Crypto Morning Brief: Fed official says no need to adjust rates quickly for now; Binance Launchpool lists Initia (INIT)
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Crypto Morning Brief: Fed official says no need to adjust rates quickly for now; Binance Launchpool lists Initia (INIT)
VanEck plans to launch a new crypto-related ETF with the ticker "NODE" on May 14.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Developments
SEC Officially Announces Agenda and Participants for Crypto Custody Roundtable
According to an official announcement by the U.S. Securities and Exchange Commission (SEC), the SEC’s Crypto Task Force will host a roundtable titled "Know Your Custodian: Key Considerations in Crypto Custody" on April 25 at the SEC headquarters in Washington, D.C., from 1:00 PM to 5:00 PM. Topics include “Custody Through Broker-Dealers and Other Entities” and “Custody for Investment Advisers and Investment Companies.”
SEC participants include Acting Chair Mark Uyeda, Commissioner Caroline Crenshaw, and Commissioner Hester Peirce. Other attendees include Jason Allegrante (Fireblocks), Rachel Anderika (Anchorage Digital Bank), Terrence Dempsey (Fidelity Digital Assets), Mark Greenberg (Kraken), Tammy Weinrib (Copper), Larry Florio (1kx), and Ryan Louvar (WisdomTree).
Fed's Williams: Don't See Need for Rate Adjustments Soon
According to Jinshi Data, Federal Reserve official John Williams stated that monetary policy is in a good place and he currently does not believe rate adjustments are needed in the near term.
Trump: Powell Should Have Cut Rates Long Ago; End His Term Immediately
U.S. President Donald Trump posted on social media: "The European Central Bank is expected to cut rates for the seventh time, yet Jerome Powell, the Fed Chair who is always late — consistently slow-moving and wrong in judgment — released another typically 'chaotic' report yesterday. Oil prices are falling, groceries, even eggs, are dropping in price, and America is reaping substantial benefits from tariffs. Powell should have cut rates like the ECB long ago, but even now he must act. End Powell’s term immediately!"
China Developing Rules on How to Handle Confiscated Cryptocurrency Assets
According to Reuters, despite China's ban on cryptocurrency trading, local governments are currently selling seized digital assets through private companies on overseas markets to supplement fiscal revenue—a practice raising regulatory and compliance concerns. In 2023, the value of crypto-related crimes in China surged to 430.7 billion RMB, with confiscation income reaching a record 378 billion RMB. Due to the lack of unified regulations, local authorities primarily rely on private firms to dispose of seized cryptocurrencies in offshore markets. According to insiders, lawyers are working with senior judges and law enforcement officials to revise rules, which could soon change how confiscated virtual currencies are handled.
Market News: Binance in Talks with Multiple Sovereign Wealth Funds Interested in Establishing Crypto Reserves
According to Solid Intel, market sources indicate that Binance has received inquiries from multiple governments and sovereign wealth funds interested in establishing cryptocurrency reserves.
a16z Announces Additional $55 Million Investment in LayerZero to Purchase ZRO Tokens with 3-Year Lockup
According to Ali Yahya, General Partner at a16z, the firm has invested an additional $55 million to purchase tokens (ZRO) of cross-chain protocol LayerZero, with a three-year lockup period.
Binance Launchpool Lists Initia (INIT)
According to an official announcement, Binance Launchpool has launched its 68th project – Initia (INIT).
Users can stake BNB, FDUSD, and USDC into the INIT rewards pool on the Launchpool website starting from 08:00 (UTC+8) on April 18, 2025, to earn INIT. The campaign will last six days.
Binance will list Initia (INIT) on April 24, 2025, at 19:00 (UTC+8), opening trading pairs INIT/USDT, INIT/USDC, INIT/BNB, INIT/FDUSD, and INIT/TRY under seed label trading rules.
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Total Token Supply: 1,000,000,000 INIT
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Maximum Token Supply: 1,000,000,000 INIT
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Initial Circulating Supply: 148,750,000 INIT (14.88% of total supply)
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Launchpool Allocation: 30,000,000 INIT (3.0% of maximum supply)
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An additional 10,000,000 INIT will be gradually distributed after spot listing for marketing campaigns. Detailed rules will be announced separately.
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An additional 20,000,000 INIT will be gradually distributed six months after spot listing for marketing campaigns. Detailed rules will be announced separately.
