Abstract

• Bitcoin fell 0.45% to approximately $93,529, while Ethereum declined 1.72% to around $1,776.
• Arizona’s Bitcoin reserve bill is moving toward a final vote.
• The world’s first spot XRP ETF has been listed and is now trading in Brazil.
• Ethereum’s account abstraction is accelerating, aiming to make non-traditional ECDSA accounts mainstream.
• DeFi’s TVL has surpassed $100 billion for the first time since March.
• Stablecoin market capitalization is approaching $240 billion, signaling continued market strength.

Market Analysis

• BTC —— Bitcoin dropped 0.45% over the past 24 hours, currently trading at approximately $93,529. After breaking below short-term moving average support, BTC accelerated its decline and briefly tested $92,856.A rebound attempt is underway, but the price remains below all short-term moving averages, indicating a weak near-term technical structure.Trading volume picked up slightly during the pullback, suggesting selling pressure has been released. However, overall liquidity remains neutral to slightly weak. The MACD shows the fast and slow lines diverging below the zero axis, with negative momentum increasing. Short-term bearish momentum remains dominant. It is crucial to monitor whether the key support level can hold.[1]

• ETH —— Ethereum fell 1.72% over the past 24 hours and is now trading around $1,775.67. From a technical standpoint, ETH rebounded after retesting the ascending trendline support. The short-term trend remains within the upward channel, and the price is hovering near the 5-day moving average, indicating the bullish structure is still intact. During the pullback, trading volume slightly increased. However, the rebound volume was relatively weak, suggesting that bulls and bears are still locked in a tug-of-war. The MACD shows the fast and slow lines converging near the zero axis, and the shrinking momentum bars indicate weakening bearish pressure. Short-term focus remains on whether ETH can stabilize above the trendline and sustain the rebound.[2]

• ETF —— According to SoSoValue, on April 25, US spot Bitcoin ETFs recorded a total net inflow of $379 million[3], while US spot Ethereum ETFs saw a net outflow of $104 million. Data as of April 28, 12:00 PM (UTC+8)[4].
• Altcoins —— The Privacy sector rose 7.9%, Pump.fun Ecosystem gained 2.1%, and Bittensor Ecosystem increased by 1.6%[5].
• US Stock Market —— On April 25, the S&P 500 rose 0.74%, the Dow Jones Industrial Average edged up 0.05%, and the Nasdaq Composite gained 1.26%[6].
• Spot Gold —— Spot gold prices dropped to $3,292.75 per ounce, down 0.79% on the day. Data as of April 28, 12:00 PM (UTC+8)[7].
• Fear & Greed Index —— The Fear and Greed Index stands at 54, indicating a neutral market sentiment[8].

Top Performers

According to Gate.io market data[9], based on the past 24 hours’ trading volume and price performance, the top performing altcoin is as follows:

CSPR (Casper Network) —— Recorded a daily gain of approximately 70.53%, with a circulating market capitalization of $219 million.

Casper Network (CSPR) is an enterprise-grade Layer-1 blockchain that officially launched on March 31, 2021. It adopts a PoS consensus mechanism based on the CBC Casper specification, focusing on improving blockchain scalability, security, and developer friendliness. Its goal is to promote widespread adoption of blockchain technology among enterprises and developers through features such as upgradeable smart contracts, predictable gas fees, and WebAssembly (Wasm) smart contract support.

The recent price surge in CSPR is mainly driven by expectations surrounding the upcoming Casper 2.0 mainnet upgrade. Recently, the project team announced that Casper 2.0 will launch on May 6, 2025, introducing the Zug consensus mechanism, enhanced APIs, and improved developer experience, which is seen as a major step toward bridging Web3 with the real economy[10].

FIS（StaFi）—— Recorded a daily gain of approximately 40.5%, with a circulating market capitalization of $42.52 million.

StaFi (FIS) is a DeFi protocol focused on unlocking liquidity for staked assets on PoS blockchains. By issuing tradable rTokens, StaFi allows users to freely trade assets while still earning staking rewards, solving the traditional issue of staked asset illiquidity. Its goal is to enhance capital efficiency and promote the expansion of the Liquid Staking as a Service (LSaaS) ecosystem through an innovative staking derivatives system.

The recent surge in FIS token price is mainly driven by multiple positive catalysts. First, FIS was recently listed for perpetual contract trading on major exchanges, increasing market flexibility and visibility. Second, the StaFi community is conducting an important governance vote proposing a reduction in $FIS token issuance, which, if passed, would significantly increase token scarcity. These two favorable factors combined have led to a sharp increase in both trading volume and price in the short term[11].

PENGU（Pengu）—— Recorded a daily gain of approximately 33.5%, with a circulating market capitalization of $767 million.

