DA Labs

Introduction
Recently, the market appears to have welcomed a rebound. BTC entered a consolidation phase after reaching high-pressure levels, while ETH demonstrated resilience during the consolidation structure. However, upon examining the market structure and futures data, it is found that this bullish counterattack conceals significant divergences and hidden concerns. USDT market share, contract CVD and spot CVD divergences, overlapping Fibonacci pressure zones, and a rebound structure driven by leverage are gradually revealing the fragile foundation of this market trend. This article will analyze the current long and short risk levels and potential momentum directions of BTC and ETH from both technical structure and capital behavior.

Introduction
Recently, multiple testnets in the airdrop circle have seen very high activity levels, such as Monad Testnet addresses exceeding 240 million, set to become one of the largest testnet projects in history. The author recently discovered a super niche contract trading platform, Ostium, which has shown strong trading volume and transaction fee performance, making it worthwhile to ambush. This article will detail Ostium's project background and explain how to interact with its points system!
What is Ostium?
Ostium is a decentralized trading platform based on ETH L2 Arbitrum, focusing on bringing traditional assets onto the chain for trading, including futures, forex indices, etc., providing transparent and non-custodial perpetual contract trading services.

Introduction
This week, the U.S. Federal Reserve released the latest Beige Book, which clearly reflects that businesses' widespread concerns about the future economic outlook have begun to spill over.
Reports from the 12 Federal Reserve Bank districts across the United States show that whether it is the abnormal rise in semantic frequency or the general weakness in actual economic activity, both highlight that the current policy and market environment are profoundly disturbing the operational rhythm and capital allocation decisions of businesses.
What is the Beige Book?
The Beige Book released by the Federal Reserve System, officially titled 'Summary of Commentary on Current Economic Conditions by Federal Reserve District', is a report published eight times a year that provides an immediate economic situation of the 12 Federal Reserve districts in the United States.

Introduction
Continuing from the previous content (Beyond Musk: The Real Price Drivers of Dogecoin?! Chip Distribution, Price Impact All in One Go! Quickly Grasp the Key Signals Before Price Surge), we continue to focus on Doge and examine the large internal transfer behaviors between Binance cold and hot wallets, helping you quickly identify potential buying points and bottom-fishing opportunities through on-chain data and real trends.
This article will approach from several angles: first, outlining the key time points of internal transfers on Binance; next, using charts to restore the price fluctuations after each transfer; and finally, organizing practical operational thoughts to help you immediately engage and make clearer trading decisions.

Introduction
The author previously explored the emerging financial model of 'dual issuance of stocks and coins' combining publicly traded company stocks with cryptocurrencies in the article (The Era of Tokenized U.S. Stocks?! What Is Coinbase's STO Ready to Restart?). Although this model has not yet officially operated, MicroStrategy (now renamed Strategy) is closely tied to Bitcoin in a similar manner.
On April 21, 2025, a consumer goods company named Upexi announced that it had secured a $100 million private equity investment (PIPE) led by the cryptocurrency institution GSR, betting on its upcoming comprehensive transformation of the Solana financial strategy. As a publicly traded company on the U.S. stock market, its stock price once surged by over 600%.

Preface
In late April, the crypto market experienced a seemingly strong counterattack, with both BTC and ETH breaking through key structural pressure zones, superficially restoring bullish confidence. However, a deeper look at on-chain data and derivative structures reveals that this rebound is hiding different rhythms and structural risks compared to the past. This article will explore the causes of this rally and potential mid-term risk structures from multiple aspects, including MVRV STH, Open Interest, and capital rotation rhythms.
Bitcoin
$BTC
BTC: Realized Price STH & MVRV STH

MVRV STH has oscillated multiple times between 0.9 and 1.0 without showing a strong breakthrough. This indicates that short-term investors are still in a breakeven state, and market sentiment is neutral to conservative, contrasting with prices gradually approaching historical highs. Compared to past bull market peaks, there is currently a lack of extreme optimism or strong profit effects, which means that although prices are rising, the momentum is not concentrated, indicating that this market cycle is structurally milder and broader, but also more susceptible to external variables. If this structure cannot effectively break away from the range around 1.0, it may mean that future movements will mainly focus on oscillation and rotation rather than a one-sided trend.

