Veteran traders dial back shorts on Hyperliquid

Mainstream data observations

BTC core liquidation positions:

Long position: Liquidation price at $91,705 with a liquidation amount of $1.269 billion.

Short position: Liquidation price at $94,505 with a liquidation amount of $524 million.

The current BTC price: $93,132. The liquidation amount for short positions is larger, making $94,500 an important support level to watch. Long position liquidations are relatively concentrated between $91,500 and $92,500.

ETH core liquidation positions:

Long position: Liquidation price at $1,738.1 with a liquidation amount of $105 million.

Short position: Liquidation price at $1,792.1 with a liquidation amount of $353 million.

The current ETH price: $1,747.3. Liquidation intensity for long positions is high and concentrated, especially around $1,730, which serves as a key support level. Short position risk remains relatively manageable, with $1,750 as a critical price level to monitor.

Total stablecoin market cap: $237.4B

The total market cap has increased slightly again today. USDC issued an additional 305.54 million tokens, up 0.38% on Ethereum and 1.28% on Hyperliquid. USDT issued an additional 436.05 million tokens.

BTC market cap share: 64.35%

TOTAL3 market cap: $812.08B

BTC’s market share has slightly declined but remains at a high level. TOTAL3 market cap increased by $11 billion on April 24.

Current core miner shutdown price: $75,305.6

The proportion of miners operating above the shutdown price has dropped to 11%. The average shutdown price for mainstream mining machines remains at $62,000, an important level to monitor.

Bitcoin MVRV-Z score: 2.15

MVRV is the ratio between the minimum market value (current market cap) and the realized value (total value of all BTC when last moved). The score has increased slightly again, suggesting a potential price peak may be approaching.)

Bitcoin BVIV score: 49.31

The BVIV score declined on April 24, returning to late-March levels, indicating a lower likelihood of major price volatility.

[Market rating]:

US Fed Governor Waller stated that rate cuts could begin as unemployment rises. As expectations of rate cuts grow and tariff impacts continue to diminish, sector rotation has started in the crypto market, with AI leading the rally. The current bull/bear sentiment score is 90 (Bullish).

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

Market overview

BTC began to pull back after reaching a recent high near 94,904, with a low at 91,619. Since it didn’t fall below 91,594, the current rebound is not yet considered to have peaked. Based on candlestick structure, the potential high for this rally could be near the upper edge of a dense price zone at around 96,000, or near the lower boundary of the previous major consolidation zone at 93,300. Both levels are key resistance points. Failure to break through either effectively may signal the end of the current rebound.

Macro overview

China is considering suspending the 125% tariffs on certain US imports. US Treasury Secretary Janet Yellen has said that such high tariffs are unsustainable. All major countries are now engaged in tariff negotiations, and the potential impact of tariffs continues to diminish. US equities have rebounded, and Fed Governor Waller has indicated that rate cuts may begin as unemployment rises, delivering a dovish tone. Currently, the probability of no rate cut in May stands at 93%, while the likelihood of a 25-basis-point cut in June has risen to 58%. Easing global conditions and a potential rate cut in June are both seen as supportive factors for BTC.

