【April 22 Market Dynamics Overview】
Today's market sentiment is generally cautious. U.S. Senator Lummis stated that if liquid assets are converted into Bitcoin and held for 20 years, U.S. debt could be halved, sparking discussions on the long-term value of BTC. Meanwhile, the U.S. earnings season has begun, with investors focusing on the performance of tech giants and potential adjustments to tariff policies.
In the crypto market, total trading volume on exchanges has fallen to a six-month low, with the share of spot trading also hitting a new low for this phase, reflecting a strong wait-and-see sentiment among investors. The U.S. dollar index has dropped below 99, reaching a three-year low, as the market worries about the independence of the Federal Reserve. Analysts believe that while it is unlikely Trump would fire Powell if re-elected, he may increase intervention in the Fed, affecting the macro liquidity landscape.
BTC continues to maintain a volatile pattern, with short-term fluctuations narrowing, currently priced at around 87097 USDT. If it falls to 86075, over $65 million in long positions may face liquidation; if it rises to 88085, the liquidation amount for short positions may exceed $145 million, with short-side risks far exceeding long-side risks. It is advised to control leverage to avoid liquidation risks from sudden market changes. In terms of individual coins, the new coin WCT is performing strongly, while the popular coin RFC DARK is experiencing a pullback.
Market risk-averse sentiment is heating up, stemming from Trump’s statement on social media that “whoever owns gold makes the rules,” and his strong support for tough trade policies, leading to a significant spike in spot gold to $3360 per ounce, marking a historical high.
On-chain data shows that nine altcoins, including SOL, XRP, ADA, and SUI, along with four meme coins such as DOGE and TRUMP, have submitted spot ETF applications, with projects having “U.S. backgrounds” being particularly favored by the market. a16z founder Shaw clarified in a post that auto.fun does not have an official token, and the existing FUN is only for speculation. His personal holdings will be managed by a DAO, stating, “You can call it CTO as you wish.”
Overall, the sentiment in the crypto market is cautious, with attention on macro liquidity, ETF progress, and structural opportunities driven by new narratives.
