Trump’s shift could boost stocks, BTC indirectly

Mainstream data observations

BTC core liquidation positions:

Long position: Liquidation price at $92,486 with a liquidation amount of $349 million.

Short position: Liquidation price at $94,763 with a liquidation amount of $1.004 billion.

The current BTC price: $92,771. The liquidation amount for short positions is larger, with $92,500 serving as an important support level to observe. Short positions have a larger and more concentrated liquidation amount, mainly between $94,000 and $95,000.

ETH core liquidation positions:

Long position: Liquidation price at $1,759.3 with a liquidation amount of $277 million.

Short position: Liquidation price at $1,813.3 with a liquidation amount of $217 million.

The current ETH price: $1,774.6. The liquidation intensity for long positions is large and concentrated, with significant liquidation amounts, especially around $1,760, which serves as an important support level to monitor. The risk for short positions is relatively manageable, with $1,800 as the key price level to focus on.

Total stablecoin market cap: $236.45B

The total market cap has increased by $2.2 billion on April 24. USDC issued an additional 165.76 million tokens, while USDT issued an additional 373.08 million tokens. BUIDL has increased by 1.92%, valued at approximately $47.27 million.

BTC market cap share: 64.45%

TOTAL3 market cap: $803.01B

BTC's market cap share has slightly increased but remains at a high level. After a $40 billion increase in the TOTAL3 market cap yesterday, there has been a slight pullback.

Current core miner shutdown price: $75,305.6

The proportion of miners above the shutdown price is 17%. The average shutdown price for mainstream mining machines is $62,000, which serves as an important price point to monitor.)

Bitcoin MVRV-Z score: 2.14

MVRV is the ratio between the minimum market value (current market value) and the actual value (total value of all BTC when last moved). The MVRV-Z score has exceeded 2 today, indicating a neutral-to-high level, suggesting a potential price peak soon.

Bitcoin BVIV score: 51.13

The BVIV score has decreased today, indicating that the possibility of significant BTC price fluctuations is low.

[Market rating]: 

According to the Wall Street Journal, Donald Trump decided not to dismiss Powell after warnings from the US Treasury Secretary and Commerce Secretary. On tariffs, US Treasury Secretary Janet Yellen stated that a comprehensive trade agreement between the two major economies may take two to three years, and Trump will not unilaterally reduce tariffs. The cryptocurrency market’s Fear & Greed Index has slightly decreased to 63 but remains in the greed zone. The current bull/bear sentiment score is 85 (Bullish).

[0-40 Bearish; 40-50 Cautiously Bearish; 50-70 Neutral; 70-80 Cautiously Bullish; 80-100 Bullish]

Market overview

BTC surged to a high of around 94,904 and is currently in a consolidation phase. The continuous upward breakout has consumed much of the bullish momentum, and it has entered a densely traded zone between 92,000 and 96,000. Close attention should be paid to the strength of the support below. The starting point of the large bullish candle in this rally is considered the key support level. If it breaks below this, the current rebound would be considered over, with 91,594 as the key observation area. Currently, BTC's market dominance is at 64.4%, still maintaining a high level without a significant decline, suggesting that the short-term sustainability of altcoins remains low. It is important to continue monitoring the situation.

Macro overview

On April 23, US Treasury Secretary Janet Yellen gave a speech at the Institute of International Finance in Washington. The core message was about softening Donald Trump’s tough policies and seeking a rebalance between policies and the current market realities. She stated that high tariffs between major countries are unsustainable and that future agreements could be reached through negotiations. This speech signaled more flexibility in tariff policies, indicating a potential easing of trade tensions. Overall, the impact of tariff policies on most countries is marginal, but the outcome will depend on the conditions of the agreement. The speech avoided addressing the issue of removing Jerome Powell from his position.

As a result of this news, US stocks opened high but later retraced, closing with narrower gains. Gold plunged, and BTC continued to rise. The three major stock (the S&P 500, Dow Jones Industrial Average, and Nasdaq) indices saw a small upward gap at the open, indicate a positive market sentiment. The softening of Trump’s trade policies could potentially trigger a stable rebound in US stocks, which in turn may have an indirect impact on the future price movements of BTC.