Key events

• Solana Ecosystem decentralized exchange Raydium has released a tweet related to emojis for airdrops, hinting at a possible upcoming airdrop.
• The US SEC has announced a delay in its decision on Grayscale's spot Polkadot ETF, giving the SEC more time to consider a proposed rule change by Nasdaq that would allow the exchange to list and trade the Grayscale Polkadot Trust shares.
• Asset management firm Fidelity tweeted that corporate purchases have driven the supply of Bitcoin on exchanges down to approximately 2.6 million BTC, the lowest level since November 2018.
• TON Foundation has appointed MoonPay co-founder Maximilian Crown as CEO.
• US SEC crypto task force has disclosed a meeting with crypto firm Ondo Finance to explore the compliant issuance of tokenized securities.
• Blockchain-based platform Neiro has acquired the exclusive license to the Neiro intellectual property from Atsuko Sato, the owner of Kabosu, the iconic Shiba Inu dog behind the Doge meme. 
• According to monitoring by Onchain Lens, Circle has minted a total of 13 billion USDC on the Solana network so far in 2025.
• The full-chain Rollup L1 network Initia has announced that USDC is now usable as gas on Initia L1.
• According to Reuters, the Chinese Ministry of Foreign Affairs has denied having any trade tariff negotiations with the US.
• According to CCTV.com, Donald Trump's stance on tariffs on China "has not softened," and his administration is considering multiple options.
• Lending protocol Dolomite has opened claims for their DOLO token airdrop, representing 20% of the total token supply.
• Ethereum L2 network Reddio has released its RDO tokenomics, with a total supply of 10 billion tokens and 8% allocated to the community.
• RWA platform Securitize has launched a new crypto index fund, Mantle Index Four (MI4), with Mantle Treasury committing up to $400M as the anchor investment.
• Full-chain Rollup L1 network Initia has launched its mainnet, and the airdrop claim is now open.
• Ethereum Foundation has announced that Ethereum will celebrate the 10th anniversary of its genesis block on July 30, and the foundation is offering up to $500 in event grants.
• Open-source AI framework JuliaOS has launched, with its token JOS reaching a market cap of $17.25 million.

Hot projects

Token		Description	Market Cap（$)
	DRGN Token movement today	Dragonchain is a utility token based on the Ethereum blockchain and belongs to the Dragonchain hybrid blockchain platform, designed to provide flexible and scalable blockchain solutions for enterprises and developers. In August 2022, the SEC filed a civil lawsuit against DRGN, accusing it of violating securities laws. As of April 24, 2025, the case has been officially dismissed, which is positive news for the token.	28.59 million
	DARK Popular AI concept	Dark Eclipse is an infinitely enhanced AI that automatically integrates new tools into users' AI, allowing it to upgrade over time. The code is currently open-source, and the product has yet to be launched.	39 million
	TRENCHER Viral meme	Trencher is a cartoon character created by @grizzle_art, which has gained popularity among users due to its unique art style. @grizzle_art is a meme artist with a certain following in the community.	6.5 million
	CAT Memecoin	Solana’s golden dog today, with the IP image being a purple cat. Currently, there are 5,600 holding addresses, and its market cap is $12.7 million.	13 million

Exchange updates

• WOO X has launched INIT/USDT perpetual contracts with up to 10x leverage.
• Binance has launched five spot copy trading features to offer users enhanced tools for automation, comparison, transparency, and risk-free simulation; introduced the Alpha Points system to evaluate user activity within the Binance Alpha and wallet ecosystem for future TGE and Alpha token airdrop eligibility; listed Dolomite (DOLO) on Binance Alpha; and added Initia (INIT) to its Earn, Buy Crypto, Convert, Margin, and Futures platforms.
• According to Coinbase Assets, Mantle (MNT) has been added to its asset roadmap, while Coinbase has listed ZORA (ZORA) with an experimental label cautioning users about potential risks such as price volatility and liquidity issues, launched Initia/USDT perpetual contracts on Coinbase International, and expanded its partnership with digital payments platform PayPal by removing PYUSD trading fees.
• Bitget Wallet has launched new market and candlestick chart features, upgraded the UI of the Gold Dog Radar, while Bitget Onchain has listed memecoins including OPAIUM, Fartcoin2, and CREW, and Bitget has listed INIT/USDT perpetual contracts with up to 20x leverage.
• Bybit has listed Initia (INIT) and added Dolomite (DOLO) to its Launchpool.

