Griffain New Hedge Fund

Jack Kubinec

This is a segment from the Lightspeed newsletter. To read full editions, <a href="https://blockworks.co/newsletter/lightspeed" target="_blank" rel="noreferrer noopener">subscribe</a>.



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M^0, an EVM protocol for stablecoin coordination, has expanded to Solana, the team told Lightspeed exclusively.



M^0’s (pronounced Em-Zero) first Solana user will be Kast, a platform offering banking-like services with stablecoins. The move comes as various and sundry actors bring new stablecoins to market, and M^0 hopes to unify the increasingly fragmented sector.



At a basic level, M^0 offers a stablecoin “building block” called $M — a kind of vanilla stable backed by US T-bills. Clients who want to launch their stablecoin effectively wrap $M and can customize things like yield or custody.&nbsp;



$M’s first user was the Cosmos ecosystem app Noble, which made use of the infrastructure when launching the <a href="https://blockworks.co/news/noble-yield-bearing-stablecoin">yield-bearing USDN stablecoin</a>. It also <a href="https://www.theblock.co/post/331801/rapidly-growing-stablecoin-issuer-usual-latest-to-use-m0-infrastructure-to-launch-token">paired</a> with RWA stablecoin outfit Usual to launch UsualM.



M^0’s latest partner in Kast plans to offer two Solana stablecoins: a payments and a savings one. The tokens, the names of which have not been finalized, will eventually be able to be swapped for other $M stablecoins on Solana and bridged to other ecosystems via Wormhole.



To my mind, the M^0 model sounds a bit like white label stablecoins — a concept Kast has also made use of through its Solana validator partnership with Kiln. And white label stablecoins make a lot of sense, given how everyone from the <a href="https://blockworks.co/news/wyoming-could-be-first-us-state-to-issue-official-stablecoin">Wyoming state government</a> to President Trump-backed <a href="https://blockworks.co/news/bitgo-to-custody-wlfi-usd1">World Liberty Financial</a> wants to have a stablecoin.



In an interview, M^0 chief strategy officer Joao Reginatto said “a couple of other companies” will be leveraging $M to build stablecoins on Solana.



But despite all the buzz, the stablecoin landscape remains pretty duopolistic. 76% of all stablecoins on Solana are Circle’s USDC, and another 18% are Tether’s USDT, according to DeFiLlama. M^0’s clients will hope to unseat Circle — and Solana might hope one of them can do so.



Among Solana’s chief competitors is Base, which is operated by Coinbase, the latter of which has a revenue sharing agreement with Circle.



“Solana perhaps doesn&#8217;t see with very good eyes the widespread use of USDC on Solana” given how some of USDC’s revenue filters back down to Coinbase, Reginatto said.



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Stablecoin infrastructure platform M^0 expands to Solana

Ben Strack

This is a segment from the Forward Guidance newsletter. To read full editions, <a href="https://blockworks.co/newsletter/forwardguidance" target="_blank" rel="noreferrer noopener">subscribe</a>.



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Galaxy&#8217;s possible US listing in the coming weeks would end a years-long process and keep up the momentum around more crypto firms going public.



The SEC has “declared effective” the company’s registration statement to list on the Nasdaq Global Select Market, Galaxy said yesterday.&nbsp;



The company’s shareholders are set to vote on Galaxy’s reorganization (becoming a new Delaware holding company) on May 9. Galaxy CEO Mike Novogratz said in a statement that, if approved, the listing could be completed by the end of Q2.



Galaxy, listed in Canada since 2018, has <a href="https://blockworks.co/news/galaxy-public-sec-earnings">tried to gain a US listing </a>for years. The company will keep trading on the Toronto Stock Exchange, it said Monday.



Executives noted on Galaxy’s March 28 earnings call that they had recently submitted an amended S-4 responding to the SEC’s ninth round of comments. Geez Louise.



There’s little doubt this step forward is a result of Gary Gensler no longer leading the agency. The SEC has clearly <a href="https://blockworks.co/news/sec-actions-timeline">cut out its animosity</a> toward crypto segment players in recent months.&nbsp;&nbsp;



Shares of crypto wallet provider <a href="https://blockworks.co/news/exodus-uplists-to-nyse-american">Exodus became available</a> on the NYSE American stock exchange in December. That company also had its <a href="https://www.globenewswire.com/news-release/2024/05/09/2878404/0/en/Listing-of-Exodus-Class-A-Common-Stock-Delayed-by-NYSE-American.html">troubles</a> getting a green light from the previous SEC administration.



Other companies appear to see the new SEC as an opportunity to do the same, with <a href="https://blockworks.co/news/circle-ipo-stablecoin-competition-investors">Circle</a> and <a href="https://blockworks.co/news/crypto-ipo-boom-etoro-kraken">eToro</a> publicly filing for IPOs in recent weeks. 



And so, it appears there could soon be more avenues for investors to gain crypto exposure. As 10T Holdings founder Dan Tapiero said at DAS last month: “American investors love owning equity.”



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Galaxy’s imminent US listing reflects SEC change

Casey Wagner

This is a segment from the Forward Guidance newsletter. To read full editions, <a href="https://blockworks.co/newsletter/forwardguidance" target="_blank" rel="noreferrer noopener">subscribe</a>.



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Stocks appeared to be on a tentative path to recovery midway through Tuesday’s session (<a href="https://blockworks.co/news/stocks-cryptocurrencies-market-loss-tariffs">they later slumped</a>), but US Treasurys were still on the rise. It’s hard to say exactly why, but we have some theories. 