Key events

• Celestia ecosystem liquidity staking protocol MilkyWay will airdrop 100 million MILK tokens to early users.
• Management firm Canary Capital has registered the SEI ETF in the US Delaware.
• Investment company SOL Strategies has issued $500 million in convertible notes to buy and stake in Solana tokens.
• According to The Washington Post, the Donald Trump administration may reduce tariffs on China from the current 145% to between 50% and 65%, to ease trade tensions.
• US SEC has confirmed the spot Avalanche ETF submitted by VanEck. 
• USDT issuer Tether, investment holding company SoftBank Group, and Strike CEO Jack Mallers have jointly launched the Bitcoin company Twenty One.
• Digital payments platform PayPal will begin offering a 3.7% annual yield on its stablecoin PayPal USD (PYUSD) for US users, driving the use of stablecoin.
• According to Bitcoin Treasuries data, Tesla still holds 11,509 Bitcoins, worth over $1.07 billion.
• Binance has announced that Binance Blockchain Week 2025 will be held in Dubai from December 3 to December 4, 2025.
• According to Justin Sun, the circulation of TRC20-USDT has surpassed $70 billion, underscoring the growing trust in TRON's network and highlighting the community's responsibility in maintaining this momentum.
• Data from X user Milk Road indicates that decentralized applications (dApps) generated a total fee revenue of $1.8 billion in the first quarter of 2025, surpassing the $1.4 billion earned by infrastructure protocols during the same period.
• Data from CoinGecko indicates that the total market capitalization of cryptocurrencies has surged past $3 trillion, with a 24-hour increase of 4.5%.

Hot projects

Token		Description	Market Cap（$)
	TROLL Musk concept	On January 9, 2023, Elon Musk changed his X account bio to "CTO (Chief Troll Officer)," a move that directly led to the "TROLL" meme coin skyrocketing by 330% within 24 hours. The latest TROLL coin is deployed on SOLANA, with a holding address of 3366.	5 million
	JOS AI concept	JuliaOS is an open-source AI modular framework developed based on the Julia programming language, aimed at providing efficient, secure, and scalable solutions for Web3 and autonomous agents. Julia is a high-performance, high-level dynamic programming language designed for scientific computing, data analysis, and machine learning. It combines the ease of Python with the execution speed of C. The team has locked 30% of the total token supply, with plans to unlock it linearly over the next year. The token has seen significant growth after its recent launch.	18 million
	Italianrot Italianrot AI creation concept meme	The core narrative of Italianrot is derived from the popular "Italian Brainrot" meme culture on TikTok. Using AI technology, it blends animals with everyday objects to create imaginative, fantasy creatures like "Tung Tung Tung" or "Crocodilo Bombombini," each with its unique name and character setting. This creativity is similar to the "Classic of Mountains and Seas" (Shan Hai Jing) in traditional Chinese culture, leading the community to refer to it as the "American/Italian Shan Hai Jing."	8.8 million
	CUCK Kanye West concept	$CUCK is tied to Kanye West's new album concept and his controversial public image (such as anti-Semitic remarks), attempting to attract attention through the "rebel artist" persona. In the narrative, $CUCK is described as "a cultural bomb in the crypto space fighting against mainstream censorship," using Kanye's controversial topics to generate buzz.	6.9 million

Exchange updates

• The Alabama Securities Commission, a financial regulator for the US state, dropped its lawsuit against crypto exchange Coinbase, which accused the company of violating securities laws by offering staking services to clients.
• Binance Alpha has listed Zora (ZORA).
• Bitget has upgraded its liquidity incentive program with a new tiered system, listed Dolomite (DOLO) on PoolX and CandyBomb, announced a 20% APY syrupUSDC staking activity on Bitget Wallet, and will list Initia (INIT) on April 25, while also adding tokens such as CreatorBid (BID), CUCK (CUCK), and Tokery Finance (TOFI) on Bitget Onchain trading, and offering native token rewards for locking up Hyperlane (HYPER) on Bitget PoolX.

Industry landscape

• According to The Block, the Central Bank of Russia and the Ministry of Finance will launch a cryptocurrency trading platform for "qualified investors."
• Trading platform BitradeX has completed a £12 million Series A funding round, led by Bain Capital.
• Restaking protocol Symbiotic has completed a $29 million Series A funding round, led by Pantera Capital.
• According to IBTimes, the new US SEC chairman, Paul Atkins, has stated he will ensure the US becomes "the best and safest place for crypto."
• Decentralized social platform Mask Network has secured a $5 million investment from DWF Labs.