Industry landscape

• US Federal Reserve Board has announced the withdrawal of its guidance for banks regarding crypto-asset and dollar token activities, along with changes to its expectations for these activities.
• On-chain gaming engine MagicBlock has completed a $7.5 million seed round, led by Faction.
• Trading platform Theo has raised $20M across two funding rounds, led by Hack VC.
• Investment firm RockawayX has raised a $125 million funding round, primarily targeting Solana ecosystem investments.
• Hong Ya Holdings has announced plans to raise HK$65 million, with 90% of the funds allocated to Web3 investments and Bitcoin acquisitions.

Emerging projects

Token	DPCORE	TRENCHER	REAL
Description	Focusing on Web3 AI agent infrastructure, it builds a composable AI ecosystem centered on the MCP protocol, emphasizing technical implementation over empty whitepaper talk. By combining a decentralized architecture with developer-friendly design, it aims to create a "code-is-value" tech-geek culture.	TRENCHER originates from community interactions led by Pump.fun founder Alon, using a self-deprecating MS Paint art style to shape the cultural symbol of the "trench digger." The narrative is driven by the platform's mascot and encourages organic community-driven propagation. The core driving force is the deep integration between grassroots artists and the platform’s ecosystem.	The community builds cultural barriers around “authentic identity,” using the slogan “Real ones only” to foster an exclusive culture. It emphasizes a narrative of early adopter loyalty, with the core meme centered on counter-mainstream identity within the crypto space.
Price	$0.006421	$0.004549	$0.001642
Market Cap（$）	6.42 million	4.54 million	1.64 million
Token Holders	5,079	5,563	6,998

Token	NOBODY	ELI5	$GOLD
Description	NOBODY builds a grassroots identity culture centered around the narrative "Anybody Can Be a Nobody," using the humorous contrast of sausage elements to enhance meme virality. Through the anti-hero symbol, it conveys the inclusiveness of a decentralized community.	Based on the "Explain Like I'm 5" internet meme, a meme coin is constructed with a core narrative of simplifying cryptocurrency concepts through childlike language. Combined with developer Shaw's AI project background, it creates a tech-savvy meme persona.	A digital asset narrative is built around gold’s property as a store of physical value, incorporating the characteristics of the Solana blockchain to develop the concept of "circulatable digital gold." The core idea is to create cultural resonance by leveraging gold’s millennia-old consensus and the liquidity advantages of cryptocurrency.
Price	$0.01379	$0.001984	$0.0{10}1908
Market Cap（$）	13.79 million	1.98 million	1.9 million
Token Holders	4,858	1,738	3,318

Hyperliquid smart money tracking

Short positions retreat, mainstream capital turns bullish

Observations on April 25 indicate that the market continues its bullish trend, with most smart money capital flowing into memecoins and the Solana ecosystem. Meanwhile, short strategies from veteran wallets have shifted to a more cautious or defensive stance.

• 0xb3…06f remains slightly bearish but has made minor adjustments to its positions. For instance, its HYPE holdings have been reduced to 95,705 tokens, and it opened a new short position in TRUMP (-250,000 tokens), though the return is only 15% with a positive 7-day PnL. This suggests the wallet is still attempting to short strong tokens but has moved to a lighter position. Together with its BTC long position (ROE 209.36%), the account maintains portfolio stability with a conservative and defensive capital strategy.
• 0xf4…d1d continues to prioritize short positions, with holdings in WLD (ROE 765%), VIRTUAL (112%), and USUAL (50%) still showing high returns. However, its recent 7-day PnL is negative (-47,148 USDT), and its ZORA short position is also at a floating loss (-184 USDT), indicating that its short strategy is increasingly lagging behind the broader market.

