🌟 Cryptocurrency Market Daily | April 18, 2025 10:42 🌟

I. Market Performance: BTC Leads Independent Market, SOL Becomes Leverage Pioneer

1. $BTC: Breaking Free from U.S. Stock Constraints, Showing Safe-Haven Properties

- 🚀 Strong Breakthrough: Price broke through $83,000, correlation with S&P 500 dropped to 0.75 (down 13% weekly), on-chain whales increased their holdings by 3,500 BTC (about $294 million) in a single day, derivative positions increased by 18% weekly, the market bets on a weekend surge.

- 🔄 Independent Narrative Verification: The Federal Reserve hinted at easing crypto rules for banks, combined with a policy shift from the Department of Justice, funds are accelerating into BTC as a 'regulatory-resistant volatile asset.'

2. $ETH: Stabilizing Amid Weakness, Waiting for Catalysts

- 📊 Stable Fluctuations: Price range $1,600-$1,650, on-chain gas fees remain low at $0.3, DEX weekly trading volume $5 billion (60% lower than SOL), but staking rate stabilizes at 46%, lacking short-term momentum for a breakout.

- ⏳ Key to Regulatory Game: SEC crypto custody roundtable meeting agenda released, participants include Coinbase, Fidelity, etc., market focuses on ETH staking compliance path.

3. $SOL: Leverage and ETF Narrative Resonance

- 🚀 On-Chain Recovery Accelerates: TVL surpassed $5.8 billion (up 15% weekly), Coinbase optimized Solana trading throughput, supporting high-frequency institutional orders;

- 🌐 ETF Sector Heating Up: Canada's Purpose Investments Physical ETF (staking yield 6%-8%) reached $420 million, combined with applications from three major U.S. institutions, the SOL/BTC exchange rate rose to 0.0019 (up 25% this month).

II. Policies and Regulation: Global Easing Signals and Compliance Competition

1. U.S. Policy Shift

- 🏦 Bank Rules Eased: The Federal Reserve hinted at allowing banks to hold crypto assets and participate in custody, potentially releasing hundreds of billions in institutional funds;

- ⚖️ New Department of Justice Memorandum: Cryptocurrency policy shifts from 'crackdown-oriented' to 'risk-based management', details may be announced next week, favorable for compliant exchanges (e.g., Binance with 45% market share).

2. Global Regulatory Dynamics

- 🇺🇸 SEC Actions Diverging: Punished market maker CLS Global (involved in market manipulation), but the roundtable meeting released signals of cooperation, regulatory framework may tilt towards a 'licensing system';

- 🌍 Exchange Reshuffling: eXch shut down due to transatlantic law enforcement actions (involving Bybit hack fund handling), Kraken laid off staff to pave the way for listing, industry's concentration further increased.

III. Capital and Ecosystem Trends: Institutional Increases and On-Chain Innovations

1. Institutional Capital Layout

- 💼 a16z Heavily Invests in LayerZero: Added $50 million investment and locked $ZRO for three years, betting on cross-chain infrastructure explosion;

- 💰 Binance's Leading Position Stabilized: Q1 spot market share 45%, launched Initia Launchpool to attract new assets ().

2. Product and Technology Breakthroughs

- 🔄 Payment Protocol Innovation: Circle launched Refund Protocol, supporting stablecoin payments for non-custodial refunds, potentially disrupting e-commerce and cross-border settlements;

- ⚡ Trading Market Active: Coinbase International BTC perpetual contract weekly trading volume exceeds $100 billion, derivatives become the main battleground for institutional hedging.