Introduction
Want to experience GameFi while earning without spending a lot of time researching and playing large games? The two games introduced in this article can help avoid time and device issues! These two GameFi games with a casual theme are designed specifically for busy players: Lazy Soccer requires only managing a football club to earn USDC rewards, while Hatchkings is even simpler, as playing the slot machine can earn airdrops. Still hesitating whether to play? Let’s take a look at the organized game pros and cons!
Team management game: Lazy Soccer
Game introduction

Introduction
In today's context where Web3 projects are thriving, the reputation of projects and KOLs is often challenging to quantify and relatively subjective. Since the emergence of Info platforms led by Kaito and RootData, users have begun to regard the Yaps of KOLs and the proportion of projects in Kaito's voting leaderboard and Pre-TGE heat rankings as the basis for judging project quality.
This article introduces Ethos, known as the "mirror on the chain," providing a decentralized reputation mechanism and scoring system. I will detail Ethos's scoring mechanism, guarantee rules, and how to participate in Ethos, helping readers navigate their research road in Web3 more efficiently.

Introduction
In the recent sluggish market, a project combining blockchain and artificial intelligence has been quietly cultivating and is about to officially launch its mainnet, which is the focus of this article—Lightchain AI. It introduces a unique "Intelligent Proof of Interest," integrating the dynamic adaptability of AI into the decentralized network of blockchain, and handles related costs and incentives through the governance token $LCAI. This article will help you understand the highlights of Lightchain AI and discuss the concerns existing in the online community, analyzing whether it is a cross-generational product or just a rehash of old ideas.
Introduction to Lightchain AI

Preface
Both BTC and ETH markets are facing an unprecedented capital withdrawal. By observing the inter-exchange flow pulse indicator (IFP) and the supply of long-term holders, it is found that market investor sentiment is becoming more cautious, the leveraged trading frenzy has clearly subsided, the open contract volume has sharply declined, and the funding rate is approaching negative territory. Various signs indicate that recent market adjustments may not yet be over.
Bitcoin
$BTC
Inter-exchange Flow Pulse (IFP)

The IFP indicator has remained at a high level since 2024, but there has recently been a trend of gradual decline, approaching its 90-day moving average. Particularly between the end of 2024 and early 2025, the chart shows red areas representing a slowdown in fund flow, corresponding to BTC's price consolidation or slight correction. This indicates that although the overall bull market sentiment has not fully transformed, there are significant signs of a decline in market liquidity. This situation may suggest that market participants are becoming more cautious or wait-and-see. When funds no longer actively flow in or quickly circulate between exchanges, it indicates that the current volatile market may need more time.

In the era of digital assets, cryptocurrency hacking methods continue to evolve, and wallet security is becoming increasingly important. How to protect wallet assets in 2025? This article will organize 5 practical security settings, explain the concept of cryptocurrency wallets, and help you effectively prevent hackers and protect your assets.
What is a cryptocurrency wallet? Basic concept analysis
A cryptocurrency wallet is a digital tool used to store, receive and send crypto assets. Unlike traditional bank accounts that store physical currency, cryptocurrency wallets are actually key pairs used to manage access to your assets. This set of keys is like "your digital identity". Only those who have the correct keys can control the corresponding assets.

Introduction
Tired of dull Mini Apps and looking for a game with high playability and airdrop potential? Why not try Fate War, a game that blends Monopoly and RPG mechanics? The game's story is set in a virtual continent full of challenges and opportunities, where players will act as adventurers, exploring the board by rolling dice to obtain powerful equipment to resist monsters and gain generous rewards. This article will not only teach you how to quickly get started with Fate War but also provide valuable gift codes for you to claim!
Fate War Game Background Introduction

Preface:
Recently, many airdrop projects have gradually reaped rewards, some like StakeStone which caused widespread grief, and some like AlwayFinder which made everyone happy, bringing a lot of popularity to the airdrop circle. During my research, I found a super early Dex project, StandX, which was co-founded by former Binance core members and Goldman Sachs Securities. This article will introduce readers to the background of the StandX project and its stablecoin product $DUSD, and explain how to ambush and interact with it in the early stages!
What is StandX?
StandX is a Defi project running on Solana. It was founded by former core members of Binance Contract Development and professionals from Goldman Sachs Group and focuses on the development of perpetual contract exchanges and stablecoins $DUSD.