In contrast, the strongest recent performers are several new meme+L1 smart wallets:

• 0x50…db6 has further expanded its positions in PEPE and TRUMP. Its TRUMP long position alone has an ROE of 292%, with a 7-day profit exceeding 13 million USDT, showing excellent market timing and execution.
• 0xc7…5bc continues to profit from BTC and SOL, with SOL’s ROE rising to nearly 70% and a 7-day PnL of 97,000 USDT, making it a representative account for going long on mainstream assets.
• 0x32…812 is heavily focused on the Solana ecosystem: SOL ROE is at 143%, PENGU ROE at 160%, and its short position in ZEREBRO maintains a 31% ROE. The account's strategy is concentrated and stable.
• 0xc2…740 remains profitable on its FARTCOIN holdings (+20%), but its long-term XRP position continues to show minor losses. It remains to be seen whether the wallet will adjust or reduce this position.

Address	Trading pair	Token quantity	Unrealized PnL	Last seven days PnL&Unrealized profit and loss
0xb3…06f	TRUMP	-250,000	95,592.35 (15.22%)	41,395/ 475,998
	HYPE	-95,705	218,499.81 (32.34%)
	BTC	+7	62,054.26 (209.36%)
	BNB	-647.02	35,854.08 (84.4%)
	MNT	-60,000	682.46 (7.58%)
	PURR	-367,406	64,638.5 (181.48%)
	ZORA	-555,000	427.34 (9.92%)
0xf4…d1d	HYPE	-3,992.59	12,547.93 (42.73%)	-47,148/ 259,962
	VIRTUAL	-91,460	20,217.15 (112.61%)
	WLD	-60,000.6	177,434.31 (765.47%)
	USUAL	-149,972.7	2,334.07 (50.85%)
	ZORA	-777,777	-184.33 (-3.2%)
0xc7…5bc	BTC	+10.4347	75,200.11 (125.48%)	78,050/ 97,203
	SOL	+2,212.93	21,929.97 (69.52%)
0x50…db6	PEPE	+4,348,733,094	5,093,720.59 (155.52%)	13,757,262/ 11,568,643
	FARTCOIN	+5,427,246	1,670,457.34 (196.09%)
	TRUMP	+1,797,360	4,897,073.09 (292.2%)
0xc2…740	FARTCOIN	+7,108,937	1,326,767.4 (20.71%)	1,725,057/ 1,251,903
	XRP	+3,138,615	-89,044.45 (2.56%)
0x32…812	SOL	+19,177	771,601.16 (143.94%)	480,861/ 879,048.36
	PENGU	+11,297,702	29,956.77 (160.46%)
	ZEREBRO	-1,710,467	14,836.07 (31.08%)

Other opportunities

On-chain DeFi mining yield products:

Project Name	Pendle（Blockchain：Ethereum） ←→ Token：USD0++
Project Details	USD0++ Pool: No exit time limit; exit at the market price. The pool consists of USD0++ and PT USD0++. (PT USD0++ is the redeemable version of USD0++ upon maturity.) USD0++: A staked version of USD0, similar to a four-year bond lock-up period. USD0 is a stablecoin backed by Treasury bonds provided by RWA entities such as Hashnote and BlackRock. Both are Usual products, with the governance token being USUAL.
Participation Method	Using the Zap-in function on the Pendle platform, you can deposit or inject USD0++ with no effect on the exit.
Project Information	Pendle: A yield protocol built on the Ethereum blockchain that allows users to lock assets and earn yields.
Earnings Details	Currency: USD0++ Annualized return: 21.5% (Subject to continuous change, base yield and PT yield will scale proportionally based on the pool’s underlying assets and PT.) Algorithm: Base Yield: USUAL 14.28% + PT Yield (Fixed Annual Rate) USD0++ 2.524% + Pendle LP Yield 4.398% [LP USD0++ 0.5637% + Pendle (Platform Incentive) 3.835%]
Product Data	Token: USD0++ Product participation deadline: June 26, 2025 Total token deposits: $15.53M (USD0++ $11.97M + PT USD0++ $3.56M) Liquidity: $15.53M

Risk: The exchange rate and value of USD0++ may change due to protocol adjustments, and the price fluctuations of the yield token USUAL may affect returns. Users should invest cautiously 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. 

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