🌐 Crypto Market Brief on April 29, 2025

🔥 Core Cryptocurrency Dynamics

❶ $BTC: Dual Support from Policy and Institutions

- Positive Policy: The Arizona House of Representatives passes two Bitcoin reserve bills (allowing state finances to hold BTC), awaiting the governor's signature to take effect.

- Institutional Increase: MicroStrategy increases its BTC holdings again, BlackRock's Chief Investment Officer supports that “Bitcoin's volatility is an opportunity for institutional entry.”

- On-chain Activity: $300 million in BTC suspected to be converted to XMR, Monero surged 35% in 24 hours, privacy sector gaining traction.

❷ $ETH: Escalating Bull-Bear Tug of War

- Technical Analysis: After multiple false breaks, the divergence between bulls and bears intensifies, some shorts stop out, but rebound momentum is insufficient.

- Ecosystem Update: The Ethereum Foundation releases a board restructuring and governance framework optimization plan (Web ID:1), accelerating the implementation of account abstraction (goal for non-ECDSA accounts to become mainstream).

- Payment Integration: Mastercard promotes stablecoin access to the global payment network, ETH as a settlement layer may benefit.

❸ $SOL: ETF Hedging Short-term Selling Pressure

- Price Performance: The decline in SOL raises questions about the “authenticity of on-chain recovery,” but Canadian physical ETF + applications from the three US giants (Fidelity, VanEck, etc.) support long-term expectations.

- On-chain Activity: Raydium LaunchLab sees a record number of token creations, participation from Solana ecosystem developers remains strong.

🌍 Hot Events and Policies

❶ Regulation and Cooperation

- Trump's crypto project WLFI signs a memorandum of understanding with Pakistan to promote cross-border crypto payment pilots.

- Tether Transparency: Q1 2025 XAU₮ report shows physical gold reserves exceed 7.7 tons, a 12% increase month-on-month.

❷ Exchange Movements

- OKX launches payment functions, dubbed the “crypto version of Alipay,” simultaneously releasing its 30th reserve proof (reserve rate over 100%).

- Binance launches a batch of Alpha Points airdrop projects to attract traffic in the competition.

- FTX Debt Recovery Controversy: Suing some token issuers to recover assets, equity investors may face “secondary losses.”

❸ Market Sentiment

- Risk Aversion Rising: The Kobeissi Letter states that US consumer confidence in the stock market has fallen to a historic low, with funds potentially flowing to the crypto market.

- Meme and Ecosystem Recovery:

- Virtuals.io's flywheel effect restarts, with a 22% weekly increase in TVL.

- Raydium LaunchLab's token creation doubles within months, on-chain active addresses on Solana exceed 18 million.