Eliza Labs Launches No-Code AI Agent Launchpad Platform auto.fun
According to The Block, Eliza Labs has officially launched auto.fun, a no-code AI agent launchpad platform similar to pump.fun.
The platform enables users without technical expertise to deploy complex AI agents and features a fairer token issuance mechanism aimed at fostering sustainable token economies. Over 15 projects have already joined, including FightFi, Kryptonite, and Sigma Music.
Analyst: GSR Likely Market Maker for WCT, Transferred ~4M WCT to Binance 6 Hours Ago
On-chain analyst The Data Nerd (@OnchainDataNerd) reported that market maker GSR transferred a large amount of WCT tokens to Binance within the past 24 hours, suggesting GSR may be acting as a market maker for WCT.
Specifically, GSR transferred approximately 4 million WCT (~$1.61 million) to Binance six hours ago. On the same day, total WCT inflows to Binance reached 7 million tokens (~$3.46 million).
Wu Jihan Allegedly Responds to BTDR Short Report: Logically Absurd, Reserves Right to Legal Action
Wu Jihan, Chairman and CEO of Bitdeer (BTDR), posted a statement on X seemingly responding to the BTDR short report, stating that the report is based on preconceived assumptions, stitching together complex but unrelated facts using absurd and misleading logic to manipulate market sentiment for short sellers’ profit.
He emphasized that the company will continue focusing on core business fundamentals and long-term value creation while reserving the right to take legal action to protect the company’s reputation and shareholder interests.
On April 16, research firm Callisto Research released a short report on Bitdeer (BTDR), stating: "We are shorting Bitdeer $BTDR, a Nasdaq-listed Bitcoin mining company. We have identified red flags regarding BTDR’s disclosures, governance, and related-party transactions. Without thorough transparency reforms, BTDR is not a viable investment."
VanEck Plans to Launch New Crypto-Related ETF "NODE" on May 14
According to Cointelegraph, VanEck plans to launch a new crypto-related ETF, "NODE," on May 14. The ETF will invest in 30 to 60 equities tied to the digital asset economy, including crypto exchanges, Bitcoin miners, and data centers.
Market Data
Suggested Reading
Tariff Winds Subside – Where Is U.S. Mining Headed?
This article explores the impact of the Trump administration’s tariff policies on the U.S. Bitcoin mining industry and potential shifts in global mining dynamics. It analyzes how tariffs increase miner hardware costs and strain miner finances, while also discussing strategies and future directions for U.S. mining operators amid these challenges.
Raydium Launches Its Own Launch Platform – Can It Beat Pump.fun?
This article focuses on Raydium launching its new token launch platform, LaunchLab, to compete with Pump.fun. LaunchLab offers a “JustSendIt” fast-launch model and customizable features allowing developers to flexibly set token parameters. Raydium aims to attract more developers and platforms through LaunchLab, transitioning from a passive trading role to an active revenue generator.
Layer2 Breakout Battle: Metis’ Grand Vision for AI Infrastructure
This article examines blockchain project Metis’ unique strategic pivot into the AI space. By developing an SDK and high-performance execution layer Hyperion, and incubating AI project LazAI, Metis seeks to deeply integrate AI and blockchain technologies to establish differentiated competitive advantages in the market.
Base Official Promotes Meme Coin – Price Crashes 90% in 5 Minutes, Who Got Rekt?
This article discusses how Base’s official social media account promoted a meme coin called “Base is for everyone,” triggering extreme market volatility. The token surged 120x in value before crashing 90% shortly after. A mysterious wallet sold off large holdings at the peak, sparking panic. Community trust in Base was shaken due to inadequate risk disclosure, potentially drawing regulatory scrutiny. The event serves as a warning for investors to monitor token concentration and abnormal trading volumes to avoid being left holding the bag.
The Public Chain Destiny Gifted to You Was Already Priced with Purpose
This article explores the state and challenges of the public chain industry in 2025, arguing that each chain’s purpose has already been “priced in.” It analyzes the distinct roles and challenges faced by Solana, Base, and Ethereum. Solana is seen as a hotbed for trading activity, Base acts as Coinbase’s “accountant,” and Ethereum functions as a cross-chain asset hub. The article suggests that while each chain needs to find its own “anchor point,” this very focus may limit its broader development potential.
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