Crypto Morning Brief: Total DeFi TVL exceeds $100 billion; this week SUI, OP, ENA and other tokens face significant unlocks
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Crypto Morning Brief: Total DeFi TVL exceeds $100 billion; this week SUI, OP, ENA and other tokens face significant unlocks
The crypto market remains cautiously bullish on Ethereum, while Bitcoin and altcoin options strategies diverge.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Dynamics
SEC Commissioner: U.S. crypto regulation is like playing "the floor is lava" in the dark—now it’s time to "turn on the lights"
According to Cointelegraph, SEC Commissioner Hester Peirce stated during the SEC's "Know Your Custodian" roundtable that U.S. financial institutions dealing with cryptocurrency are essentially playing a game of "the floor is lava" in the dark.
Peirce explained that registrants with the SEC must treat any activity related to cryptocurrencies as if the floor were made of lava—jumping from one piece of furniture to another without touching the ground. In this case, direct ownership of cryptocurrency is the lava. "The Washington, D.C. version of this game," she said, "is our current regulatory approach toward crypto assets, especially custody. Due to unclear regulations, companies wanting to engage with crypto must avoid directly holding digital assets."
Hester Peirce added, "It’s time we find a way to end this game. We need to turn on the lights and build some walkways over the lava pit."
Economist Peter Schiff: U.S. tariff hikes won’t push foreign manufacturers to relocate to America
Economist Peter Schiff posted on social media that Trump assumes foreign firms will either move manufacturing to the U.S. or pay tariffs to access the lucrative American consumer market—but neither scenario will actually happen.
He believes these companies will continue operating their factories where they are, while American consumers will either bear the cost of tariffs or stop buying these goods altogether.
ProShares Trust files amended registration for XRP-based ETFs, set to take effect April 30
Per U.S. SEC filings, ProShares Trust has submitted Post-Effective Amendment No. 339 and Amendment No. 348 to the SEC, setting a new effective date for its three XRP-related ETF products. According to the filing, the registration statements for the ProShares UltraShort XRP ETF, ProShares Ultra XRP ETF, and ProShares Short XRP ETF are now designated to become effective on April 30, 2025.
Greeks.Live: Crypto market cautiously bullish on Ethereum; divergent options strategies for Bitcoin vs. altcoins
According to Greeks.Live's Chinese community bulletin, the market holds a cautiously optimistic view on Ethereum, closely watching the ETH/BTC exchange rate and whether daily MA20 can be broken. Analysts expect short-term upside potential for ETH reaching $4,000, but remain bearish long-term due to strong resistance overhead. Regarding options strategies, the community recommends maintaining a 0 to +2 delta position for long-term bullish assets like Bitcoin by primarily selling out-of-the-money put options. For altcoins, a -2 to 0 delta position is advised, favoring the sale of call options based on price ergodicity theory.
On the macro front, several key economic data releases are scheduled this week (April 28–May 2), particularly Friday’s non-farm payroll and unemployment figures. The report notes that under Trump’s administration over the past three months, the U.S. economy and trade have faced significant disruptions, with weak performance in equities—though no clear signs of recession have yet emerged.
DeFi TVL surpasses $10 billion, up 6% monthly
Defillama data shows that total value locked (TVL) in DeFi protocols has exceeded $10 billion (including only governance tokens staked in protocols), rising 6% over the month.
Vitalik says account abstraction is only half complete; goal is to make non-ECDSA accounts mainstream
Ethereum co-founder Vitalik Buterin recently stated on social media that Ethereum's account abstraction progress is currently only halfway done. He emphasized the ultimate goal: making non-ECDSA (Elliptic Curve Digital Signature Algorithm) accounts the dominant type within the Ethereum ecosystem. These accounts would support advanced features such as multi-signature setups, key rotation, quantum resistance, and privacy-preserving protocols. He also noted recent significant progress by the Ethereum community in simplifying the ERC-7701 standard, which will help advance the realization of account abstraction.
Ripple President: No IPO planned for 2025; no need to raise capital or boost visibility via public listing
According to Finance Magnates, Ripple President Monica Long clearly stated the company does not plan an initial public offering (IPO) in 2025. Long explained that the company currently enjoys solid financial health, holding billions of dollars in cash, and thus has no need to raise funds or increase visibility through going public.