Emerging projects

Token	JOS	MOONKIN	LORE
Description	An open-source AI collective intelligence framework built on the Julia language, Julia is a relatively new language whose main selling points are "as easy to write as Python, as fast as C." The language's ranking has been steadily rising, mainly in applications requiring high-speed computations such as quantum computing, astronomical simulations, machine learning research, and solving differential equations. For AI, this high-speed computation makes it an excellent language choice.	A memecoin on Ethereum, based on a character from World of Warcraft, has recently surged in value after Vitalik posted a related tweet. Currently, his Twitter profile picture also features the MOONKIN character.	LORE centers around the concept of "narrative as the foundation of memecoins," constructing its core concept through AI agents that perform trend and image analysis. It aims to create a narrative-driven meme coin platform that fills the gap in the Solana ecosystem. The project integrates AI technology to analyze meme trends, emphasizing an elite community culture (Chads only).
Price	$0.01930	$0.0(4)1137	$0.002269
Market Cap（$）	19.3 million	4.7 million	2.26 million
Token Holders	1,614	879	707

Token	SRC	Wojak	CUCK
Description	The SRC token is based on the nostalgic meme of the "Screaming Rubber Chicken" classic toy. The developers have linked the project to the well-known $Troll, strengthening the credibility of the background. The community drives the spread through UGC content, creating a lightweight cultural symbol within the Solana ecosystem.	Based on the classic internet meme symbol of Wojak the "loser," the project combines it with the SOL ecosystem to create an OG-level memecoin. The core culture revolves around self-deprecating humor and resonance with the crypto community.	Centered around Kanye West's (Ye) potential endorsement, the music culture meme creates controversial topics through the subcultural narrative of "honor disappearing." The project's core is to leverage celebrity influence to build expectations for viral spread, but it has yet to form a complete story arc.
Price	$0.001269	$0.001760	$0.005188
Market Cap（$）	1.26 million	1.76 million	51.8 million
Token Holders	4,107	1,594	2,258

Hyperliquid smart money tracking

Main capital has fully shifted towards memecoins and mainstream cryptocurrency ecosystems, with long positions remaining the core focus.

1. Traditional short strategies (such as HYPE, WLD, VIRTUAL) still offer high returns but have lost their market rhythm leadership, with capital concentration rapidly shifting.
2. Several new smart money players have heavily invested in memecoins and the Solana ecosystem (PEPE, TRUMP, PENGU, ZEREBRO), showing high consistency in both rewards and entry timing, signaling the market is forming a new consensus.
3. Long positions in BTC and ETH have seen steadily increasing ROE (both over 100%), with mainstream assets no longer just being a haven but potentially regaining control over capital pricing.

Overall, the market is following a three-phase pattern: short positions retreating, mainstream assets warming up, and small altcoins surging. Short-term strategies should lean towards a bullish outlook.

• 0xb3…06f still holds large short positions in HYPE, BNB, PURR, MNT, but returns have not worsened and have slightly rebounded (e.g., HYPE ROE 41.04%, PURR ROE 185.1%). Its BTC long position is performing well, with an ROE of 199%, and the total profit now exceeds the floating gains from short positions, indicating a shift to a more balanced strategy.
• 0xf4…d1d maintains stable holdings, with short positions in WLD, VIRTUAL, and HYPE still yielding high returns. Its ETH long position ROE has surpassed 400%, making it the most stable bearish-oriented account.

The most impressive performances recently have been from several new smart wallets focusing on memecoin speculation and the Solana ecosystem:

• 0x50…db6 has continuously heavily invested in PEPE, TRUMP, FARTCOIN, with long position returns exceeding 150%, and TRUMP’s ROE reaching 502%. The seven-day profit exceeds 13 million USDT, showing a strong capital impact.
• 0x32…812 insists on the Solana ecosystem direction, with SOL long position ROE at 132%, PENGU at 86%, and ZEREBRO short positions showing a 36% return, demonstrating a clear strategy and execution discipline.
• 0xc2…740 has made profits from FARTCOIN positions, but its XRP position has turned into a slight loss, leading to a slight overall performance decline. It is necessary to observe whether it will rebalance its portfolio.
• It is worth mentioning 0xc7…5bc, which not only increased its BTC long position to over 10 BTC but also saw stable profits from SOL holdings. This address has now shifted to a bullish core position with a clear capital direction.