Impact and Challenges of the Tariff War
In accordance with the International Emergency Economic Powers Act (IEEPA), the Trump administration has imposed a uniform 10% basic tariff on all imported goods, and even implemented "reciprocal tariffs" on countries that have trade surpluses with the United States, including China 34%, the European Union 20%, Vietnam 46%, Taiwan 32%, Japan 24%, etc.
In terms of results, I believe this will directly affect the input costs of production in the United States, including capital equipment, manufacturing production, and end-consumer products. In the current highly complex global supply chain system, every production link may be affected by tariffs. In order to maintain their original gross profit margins, companies usually pass on costs to end consumers, causing product prices to rise significantly.

Introduction
In the past, the core logic of investing in mining stocks was the leveraged performance of Bitcoin prices. As more Bitcoin mining companies invest in convertible bonds to buy coins, split computing power, and bet on High-Performance Computing (HPC), it shows that the traditional mining business model is losing its appeal.
Today's miners are telling a different story: the reallocation of power resources, the repricing of computing power commodities, and the renewed expectations of capital markets. From Marathon issuing $2 billion in bonds to buy coins, to Core Scientific signing a twelve-year HPC contract with CoreWeave, these actions represent a narrative restructuring of 'leaving the mining pit and entering the data center'.

What is Binance Megadrop?
In 2024, Binance, the world's largest cryptocurrency exchange, launched a new and innovative token issuance platform - Binance Megadrop.
Binance Megadrop links Binance's BNB fixed-term financial products with the Binance Web3 wallet, allowing users to obtain new coin rewards. The main operational model is broken down as follows:
Lock BNB in Binance to earn through subscribing to fixed-term products
Complete tasks in the Binance Web3 wallet
These two actions will respectively affect the weight of the points and use the final points obtained by the user as the distribution basis for the new token airdrop.

Introduction
Recently, the cryptocurrency market has been impacted by the latest tariff policies of the Trump administration, causing a rapid pullback in global risk assets, and the cryptocurrency market has not been spared. Bitcoin fell sharply from a peak of $88.6K to a low of $74.4K, with an overall decline of about 16%; meanwhile, Ethereum's performance was even more dramatic, dropping significantly from a high of $1,960 to a low of $1,410, with a decline of up to 28%. Market panic quickly spread, leading to massive liquidations of leveraged positions, and trading sentiment noticeably weakened in the short term. This article will provide an in-depth analysis of on-chain data, market indicators, and actual trading conditions to give you a glimpse of the current state of the market.

What is Binance contract trading?
Binance contracts are a form of financial derivatives trading. It sounds complicated, but it can be simply understood as a trading method that allows you to profit from predicting price changes without actually buying coins. Furthermore, during the rise and fall process, investors can use leverage to amplify their capital to obtain greater profits (while also bearing greater risks).
Unlike spot trading, contract trading uses "margin" for trading, so you do not need to actually hold or sell a certain cryptocurrency. Therefore, investors do not need to wait for the cryptocurrency to increase in value to profit from spot trading but can profit from the market by going long (bullish) or short (bearish) through contract trading.

Introduction
Berachain stands out in the competitive Layer 1 market due to its unique Proof of Liquidity (PoL) consensus mechanism. Since the mainnet launch on February 6, the total value locked (TVL) in Berachain has soared to $3.2 billion, demonstrating the remarkable attractiveness of its ecosystem. This article will guide you through Berachain's staking ecosystem and inform you about which ecological platforms in the current market can amplify returns.
If you are not yet familiar with Berachain, you may refer to: Basic Introduction to Berachain
How Berachain POL Creates a Flywheel Effect
POL differs from traditional POS (Proof of Stake) in that it does not rely on a single token stake; instead, it encourages users to provide liquidity to drive ecosystem development. The core of this model that creates the flywheel effect lies in the tri-token system: $BERA, $BGT, and $HONEY continually increase in circulation.

Introduction
Backpack Exchange, founded by former senior executives of FTX, emphasizes safe and transparent trading. It will begin operations on Solana in Q1 2024, initially launching staking tasks for $SOL and trading, with airdrop of 1000 $PYTH per person. Last month, Backpack launched a formal points activity where users can earn points through trading and lending. In this article, I will introduce the Backpack points activity and share my tips and scoring strategies from using Backpack over the past two weeks.
What is Backpack?
Backpack was founded by former FTX team members Armani and Tristan. Backpack Exchange is a centralized cryptocurrency exchange that also offers Backpack Wallet services, supporting asset trading on Solana, ETH, and BTC networks. Currently, Backpack Exchange mainly provides spot trading, contract trading, and lending features, aiming to provide users with an easy-to-use next-generation trading platform.