Sharlene Darwich KeAu

Bitcoin's price continues to hover around $95,000, but on-chain data and technical indicators quietly send another signal: miners' selling pressure has fallen to its lowest level since May 2024—this phenomenon often does not indicate a simple bullish scenario; rather, it may suggest that structural risks in the market are accumulating.

Is it really a good thing for miners to 'stay silent'?

According to on-chain data, the current selling behavior of miner accounts is extremely sluggish, at historical extreme values. This rare 'silence period' has occurred during several key moments in the past, including December 2012, September 2013, September 2016, and July 2021. Only after these very few time nodes did the Bitcoin market see sustainable upward trends.

Imagine, human civilization is standing in front of a new continent. It is called the 'Web3 Planet.' Initially, it was built by a group of pioneers who believed in decentralization, freedom, and code autonomy. They abandoned the extraction of privacy and the monopoly of central platforms in the old world, Web2, and attempted to build a whole new digital society with smart contracts and on-chain order.

Their dream: no rulers, only protocols; no intermediaries, only peer-to-peer trust.

But like every new world discovery in history, this land of freedom quickly attracted the capital and ambition of the old world. They didn't land immediately but built a bridge, slowly infiltrating from Web2. They studied the rules of this new continent, observed the distribution of resources, and identified the most valuable 'land.'

When Donald Trump was sworn in as the 47th president of the United States, no one could ignore an important fact: the former president who had openly criticized Bitcoin had now become one of the most active promoters of the crypto industry.

Before officially taking office, he even took the lead by launching his meme coin—the TRUMP token—on the Solana network.

At one point, the market cap of the TRUMP token reached $14 billion, and even after a significant correction later, it still maintains around $2.9 billion. Regardless of price fluctuations, Trump's actions have clearly signaled that the new U.S. government has included cryptocurrency in its national strategic vision.

In a few weeks, Ethereum will celebrate its tenth anniversary. However, this milestone has not been accompanied by applause and glory. Instead, internal fragmentation, chaotic development directions, and increasingly fierce external competition have plunged Ethereum into its deepest crisis since its inception.

Following last week's exploration of cultural issues in Ethereum, this article continues to analyze three more practical core issues that directly affect its future direction: talent crisis, fragmented user experience, and governance failure. Each is enough to shake this once-mighty public chain giant.

In the face of energy pressures brought by Bitcoin mining, Russia is seeking a brand-new solution path. Recently, Irkutsk Governor Igor Kobzev stated in a public speech that he hopes to promote cooperation between Bitcoin miners and the oil and gas industry to use associated gas for power generation to supply data centers, thereby alleviating the increasingly tense electricity supply issues in the region.

This game between energy and the cryptocurrency industry may profoundly change the future landscape of mining in Russia.

From support to restriction, the transformation of Irkutsk region

At the end of April, the U.S. Securities and Exchange Commission (SEC) welcomed its new leader—Paul Atkins. This new chairman, known as a 'crypto-friendly' figure, took on the most complex workload in the SEC's history in the cryptocurrency domain: over 70 applications for cryptocurrency exchange-traded funds (ETFs) awaiting decisions.

Just three days into his term, he postponed decisions on multiple altcoin ETF applications until June. While this was expected, it clearly showed the market that even with a warming attitude, the regulatory path for crypto assets remains fraught with challenges.

In early 2025, the crypto world was once again shaken. Just days before Trump's return to the White House, a meme coin named after him—$TRUMP—was launched. The price skyrocketed from $0.18 to $75.35, becoming the 19th largest cryptocurrency in the world. But the hype quickly receded, with the market cap evaporating by 90% in a short time. This dramatic rise and fall more closely resembles another 'Monopoly-style' gamble in Trump's life.

Real-world game: From real estate tycoon to crypto operator.

Trump's life has always been an endless game of wealth accumulation. From starting in New York real estate, to his studies at the Wharton School of the University of Pennsylvania, and then placing his name on countless hotels, apartments, and golf courses around the world, Trump is proficient in using branding as capital, continuously engaging in capital operations.