Pengu is an NFT project that originated in 2021, initially launched on the Ethereum blockchain, featuring 8,888 unique penguin NFTs. In December 2024, the project introduced its native token, PENGU, on the Solana blockchain, aiming to enhance community engagement and strengthen the connection between the virtual and real worlds. The total supply of PENGU tokens is 88.888 billion, with a portion allocated to NFT holders and external users to support ecosystem development and community expansion.

The recent price surge in PENGU tokens has been driven by anticipation of two major events. First, the official team announced a partnership with Ledger to launch the “Frozen for the Future” custom hardware wallet series, set to debut at TOKEN 2049 Dubai, boosting brand visibility and market attention. Second, Pengu will host a two-day special community event during TOKEN 2049 Dubai, which has attracted significant interest from users and builders, further stimulating market sentiment and trading activity. Both developments were announced in late April and have rapidly fueled user interest and increased trading volume[12].

Data Highlight

DeFi TVL Surpasses $100 Billion for the First Time Since March

The DeFi sector is experiencing a new wave of revival, with overall market activity showing a clear rebound.

According to DefiLlama, the TVL in DeFi protocols has surpassed $100 billion for the first time since March 2025, highlighting the sector’s renewed momentum. Among leading platforms, lending protocol AAVE ranks first with approximately $19.7 billion in TVL, followed by liquid staking platform Lido with about $17 billion, and restaking protocol EigenLayer with around $7.99 billion. These three projects have been key drivers of the current TVL growth.

Several factors are fueling the TVL recovery. First, crypto market sentiment has improved noticeably since early Q2, with mainstream asset prices rebounding, directly boosting the valuation of on-chain assets. At the same time, emerging narratives like Restaking and Bitcoin DeFi (BTCFi) have rapidly gained traction, drawing substantial capital into innovative protocols and new asset classes, further energizing the DeFi space.

Looking ahead, after a prolonged adjustment phase, DeFi is showing fresh growth potential, supported by price recoveries, technological innovation, liquidity expansion, and increasing institutional participation. Whether DeFi TVL can continue to climb and consolidate at higher levels will depend on factors such as market risk appetite, advances in protocol security, and the sustained expansion of on-chain application demand[13].

Arbitrum, BSC, and Noble Lead Cross-Chain Bridge Net Inflows Over the Past 7 Days

As of April 28, 2025, Arbitrum recorded the highest net inflow across cross-chain bridges over the past seven days, reaching $313.24 million. It was followed by BSC and Noble, with net inflows of $41.14 million and $24.26 million, respectively, reflecting the ongoing efforts among major blockchains to enhance interoperability and capital mobility.

Arbitrum’s strong performance is attributed not only to the inherent advantages of Ethereum Layer 2 — such as lower costs and higher efficiency — but also to the ecosystem’s rapid expansion. Projects like Stobox and Eigenpie have recently launched new Arbitrum bridges, boosting asset liquidity. Meanwhile, initiatives like the Arbitrum Foundation and DAO’s rolling grant programs have continued to incentivize protocol development and capital inflow. Additionally, the expansion of DeFi and RWA projects, such as OstiumLabs surpassing $400 million in cumulative trading volume, combined with persistently high Ethereum mainnet fees, has positioned Arbitrum as a new focal point for capital rotation.

For BSC, its large ecosystem, mature DeFi applications, and low transaction fees continue to attract steady capital inflows. Noble, an emerging blockchain, has captured investor attention with its innovative cross-chain bridge design. Although Noble’s overall scale remains relatively small, it delivered an impressive performance during this round of capital movement.

Overall, the net inflow data for Arbitrum, BSC, and Noble this week highlights the ongoing rotation and strategic allocation of capital across different ecosystems. Going forward, their performance will largely depend on broader market conditions and the sustained development of individual projects[14].

Stablecoin Market Cap Nears $240 Billion, Momentum Continues to Build

The stablecoin market has recently seen significant growth, with total market capitalization surging by approximately $4.58 billion over the past week, bringing it close to the key $240 billion threshold. This upward trend reflects strong demand for stable assets, particularly amid rising global economic uncertainty. USDT and USDC remain the dominant players, together accounting for over 80% of the market share. Meanwhile, emerging stablecoins such as USDS and RLUSD are gaining traction, injecting new energy into the market through innovative issuance mechanisms and differentiated application scenarios.

USDT and USDC, known for their high liquidity and broad use cases, continue to serve as core mediums of exchange in the global crypto market. USDT’s market cap has surpassed $143 billion, reinforcing its position as the largest stablecoin, while USDC maintains a stable capitalization around $36 billion despite a slight slowdown in growth. At the same time, new stablecoin projects are attracting increased investor attention by introducing more flexible reserve mechanisms, enhancing regulatory compliance, and expanding into areas such as DeFi and cross-border payments. For example, RLUSD surpassed a $500 million market cap in just three months, demonstrating strong growth momentum.