Address	Trading pair	Token quantity	Unrealized PnL	Last seven days PnL&Unrealized profit and loss
0xb3…06f	HYPE	-137,133	397,289.14 (41.04%)	-149,564/ 561,745
	BTC	+7	59,107.26 (199.42%)
	BNB	-647.02	33,738.33 (79.42%)
	MNT	-65,000	3,034.46 (33.69%)
	PURR	-367,406	65,928.09 (185.1%)
	ZORA	-555,000	515.03 (11.95%)
0xf4…d1d	HYPE	-3,992.59	15,175.05 (51.67%)	X/ 273,511
	VIRTUAL	-91,460	25,391.04 (141.42%)
	WLD	-60,000.6	179,590.13 (774.77%)
	USUAL	-149,972.7	2,406.06 (52.42%)
	ETH	+7.1002	2,113.73 (402.57%)
0xc7…5bc	BTC	+10.4347	71,923.61 (120.01%)	77,697/ 85,649
	SOL	+2,212.93	13,874.9 (43.99%)
0x50…db6	PEPE	+4,143,686,498	4,720,110.87 (152.5%)	13,509,367/ 11,700,223
	FARTCOIN	+5,427,246	1,602,616.75 (188.13%)
	TRUMP	+1,281,586	5,330,391.43 (502.88%)
0xc2…740	FARTCOIN	+7,108,937	1,280,559.31 (19.99%)	1,670,157/ 1,215,432
	XRP	+3,138,615	-63,307.81 (-1.82%)
0x32…812	SOL	+22,561	836,923.41 (132.7%)	480,861/ 879,048.36
	PENGU	+14,122,128	20,216.97 (86.63%)
	ZEREBRO	-2,369,155	23,850.26 (36.72%)

Other opportunities

On-chain DeFi mining yield products:

Project Name	Pendle（Blockchain：Sonic） ←→ Token：aUSDC
Project Details	aUSDC pool: No exit time limit, exit based on the market price. The pool consists of aUSDC and PT aUSDC (PT aUSDC is a redeemable aUSDC upon maturity). aUSDC: When users deposit USDC tokens on the Aave platform, they receive aUSDC tokens as rewards.
Participation Method	Through Pendle platform's Zap-in feature, aUSDC can be injected or deposited, and exit is not affected.
Project Information	Pendle: A yield protocol built on the Ethereum blockchain that allows users to earn yields by locking assets.
Earnings Details	Currency: aUSDC Annualized yield: 13.32% (Continuously changing. The base yield and PT yield will scale proportionally based on the pool's underlying assets and PT.) Algorithm: Base Yield: aUSDC.e 0.1433% + wS 9.947% PT Yield (fixed annual rate): USDC.e 0.9813% Pendle LP Yield 2.201% [LP aUSDC 0.079% + Pendle (platform incentives) 2.121% + 24x Sonic Points] Note: Additional yield is earned when depositing USDC on Aave.
Product Data	Token: aUSDC Product participation deadline: August 14, 2025 Total token deposit: $39.88M (aUSDC $35.01M + PT PT aUSDC $4.83M) Liquidity: $34.88M

Risk: Yield may be affected by wS price fluctuations. Users should exercise caution when investing and conduct their own research.

Disclaimer

The development and market cap of stablecoins mentioned in the above content are speculative and based on market analysis at the time of writing and should not be interpreted as guaranteed outcomes. Market conditions can fluctuate widely and unpredictably due to numerous factors such as regulatory changes, market demand, and global economic developments. 

The information provided in this article is for general informational purposes only and does not constitute financial, investment, legal, or professional advice of any kind. While we have made every effort to ensure that the information contained herein is accurate and up-to-date, we make no guarantees as to its completeness or accuracy. The content is based on information available during writing and may be subject to change.

Please note that this article includes references to third-party websites and data provided solely for convenience and informational purposes. We do not endorse or assume any responsibility for the content, accuracy, or reliability of any information, products, or services offered by third parties.

Cryptocurrencies involve significant risk and are NOT suitable for the majority of investors. The value of digital currencies can be extremely volatile, and you should carefully consider your investment objectives, level of experience, and risk appetite before participating in any staking or investment activities.

We strongly recommend that you seek independent advice from a qualified professional before making any investment or financial decisions related to cryptocurrencies. We shall in NO case be liable for any loss or damage arising directly or indirectly from the use of or reliance on the information contained in this article.