🌟 Cryptocurrency Market Weekly Report | April 11, 2025 🌟 Follow us for daily hot topics to get rich

I. Market Performance: Divergence and Fragility After V-Shaped Rebound

1. $BTC: Policy Driven and Linked to US Stocks

- 📉 Trump's 'talking up' effect: Briefly boosted by Trump's 'pause tariffs' message, but the rebound is weaker than US stocks (S&P 500 rebounded 10% vs BTC rebounded 7%), prices still constrained by the $75,000-$80,000 range, CME futures open interest sharply decreased by 18%, market lacks sustained bullish momentum.

- 🛡️ Weakening of safe-haven attributes: Fluctuating in sync with US debt yields (4.8%), institutional funds turn to observation, on-chain whales experience a net outflow of 3,200 BTC in a single day.

2. $ETH: Roller Coaster Market Under Short-Dominated Conditions

- 🎢 Double-edged sword of leading gains and losses: Quickly fell back to $1,600 after rebounding to $1,750 the previous day, short positions in derivatives rose to 68%, staking rate (49%) and on-chain Gas fees (daily average $0.3) hit historical lows, ecosystem narratives (L2, DeFi) temporarily ineffective.

3. $SOL: Divergence Between Leverage Effect and Ecosystem Recovery

- 🔄 Volatility constrained by BTC: Prices fluctuate in the $100-$115 range, despite on-chain TVL rebounding by 10% (Meme coins attracting flow), ecosystem tokens (like JUP, JITO) generally fall over 70% from historical highs, S-based holders continue to incur losses.

II. Policy and Macro: Trump's 'Economic Gamble' and Deregulation

1. Trump's Policy Combination

- 🏛️ Abolishment of crypto tax rules: Resolution signed to cancel the '30% digital asset tax' clause from Biden's era, stimulating short-term capital inflow but potentially intensifying IRS regulatory backlash in the long term;

- ⚔️ Tariffs and Risk of Economic Recession: Acknowledges that policies may trigger a recession, raises tariffs on China to 125% while suspending tariffs for some countries, White House's tax rate order exacerbates global trade uncertainty.

2. Federal Reserve and Debt Crisis

- 💸 Debt ceiling and interest rate cut game: The House passes Trump's tax cut and debt ceiling increase plan, former Treasury Secretary warns that 'soaring US debt yields may force a tariff policy adjustment,' Goolsbee states that 'stagflation risks need to be handled cautiously,' market expectations for interest rate cuts drop to once (within 2025).

3. Inflation Data and Market Confidence

- 📉 March inflation rate unexpectedly drops: CPI year-on-year falls to 3.1%, core CPI drops to 3.4%, briefly boosting risk appetite, but inflationary pressure from tariffs still exists.

III. Regulation and Compliance: Two Extremes

1. Signals of Regulatory Easing

- ✅ SEC rejects Nova Labs’ allegations: Rules that $HNT, $IOT and other tokens do not constitute securities, paving the way for compliance in decentralized communication projects;

- 🏦 New Hampshire Bitcoin Bill: Allows state treasury to use BTC as a reserve asset, becoming an industry benchmark for local policy breakthroughs.

2. Continued Regulatory Pressure

- ⚠️ New York Attorney General warns Tether: Calls on Congress to be alert to 'foreign stablecoin issuers manipulating the market,' USDT may face a new round of scrutiny;

- 💸 Block Inc. pays $40 million in settlement: Anti-money laundering compliance issues expose risk control loopholes in crypto companies.

IV. Projects and Ecosystem: Innovation and Controversy Coexist

1. Technological Breakthroughs and Product Iterations

- 🔗 Babylon launches Bitcoin staking mainnet: Allows BTC holders to participate in PoS chain security verification, staking volume surpasses 20,000 BTC, but yield (annualized 3.2%) is of limited appeal;

- 🌐 Mantle launches bank-grade products: Mantle Banking and MI4 index target institutional clients, attempting to reverse ecosystem decline with a compliance narrative.

2. Market Trust Crisis

- 🤖 MEV bots preemptively exploit airdrop: Wayfinder PROMPT airdrop was maliciously arbitraged, TokenTable suspends the process and promises compensation, exposing on-chain governance vulnerabilities;

- 📉 Grayscale updates observation list: New assets added but not clearly categorized, accused of 'creating market noise.'

V. Institutional Cooperation and Capital Trends: Fusion of Traditional Finance and Crypto

1. Deepening Strategic Cooperation

- 🏦 OKX collaborates with Standard Chartered Bank: Establishes fiat-crypto deposit and withdrawal channels, targeting high-net-worth clients' cross-border payment needs, accelerating compliance process;

- 🌍 Block Inc. compliance transformation: After settlement, may shift business focus to enterprise-level blockchain services.

2. Market Sentiment Indicators

- 📊 Bitcoin futures leverage plummets: overall leverage ratio drops from 3.5 to 2.1, derivatives market enters a low volatility cycle;

- 💼 Institutional funds on the sidelines: BlackRock, Fidelity, etc., have not announced any plans to increase holdings, MicroStrategy's holdings show a floating loss of $6.5 billion.

⚡ Today's Focus:

- BTC correlation test after US stock market opens (Nasdaq futures currently down 1.5%);

- Bitcoin staking protocol Babylon mainnet staking volume surpasses 30,000 BTC;

- New York Attorney General's investigation progress on Tether.