Bitget Chinese spokesperson: Will issue 8 legal notices; recovered funds to be fully airdropped to users
Xie Jiayin, Bitget’s Chinese spokesperson, posted on X clarifying details about the legal notices issued by Bitget: “I’ve verified the discussion in the community regarding BG’s legal notices and would like to clarify a few points:
1. Bitget will progressively issue a total of 8 legal notices;
2. These eight accounts are suspected to belong to a professional 'wool party' interest group that was primarily responsible for the VOXEL incident and gained improper profits exceeding $20 million;
3. All recovered funds will be 100% distributed back to platform users via airdrop;
4. Apart from these eight accounts, all other users who participated in VOXEL trading between April 20, 16:00–16:30 and have already withdrawn funds need not worry—accounts were restored to normal on Wednesday and will face no future liability;
5. We will soon release a full incident report on the VOXEL event to reveal the truth.”
Michael Saylor hints at further Bitcoin accumulation
Michael Saylor, founder of Strategy (formerly MicroStrategy), once again shared Bitcoin Tracker-related information on X, stating: “Stay humble, stack sats.” Based on previous patterns, MicroStrategy typically announces new Bitcoin purchases the day after such posts appear.
This week sees major token unlocks for SUI, OP, ENA, and others, totaling over $350 million
Data from Token Unlocks indicates multiple tokens will undergo unlocking events this week, with a total value exceeding $350 million. Details include:
SUI will unlock 74 million tokens on May 1, worth approximately $263 million, representing 2.28% of circulating supply;
OMNI will unlock 15.98 million tokens on May 2, valued at around $40.43 million, or 83.51% of supply;
OP will unlock 31.34 million tokens on April 30, worth about $24.22 million, or 1.89%;
KMNO will unlock 229 million tokens on April 30, worth approximately $14.3 million, or 16.98%;
ENA will unlock 40.63 million tokens on May 2, worth around $13.95 million, or 0.73%;
ZETA will unlock 44.26 million tokens on May 1, valued at about $11.11 million, or 5.67%;
REZ will unlock 528 million tokens on April 30, worth approximately $7.35 million, or 19.57%;
MEME will unlock 3.45 billion tokens on May 3, valued at around $7.16 million, or 7.90%;
DYDX will unlock 8.33 million tokens on May 1, worth about $5.32 million, or 1.09%;
GUN will unlock 83.33 million tokens on April 30, valued at approximately $5.18 million, or 13.79%.
Market Update
Suggested Reading
Zero Fees + High Yield: How Haedal Is Shaping a New Era of Sui Staking with Native Innovation
This article details Haedal’s innovative liquid staking solution within the Sui ecosystem and its impact on the DeFi landscape. Through technological advancements and strategic partnerships, Haedal has redefined staking mechanics and achieved notable success in the market.
This piece explores Trump’s various activities in the cryptocurrency space, including the launch of TRUMP coin, planned crypto games, NFT projects, and the intersection of political and commercial interests.
This article captures insights from Ethereum co-founder Vitalik Buterin in an April 2025 interview, where he shares his vision for Ethereum’s future, including innovations integrating Proof-of-Stake, Layer 2 scaling, cryptography, and artificial intelligence. Vitalik discusses Ethereum’s PoS upgrades, centralization concerns around PBS architecture, the relationship between Layer 1 and Layer 2, and his perspectives on cryptography and AI. He also offers expectations and advice for developers within the Ethereum ecosystem.
The Age of AI Execution Has Arrived: A Global Review of 31 Most Promising AI Application Companies
This article introduces Forbes’ seventh annual AI 50 list, highlighting 31 of the most promising AI application companies. These firms exemplify the shift of AI from a mere “assistant” to an autonomous “executor,” showcasing innovative applications across multiple industries.
This article examines Twenty One, a Bitcoin-focused firm planning to go public via a SPAC backed by Cantor Fitzgerald. With plans to hold over $4 billion in Bitcoin reserves and participation from major players like SoftBank and Tether, Twenty One positions itself as the next evolution in Bitcoin accumulation—similar to MicroStrategy. However, its complex capital structure raises concerns about implications for retail investors.
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