Two months ago, when BTC hovered around $90,000, many thought the bull market had peaked; who would have thought that today, BTC has once again broken through the $95,000 mark, setting a new high since February 24! 💥

Interestingly, this surge is not an isolated event: CME is launching XRP futures, the U.S. national Bitcoin strategy is about to be announced, and even a blockchain version of (Peaky Blinders) game is about to launch! What does this mean? Is it the return of the bull market, or a deeper financial revolution?

1. BTC breaks through $95,000, who is behind the scenes?

Currently, Ethereum stands at a critical historical turning point — no longer the star asset once hailed as 'supersonic currency', but more like a veteran repeatedly battered by reality and structural challenges. The network usage has sharply declined, main chain transaction fees have hit a new low, and even Vitalik himself is starting to consider 'major surgery', replacing the EVM architecture that has supported the Ethereum ecosystem for years with a brand new RISC-V system. Some say this is an upgrade; others call it 'surrender'.

One, institutions 'cool treatment': Galaxy and Paradigm begin to reduce positions

At the $8.05 billion expiration moment, the game between Bitcoin and Ethereum escalates again — is the market ready to face extreme volatility?

Today, the crypto market welcomes an event that can be termed an 'options storm': Bitcoin and Ethereum options contracts worth $8.05 billion are concentrated on expiration. This is not a routine fluctuation in the crypto derivatives market but a critical node that may trigger severe short-term market turbulence. For sensitive market participants, whether whales, large accounts, or ordinary investors, such a level of concentrated expiration itself implies the potential for violent price actions.

When even Yale and Harvard start to 'cut losses' and sell private equity assets, is the market really about to change? A chain reaction driven by tight liquidity, huge unpaid commitments, and policy pressures is quietly unfolding.

Just after Yale University was exposed for planning a large-scale sale of its private equity portfolio, Harvard's endowment fund, which manages assets up to $53 billion, quietly joined this 'sell-off wave'.

According to media reports, Harvard is collaborating with investment bank Jefferies to plan the sale of its private equity assets valued at around $1 billion to the secondary market giant Lexington Partners. Although negotiations have not finalized the terms, it is reported that they are now in the final stages.

When tariffs turn from a 'national defense tool' into an 'economic noose', when American citizens fall into debt traps due to soaring prices, small and micro enterprises are on the brink of bankruptcy, and global allies are collectively dissatisfied... is this still the America that claims to be 'great again'?

Trump's tariff stick is being wielded again, but this time, the applause for the return of manufacturing is replaced by a series of looming economic crisis signals.

According to reports cited by CCTV from domestic and international institutions, the U.S.'s high tariff barriers are rapidly transforming into multiple pressure points of labor market fluctuations, systemic debt risks, high inflation impacts, and decoupling from global supply chains, spreading from Washington to all corners of the world.

Do you think stablecoins are just 'USDT' in the crypto world? That might be a big mistake. As they gradually step out of exchanges and into banks, cross-border payments, and the Treasury bond market, stablecoins are quietly rewriting the underlying logic of global finance.

Citigroup, in its latest report, bluntly pointed out: stablecoins are on the eve of a critical explosion, and their growth path is highly similar to the early expansion phase of AI applications like ChatGPT.

In other words, we may be standing at the starting point of the next round of financial technology revolution. In the coming years, stablecoins will no longer just be a 'safe haven' for Crypto players but may become an indispensable cornerstone of liquidity in the global financial system.

When the S&P 500 rises for two consecutive days, technology stocks and semiconductors rebound significantly, and Chinese concept stocks are close to turning from decline to rise—will this be the prelude to a new bull market, or a flash in the pan during sentiment recovery?

The U.S. stock market is undergoing a notable warming. Recently, the S&P 500 index has expanded its gains to 1%, and the Nasdaq has surged by 1.55%, indicating a comprehensive return of market confidence. This is not an isolated rebound but a gradually constructed mid-term uptrend after two consecutive days of gains. Under the combined effect of easing geopolitical pressures and slight policy adjustments, U.S. stocks are reshaping the risk preference curve and may have profound impacts on global capital flows.