Amid global economic volatility and turbulence in traditional financial markets, stablecoins, with their fiat-pegged nature, have become essential safe-haven tools for investors. In particular, during the ongoing crypto market recovery, stablecoins are widely used for asset allocation to mitigate risks from sharp price swings. Their applications in cross-border payments, corporate treasury management, and DeFi lending continue to expand steadily[15].

Spotlight Analysis

Arizona’s Bitcoin Reserve Legislation Nears Final Vote

Two Bitcoin reserve bills in Arizona have been officially scheduled for their third reading next Monday and could be put to a final vote on the same day. If passed, Arizona would become the first U.S. state to formally establish Bitcoin reserves, drawing significant market attention to state-level crypto asset policies.

According to the proposed bills, the Arizona state government plans to allocate a portion of its treasury funds to purchase and hold Bitcoin as part of its official reserves. This move aims to diversify the state’s financial asset portfolio, explore the use of cryptocurrencies as a hedge against inflation, and enhance fiscal resilience. It also signals growing acceptance of Bitcoin by local governments as a new asset class and their willingness to engage with it through practical initiatives.

If successfully passed, the legislation would not only set a precedent for other states considering digital asset reserves but could also further legitimize Bitcoin at the mainstream policy level in the United States. This would likely boost overall crypto market sentiment and encourage more jurisdictions to explore incorporating digital assets into their official financial strategies[16].

World’s First Spot XRP ETF Listed on Brazil’s B3 Exchange

The world’s first spot ETF linked to XRP was officially listed on Brazil’s B3 exchange on April 25. Issued by asset manager Hashdex and managed by Genial Investimentos, the fund trades under the ticker XRPH11 and tracks the Nasdaq XRP Benchmark Price Index. According to Hashdex, at least 95% of the fund’s net assets will be allocated to XRP, with exposure achieved through direct holdings, futures contracts, or other financial instruments.

This is Hashdex’s ninth crypto asset ETF launched in Brazil, adding to its existing lineup that includes products tied to BTC, ETH, and SOL.

Hashdex stated that XRPH11 is designed to attract professional investors, including institutions, and adheres strictly to regulatory guidelines to ensure fund security and transparency. Currently, XRP-related exchange-traded product (ETP) assets under management (AUM) total approximately $950 million. According to CoinShares, XRP recorded the highest inflows among all crypto ETPs last week, attracting $37.7 million in a single week. Earlier this year, JPMorgan projected that XRP-related products could see potential net inflows of up to $8 billion, significantly higher than current levels. However, Brazil currently accounts for only 0.9% of the global crypto ETP market, meaning XRPH11 will need to draw international investor interest to achieve substantial growth.

Overall, Hashdex has secured a first-mover advantage in the emerging XRP ETF space, aligning with the broader trend of asset managers accelerating their entry into crypto investment products. However, it is important to note that XRP itself remains subject to market volatility and regulatory uncertainty. The future growth of XRPH11’s AUM will largely depend on investors’ long-term confidence in XRP and the ongoing global acceptance of spot crypto ETFs[17].

Ethereum Accelerates Account Abstraction Progress, Aiming to Make Non-Traditional ECDSA Accounts the Standard

Ethereum co-founder Vitalik Buterin recently stated that the account abstraction process is now halfway complete and emphasized that Ethereum’s ultimate goal is to make non-traditional ECDSA accounts the dominant account type. These next-generation accounts will offer diverse functionalities such as multi-signature support, key rotation, quantum resistance, and enhanced privacy features, all aimed at boosting Ethereum’s overall security and scalability.

Significant progress has also been made within the Ethereum ecosystem on simplifying the ERC-7701 standard. ERC-7701 seeks to provide a unified and flexible framework for account abstraction, allowing various types of signature schemes and verification logic to be implemented on Ethereum in a standardized way. This will greatly lower the barriers for developers building complex account functionalities and open up new possibilities for innovation across Ethereum-based applications.

Advancing account abstraction means Ethereum will gradually move away from reliance on a single signature algorithm, enhancing the network’s resilience against potential future threats such as quantum computing attacks. It will also lead to a fundamental improvement in user experience, including features like reduced dependency on seed phrases, multi-device login capabilities, and more flexible asset management. This evolution is expected not only to enhance usability for existing users but also to attract more institutional participants and traditional applications to the Ethereum ecosystem, further strengthening its leadership position in the public blockchain space[18].

Funding Updates

According to RootData, two projects publicly announced new funding rounds within the past 72 hours, primarily in the infrastructure sector. The details are as follows:[19]

Nous Research —— Completed a $50 million Series A funding round led by Paradigm, with participation from North Island Ventures, Delphi Labs, and other investors. Nous Research is a decentralized AI accelerator focused on developing AI models and tools, with an emphasis on the deep integration of artificial intelligence and blockchain technology. Built on the Solana network, the organization has launched a series of projects, including Nous Psyche, and focuses on developing language models, simulators, and AI orchestration platforms such as the open-source Nous-Forge. All technologies developed by Nous Research are open-sourced.[20]

With the new funding, Nous Research plans to launch a decentralized training system on the Solana blockchain. The system will leverage blockchain technology to coordinate and incentivize distributed AI model training, allowing users to contribute idle computing power to support the development of AI models.

