April 23, 2025

Market Overview:

Bitcoin strongly returns to the $90,000 mark, with the total market capitalization skyrocketing by $60 billion in a short time, while US stocks perform poorly—indicating an increasing decoupling effect between digital assets and traditional finance.

Market Sentiment:

- Bullish: 65%

- Bearish: 20%

- Neutral: 15%

Key Data Overview:

- BTC peaks at $90,459, setting a new high since March 7

- Gold surges to $3,500/ounce, setting a new historical record

- US Bitcoin ETF attracts $381 million in a single day, setting a new historical record

- In comparison, ETH performed slightly weaker, with a $25.4 million capital outflow

Today's Highlights:

1️ ETFs are aggressively buying Bitcoin

- Fidelity, BlackRock, ARK, and Bitwise collectively purchased $133 million in BTC in one day

- Since 2024, ETFs have collectively absorbed 513,536 BTC, exceeding miner output during the same period

- Global ETFs now hold over 1.3 million BTC (6.2% of total supply)

“The speed of ETF accumulation is unprecedented and may become the core force driving the next round of increases.”

Impact:

If the supply-demand imbalance continues, BTC may face a new wave of supply shocks and price increases.

2️ Supportive of cryptocurrency, Paul Atkins becomes the new SEC chairman

- Served in the Trump administration, with a positive and friendly attitude

- Currently, there are over 70 cryptocurrency ETFs awaiting approval

“The new chairman's appointment may push US cryptocurrency regulation in a more friendly direction.”

Impact:

Expected to accelerate the launch of more financial products and bring a clearer regulatory environment to the industry.

3. Vitalik: Suggests replacing EVM with RISC-V to promote Ethereum's scalability

- Ethereum Foundation wallet transfers 1,000 ETH (approximately $1.58 million) to Kraken

“Once this proposal is realized, it could fundamentally revolutionize Ethereum's scalability.”

Impact:

If this technology is implemented, it will significantly enhance Ethereum's competitiveness in the smart contract platform.

4. Several cryptocurrency giants are applying for US banking licenses

- Including Circle, BitGo, Coinbase, and Paxos

- Striving to open traditional financial service channels

“Cryptocurrency companies are gradually becoming 'regular troops', moving towards mainstream finance.”

Impact:

If the application is successful, it will broaden its service range and promote the integration of cryptocurrency and traditional finance.

In-depth analysis: Bitcoin is decoupling from the traditional market

Recently, Bitcoin's trend resembles that of gold more than US stocks, a change that may indicate BTC is being widely accepted as 'digital gold' or a safe-haven asset.

Key Points:

1. The correlation with the S&P 500 is gradually weakening

2. The positive correlation with gold has significantly strengthened

3. Strengthening the role of 'a safe haven against inflation and economic turmoil'

4. Institutional investors are also beginning to include it in their asset allocation portfolios---

Tomorrow's Focus:

1. Will Bitcoin trigger short covering near $95,000?

2. Dolomite ($DOLO) will launch on Binance Alpha

3. Tesla's Q1 earnings report may impact cryptocurrency market sentiment

4. Developments in the US-India trade agreement and its impact on the global market

The cryptocurrency market is highly volatile; investment requires caution.

Wishing you smooth trading, always remember to DYOR!