When a person drains $110 million in the name of a 'legal trading strategy' and claims that the operation fully complies with the agreement's expectations—do you really know where the boundaries of DeFi's rules lie?

Avraham 'Avi' Eisenberg, the self-proclaimed 'smart person' who publicly admitted to launching the Mango Market attack, is facing a request from U.S. federal prosecutors for a maximum of 6.5 years in prison. This is one of the most iconic hacking incidents in the DeFi space and could potentially set a precedent for severe penalties under the dual charges of 'market manipulation + sexual crime' in the Web3 world.

On April 22, U.S. prosecutors submitted sentencing recommendations to a New York court, requesting a sentence of 78 to 97 months for the convicted trader. They emphasized that Eisenberg's actions were not merely 'smart arbitrage', but constituted a triple crime of wire fraud, commodity fraud, and market manipulation, severely impacting the DeFi ecosystem.

When whales start heavily investing in Popcat, and Unipcs publicly flaunts a $500,000 profit but 'refuses to sell,' can you really regard this meme coin rebound as just a joke?

Popcat has once again taken the emotional spotlight in the crypto market.

The meme coin that once dropped more than 90% by the end of 2024 has now doubled its price in just two weeks, returning to the spotlight. From $0.15 to a peak of $0.38, a 107% increase has reignited the frenzy among meme coin traders and sparked heated discussions about whether 'the bull market is returning'.

And behind this, it is not just sentiment driving it, but also the actions of 'smart money' amplifying it.

Do you think the crypto world is just a game for young people? Then why are the most significant losses this year among those in your parents' age group?

In 2024, a 'black swan' in the cryptocurrency world will not come from a price crash or a public chain collapse, but from—scams!

The Internet Crime Complaint Center (IC3) of the FBI released an annual report on April 23, revealing a shocking set of data: **In the past year, there were over 140,000 complaints involving cryptocurrency scams, with total losses reaching $9.3 billion!** Even more distressing is that the most severely affected group is the elderly over 60. They submitted about 33,000 related complaints, with cumulative losses of $2.8 billion, becoming the primary target of scam groups 'reaping the benefits.'

When the U.S. government places Bitcoin on the national strategic table and even envisions it as a 'gold reserve for the digital age'—do you still think crypto assets are merely speculative tools?

When the pendulum of history swings back toward 'crisis', many pieces hidden behind geopolitical games are surfacing. In April 2025, a seemingly 'sudden' policy from the U.S. government reveals the tip of the iceberg in the reshuffling of the global financial order. Since Trump returned to the White House, the U.S. has operated its foreign trade and financial system with increasing strategic intent, no longer merely a bargaining chip for short-term negotiations but more like preparatory actions for building a 'new world order'. Among these, the most eye-catching is that Bitcoin and gold are simultaneously regarded as the 'dual anchor assets' of the dollar.

Do you still think XRP is just an 'old coin that is slow to move'? While the market's attention is attracted by hot topics like SOL and ORDI, XRP is quietly brewing a 'surprise' on a path that is 'not valued', potentially disrupting the entire market rhythm. The question now is: do you want to chase it after it breaks $10, or do you want to understand the prelude to its rise now?

XRP has reached a critical point again.

In recent weeks, XRP's price action has been quietly fermenting. Since rising from $2.07 to $2.25, its trend has challenged the crucial resistance level of $2.72 three times in a row. Although it has not yet broken through, from the technical chart, a long-term converging range is being repeatedly tested, very likely to ignite in the upcoming upward wave.

If you have been hesitating about whether Bitcoin is worth holding long-term over the past few years, then today’s significant bullish candle may have already provided the answer.

This morning Beijing time, Bitcoin strongly broke through $94,000, with a 24-hour increase of over 6.4% and a trading volume of up to $156.5 billion. This is not just a short-lived technical rebound but more like the start of a new cycle under the resonance of multiple factors: policy shift, institutional entry, technical breakthroughs, hedging demand, and an increasingly mature crypto ecosystem.

1. Trump's 'softening' towards the Federal Reserve, Bitcoin responds strongly.