WineFi —— London-based fintech company WineFi has raised £1.5 million (approximately $1.99 million) in a seed funding round, with participation from Coterie Holdings, Founders Capital, SFC Capital, and other investors.

WineFi focuses on providing structured fine wine investment services to high-net-worth individuals, family offices, and investment funds. By leveraging a data-driven platform, it addresses long-standing challenges in traditional wine investing, such as limited transparency and the lack of standardized data. The platform allows users to co-invest in curated wine portfolios with a lower entry barrier and partners with digital asset platforms to tokenize wine assets on the blockchain, improving liquidity and trading efficiency. WineFi’s mission is to modernize fine wine investing, making this traditional alternative asset class more accessible and manageable for a wider range of investors.

The new funding will support two primary initiatives: First, enhancing the company’s data analytics capabilities by building stronger valuation models, integrating real-time market data, and refining its investment analysis tools to enable more accurate and informed decision-making for investors. Second, expanding WineFi’s range of wine investment products by launching more diversified and expertly curated high-quality portfolios, aiming to lower the investment threshold and attract a broader investor base. Through these efforts, WineFi seeks to strengthen its competitive position in the growing alternative asset investment space.[21]

Airdrop Opportunity

GiveRep

GiveRep is a decentralized reputation protocol built on the Sui blockchain, designed to help users build, manage, and showcase their social credibility within Web3. By issuing and collecting verifiable on-chain endorsements, GiveRep aims to foster a more transparent and trust-driven decentralized ecosystem.

Currently, GiveRep is running the “GiveRep Points Program” airdrop campaign. Users can accumulate Reputation Points by posting tweets, with future token airdrops distributed proportionally based on points earned. Participants may also become eligible for additional airdrop rewards from other projects featured on the Loyalty page. Early participation opportunities are limited.[22]

How to Participate:

1. Visit the GiveRep official website and connect to your X account.
2. Navigate to the “Loyalty” page.
3. Join available projects and post tweets tagging the official project accounts.
4. Users with fewer than 100 followers can qualify by participating in mutual follow activities.
5. Replying to @ GiveRep tweets can earn additional points.

Notes:
The airdrop plan and participation rules are subject to change. Users are advised to follow GiveRep’s official channels for the latest updates. Participation involves certain risks, and users should conduct thorough research before joining. Gate.io does not guarantee the distribution of any future airdrop rewards.

References:

1. Gate.io, https://www.gate.io/trade/BTC_USDT
2. Gate.io, https://www.gate.io/trade/ETH_USDT
3. SoSoValue, https://sosovalue.xyz/assets/etf/us-btc-spot
4. SoSoValue, https://sosovalue.xyz/assets/etf/us-eth-spot
5. CoinGecko, https://www.coingecko.com/en/categories
6. Investing, https://investing.com/indices/usa-indices
7. Investing, https://investing.com/currencies/xau-usd
8. Gate.io, https://www.gate.io/bigdata
9. Gate.io, https://www.gate.io/price
10. X, https://x.com/Casper_Network/status/1914700738229420426
11. X, https://x.com/pudgypenguins/status/1914464364871950505
12. X, https://x.com/StaFi_Protocol/status/1914629896397316418
13. DefiLlama, https://defillama.com
14. DefiLlama, https://defillama.com/bridges
15. DefiLlama, https://defillama.com/stablecoins
16. X, https://x.com/Bitcoin_Laws/status/1916227994944942147
17. Cryptoslate, https://cryptoslate.com/first-spot-xrp-etf-issued-by-hashdex-begins-trading-in-brazil/
18. X, https://x.com/VitalikButerin/status/1916400668618768551
19. Rootdata, https://www.rootdata.com/Fundraising
20. Rootdata, https://www.rootdata.com/zh/Projects/detail/Nous%20Research?k=MTczMzQ%3D
21. Rootdata, https://www.rootdata.com/zh/Projects/detail/WineFi?k=MTczNTc%3D
22. X, https://x.com/Airdrop_Adv/status/1916643569424891951

Gate Research is a comprehensive blockchain and crypto research platform that provides readers with in-depth content, including technical analysis, market insights, industry reviews, trend forecasts, and macroeconomic policy analysis.

Disclaimer
Investing in the crypto market involves a high level of risk. Users are advised to conduct independent research and fully understand the nature of any assets and products before making investment decisions. Gate.io assumes no responsibility for any losses or damages resulting from such investment activities.