Brothers, this is unbelievable, in the last 24 hours, the crypto circle has been non-stop action,
The local dog is secretly working on crypto token projects,
Tether printed 1 billion USD overnight;
Starting with the SEC playing "subpoena retaliation",
Until Tornado-Cash suddenly lifts its seal;
Moreover, the Federal Reserve is subtly hinting, and Ethereum ETFs are secretly raising funds,
These seemingly unrelated fragments are piecing together a picture:
The dark version of the power restructuring in the capital world (Along the River During the Qingming Festival).
The news about the local dog team secretly developing crypto tokens is simply the real-life version of (House of Cards).
This man, who once claimed he would strangle Bitcoin, is now surprisingly playing on-chain games.
Thinking back, it's not surprising that during the 2020 election, his campaign website was hacked,
It is estimated that discovering blockchain wallet private keys is much safer than traditional servers now.
On a deeper level, traditional political donation regulations are becoming increasingly strict,
Using crypto tokens to wash political donations, both covert and safe.
On the other side, the big beautiful Treasury was slapped in the face during the Tornado-Cash incident,
Exposing the anxiety of power in the regulatory layer, the appellate court ruled that OFAC exceeded its authority,
Essentially saying, "You can control the heavens and the earth, but you can't control the breathing of code."
But don't celebrate too early, it's like when Napster was ruled as infringing,
The music industry instead has created more stringent digital rights management.
The regulators will certainly not let it go easily; there may be even more sinister moves next.
For example, requiring all wallets to undergo KYC to connect to the mainnet.
Tether's single issuance of 1 billion USDT is even more aggressive than the Federal Reserve printing money,
Checking on-chain data reveals an interesting phenomenon:
This 1 billion USDT isn't slowly injected into the market,
It is more like being sprayed directly like a high-pressure water gun.
Typically, such scale of issuance happens in two scenarios:
Either the exchanges are preparing for large purchases,
Either some whales are planning something.
Combining Cumberland's action of withdrawing 27,000 ETH from the three major exchanges,
This feels more like institutional players laying out hedging strategies,
Using stablecoins as bullets while hoarding ETH spot.
But there lies a ticking time bomb: the transparency issue of USDT's collateral.
Every time Tether massively issues, the market will resonate:
"Is it questioning if it's another case of empty-handedly catching a wolf?"
Now global regulators are all focusing on stablecoins,
If one day there is solid evidence of insufficient collateral,
The entire crypto circle has to experience free fall.
This is like the night before the Lehman Brothers crash in 2008,
Everyone is celebrating madly, yet no one notices the foundation of the building is cracking.
While Tether is frantically printing money, the cat-and-mouse game between regulators and projects is in full swing.
The SEC's "retaliatory subpoena" against Unicoin, the project party refused to settle,
The regulators are deploying a human wave tactic of subpoena bombardment,
This trick is comparable to the "tax threat" in gangster movies.
But from another perspective, the more the SEC uses these underhanded tactics,
This increasingly indicates their sense of powerlessness in the face of the DeFi revolution,
The hammer in the traditional regulatory toolbox,
It fundamentally cannot shatter the cryptographic chain of blockchain.
It's worth noting that just as the SEC is going crazy with outputs,
The court, however, has released Tornado Cash from its restraints.
This contradiction between judiciary and administration exposes the split of the big beautiful power system.
It’s like the police chief says to crack down, but the judge says, "You lack legal basis".
This internal friction is actually beneficial for the crypto circle; the lower the regulatory efficiency, the greater the innovation space.
The Federal Reserve's spokesperson hinted that March’s core PCE only rose by 0.08%,
This precision operation to two decimal places is quite clever.
Those with a discerning eye know that this is deliberately guiding market expectations,
First, set an extremely low expectation, and wait for the real data to come out,
Even 0.1% can be blown up to say "inflation is controlled".
This psychological manipulation technique is also prevalent in the crypto circle,
Market makers always love to draw the door and then insert the needle at key positions, playing a double kill of long and short.
Looking at CME's interest rate forecast data, the probability of a rate cut in June suddenly soared to 60%,
This turning point is comparable to (Game of Thrones) plot, but there’s a devilish detail:
What the Federal Reserve truly fears is not inflation, but the liquidity of US Treasuries.
In the recent two-year treasury yield curve, there has been a strange inversion,
It shows that big funds are betting on a hard landing of the economy, in this scenario,
The crypto market may instead become a safe haven for funds,
During the 2018 bear market, Bitcoin showed a negative correlation with gold.
Last week, the Ethereum ETF raised 150 million dollars,
This data needs to be viewed in conjunction with on-chain dynamics.
The total locked value surged by 16%, and DEX trading volume skyrocketed by 30%,
Indicating that smart money is quietly positioning itself for risk-adjusted returns in DeFi.
But there's an abnormal phenomenon: the price of Ethereum has always been kept below 2000 dollars,
This is clearly the derivatives market suppressing prices and accumulating positions.
Just look at the Put/Call ratio in the options market, and you'll know,
Market makers are frantically selling call options,
While using spot to hammer down prices to maintain Delta neutrality.
What’s more alarming is Cumberland's withdrawal actions.
This market maker has always been "the early bird knows the warmth of the spring river",
They had already withdrawn funds before last year's LUNA crash.
Suddenly hoarding ETH may indicate two major scenarios:
Either anticipating an explosive market due to ETF approval,
Either preparing to hammer down prices to short and profit from volatility premiums.
Considering they are simultaneously withdrawing funds from Coinbase and Binance,
It feels more like trying to avoid the risk of exchange runs.
Yesterday, among the 188 million in liquidations across the network, longs accounted for 65%,
This indicates that most retail investors are still habitually bullish.
But observing the distribution of liquidation times will reveal,
The liquidation volume from 3-5 AM (UTC+8) accounts for 40% of the entire day,
This is precisely the time window for the transition of European and American institutions.
A typical script of "Eastern leeks being harvested by Western scythes".
The current market is in a quantum state: technically, Bitcoin's daily MACD is about to form a death cross,
But on-chain data shows that the number of addresses holding Bitcoin for more than a year has hit a new high.
This contradiction is essentially a qualitative change in market structure; it used to be driven by retail sentiment,
Now institutions are manipulating prices with derivatives while hoarding spot.
Ordinary players are like wildebeests on the savannah, clearly seeing lions approaching,
But they can only run frantically with the crowd.
The nearing end of April welcomes the "high surge followed by a drop" final battle,
It perfectly replicated the trend before the "5.19" of 2021.
At that time, it was also institutions continuously buying in and retail leverages celebrating,
It eventually ends under the heavy hand of regulatory measures in the Heavenly Dynasty.
The script has now changed to "Trump concept coins plus Federal Reserve's easing expectations",
But the essence hasn’t changed: new and old forces are vying for the coinage rights of the digital age.
Those who think they can make money by just looking at K-lines still haven't understood,
This market has long ceased to follow the rules of martial ethics,
When BlackRock and others use astronomical amounts of funds to open perpetual contracts at CME,
When Tether can print money anytime to pump or dump,
When SEC subpoenas can be used as weapons,
The crypto circle has already become the arena of (The Hunger Games),
Ordinary players don’t even have the qualifications to be cannon fodder.
In this crypto dark forest without sentinel warnings,
The only reliable survival strategy is: keep an eye on the wallet movements of on-chain whales,
Sensing the regulatory policy direction while treating technical indicators as contrary signals.
Brothers, it's serious, recently in the past 24 hours, the crypto circle has been a spectacle,
