short-term gains. While the integration of AI and Web3 continues to evolve, the agent economy model promoted by Virtuals still holds exploratory value. Continued progress in this space will depend on improvements in technology and user experience. For investors, long-term platform development and ecosystem growth may prove more meaningful than short-term price swings.
Gomble Games
Gomble Games is a Web3 gaming project launched by South Korean developer 111%, aiming to build a new kind of gaming platform that combines fun, casual gameplay with on-chain economies. The project seeks to bridge the gap between Web2 and Web3 gaming, attracting a global user base into a decentralized gaming ecosystem. To celebrate the release of Tiger Research’s GOMBLE Report, the Gomble team is airdropping $1 million worth of GM tokens to users who engage with their vision.[25]
How to participate:
Note:
The airdrop program and participation methods are subject to change. Users are advised to follow Gomble Games’ official channels for the latest updates. Additionally, users should exercise caution, be aware of potential risks, and conduct thorough research before participating. Gate.io does not guarantee the distribution of future airdrop rewards.
Several projects successfully closed funding rounds this week, spanning infrastructure, DeFi, and more. According to RootData, between April 4 and April 9, a total of 13 projects announced funding raises, amounting to approximately $1.338 billion. [26]
Here are the top three fundraising deals by amount:[26]
Hidden Road — On April 8, Hidden Road was acquired by Ripple for $1.25 billion. Hidden Road is a global credit network serving institutional clients, processing over $3 trillion in transactions annually for more than 300 clients. It offers prime brokerage, clearing, and financing services.
Ripple plans to migrate its post-trade infrastructure to the XRP Ledger to streamline operations and strengthen its institutional DeFi strategy. By leveraging Hidden Road’s global, multi-asset prime brokerage network, Ripple aims to advance the adoption of its RLUSD stablecoin in cross-border payments and asset management, enhancing its competitive edge in those sectors.
Blackbird — On April 8, Blackbird Labs raised $50 million in a Series B round led by Silicon Valley firm Spark Capital, with participation from Coinbase, a16z crypto, Union Square Ventures, and Amex Ventures. Blackbird is a loyalty and payment app for restaurants, rewarding users with FLY tokens each time they dine at participating locations. These tokens can be used for meals at any restaurant within the Blackbird network.
The funding will support Blackbird’s expansion across major U.S. cities, aiming to boost customer engagement and business growth. The company also announced the launch of Blackbird Pay, a new payment network that supports credit cards, debit cards, and FLY tokens, helping restaurants reduce costs and improve the payment experience for users.
Octane — On April 8, Octane.Security raised $6.75 million in a seed round co-led by Archetype and Winklevoss Capital, with participation from Gemini Frontier Fund, Circle, and others. Octane is an AI-powered security platform built for Web3 development teams. It simulates real-world attack scenarios using artificial intelligence to identify threats and provide actionable security recommendations, enabling efficient testing and deployment of smart contracts. The platform is designed to integrate seamlessly into development workflows, enhancing security and deployment speed.
While the team has not disclosed detailed plans for the funding, it is likely to be used to expand Octane’s AI-driven security platform and strengthen real-time defense capabilities for crypto teams. Octane aims to build a 24/7 “AI security assistant” that goes beyond traditional passive auditing, offering continuous monitoring and proactive threat mitigation for blockchain projects, helping crypto projects respond to potential attacks more proactively and efficiently.
According to Tokenomist, several major token unlocks are scheduled for next week (April 11–17, 2025), with a combined value of approximately $137 million.[27]
The top three upcoming unlocks are as follows:
APT — Around 11.31 million APT tokens are set to unlock at 08:00 AM (UTC+0) on April 12, 2025, representing 1.87% of its circulating supply and valued at approximately $49.42 million. With a recent average daily trading volume of around $203 million, this unlock may exert a modest impact on price.
AXS — Approximately 9.09 million AXS tokens will be unlocked at 1:30 PM (UTC+0) on April 12, 2025, accounting for 5.67% of its circulating supply and worth about $20.73 million. Given AXS’s recent daily trading volume of around $48 million, this unlock could have a more noticeable effect on price volatility.
ARB — Around 92.65 million ARB tokens unlocked at 1:00 PM (UTC+0) on April 6, 2025, representing 2.01% of its circulating supply, with an estimated value of $26.25 million. ARB’s average daily trading volume stands at approximately $220 million, so the price impact is likely to be limited.
Next week (April 11–17, 2025) will feature a series of key events that could significantly impact the crypto market, global economy, and energy sector. On April 11, the U.S. will release March’s year-over-year Producer Price Index (PPI) and the preliminary one-year inflation expectations for April [28]. On April 12, the SEC will host a roundtable in Washington titled “Between a Block and a Hard Place: Tailoring Regulation for Crypto Trading”[29], which may provide important signals on future regulatory direction. April 14 will mark the Token Generation Event (TGE) for KernelDAO’s KERNEL token [30], potentially triggering increased community engagement and capital flows. On April 15, Layer 1 blockchain Shardeum will launch its mainnet [31], adding momentum to the infrastructure space, while Russia’s social platform VK has set the same day as the deadline for NFT asset migration—users who fail to act may risk losing access to their assets [32]. On April 16, the U.S. will announce March retail sales figures [33], followed by a wave of macroeconomic data on April 17, including initial jobless claims for the week ending April 12 and another inflation expectations reading [34].
References:
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