Given the broader market selloff and increased fears of a recession, investors could be pulling out of bonds in favor of cash — either to hold or reinvest into equities. (Remember, Treasury prices and yields have an inverse relationship).&nbsp;



We don’t know how much (or even if) foreign bond holders are selling. But it’s possible they’re pulling out of the market, potentially as retaliation against tariffs. In an escalating trade war, offloading bonds is a powerful weapon.&nbsp;



The Treasury reports the <a href="https://ticdata.treasury.gov/resource-center/data-chart-center/tic/Documents/slt_table5.html">data</a> on a monthly basis with a roughly six-week lag, so we won’t get February’s figures until later this month.&nbsp;



Japan has been the longtime top foreign holder of US Treasurys. As of January, the country had $1.08 billion in government bonds. China and the UK are the next largest holders, with holdings amounting to $761 billion and $740 billion, respectively, at the start of the year.&nbsp;



The 10-year yield has been above 4% since Monday, hovering around 4.2% Tuesday afternoon. The one-year yield briefly hit 4% earlier in Tuesday’s session, but quickly fell back to around 3.9%.



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Treasury yields remain elevated as stocks waver

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US equities and cryptocurrencies stalled Tuesday afternoon, reversing earlier gains after the White House dashed hopes that international tariff negotiations were on the table.&nbsp;



The S&amp;P 500 and Nasdaq Composite — after rallying more than 4% each at the start of the session — were back in the red by the close, ending the day about 2% and 1% lower, respectively.&nbsp;



Bitcoin and ether were trading 4% and 6% lower on the day at 4 pm ET. Bitcoin, which briefly appeared insulated from the broader market selloff, is now down more than 12% since President Trump’s “Liberation Day” announcement. 



Tuesday’s early stock rebound appeared to be spurred by optimism that Trump may walk back aggressive global tariffs unveiled last week. Treasury Secretary Scott Bessent said during a Tuesday morning CNBC appearance that there may be “some good deals” on the table.&nbsp;



Read more: <a href="https://blockworks.co/news/tariff-stocks-fake-news-volatility-monday">Stocks whipsaw, BTC holds onto $78K as investors trade on &#8216;fake news&#8217;</a>



The rally then stalled when hours later Trump confirmed that tariffs as high as 104% on Chinese imports will go into effect at midnight, unless Beijing reverses its retaliatory tariffs on the US.&nbsp;



Investors continue to try and parse through mixed messages from the Trump administration about the permanence of tariffs, and the likelihood of any deals with foreign nations.&nbsp;



Commerce Secretary Howard Lutnick over the weekend <a href="https://www.cbsnews.com/news/transcript-commerce-secretary-howard-lutnick-on-face-the-nation-with-margaret-brennan-april-6-2025/">insisted</a> that “there is no postponing” these new tariffs, even as the administration extended the deadline on previously announced levies.&nbsp;



Also on Sunday, Peter Navarro, White House senior counselor for trade and manufacturing, <a href="https://www.wsj.com/livecoverage/stock-market-trump-tariffs-trade-war-04-07-25/card/trump-trade-adviser-peter-navarro-this-is-not-a-negotiation--BjrNtvkS7qllgse0F1vJ">said</a> “this is not a negotiation” when asked about potentially adjusting tariffs. Later that same day,&nbsp; Trump said he was “open to talking” to other countries, adding that he’s already had several calls.&nbsp;



US trade representative Jamieson Greer on Tuesday confirmed to the Senate Finance Committee that almost “50 countries” have reached out to discuss “reciprocity.” Hopes for a deal with China, though, are slim.&nbsp;



Coming up this week investors will have two key inflation prints, the Consumer and Producer Price Indexes, to be released Thursday and Friday, respectively, to digest. Odds the Federal Reserve will abandon their current pause and cut interest rates in May rose on Tuesday to 51%, up from 19% a week ago, according to <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html?redirect=/trading/interest-rates/countdown-to-fomc.html">data</a> from CME Group. 



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US stocks, cryptocurrencies erase early gains as tariff negotiation optimism wavers

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Crypto is becoming more entwined with TradFi as acquisitions and partnerships continue.&nbsp;&nbsp;



<a href="https://blockworks.co/news/crypto-ma-mergers-feeding-frenzy-kraken">We noted the record amount</a> of crypto M&amp;A in Q1 — featuring Kraken’s unprecedented $1.5 billion acquisition of NinjaTrader. 



In another 10-digit deal, Ripple said Tuesday it has agreed to buy Hidden Road for $1.25 billion. This gives the blockchain infrastructure provider access to a firm with clearing, prime brokerage and financing capabilities across FX, digital assets, derivatives, swaps and fixed income.



The theory is that aside from trading services, Hidden Road brings a level of credibility to digital assets that’s expected in legacy finance.&nbsp;



A prime broker clearing $3 trillion annually for more than 300 institutional customers, Hidden Road is the intermediary for hedge funds, market makers, OTC desks and quant traders. It is now set to migrate post-trade activity across XRP Ledger.



Architect Partners founder Eric Risley <a href="https://blockworks.co/news/crypto-ma-mergers-feeding-frenzy-kraken">told me last week</a> that “bridge transactions” — M&amp;A between crypto and non-crypto companies — would remain a theme in 2025.



Michael Klena, a partner at the advisory firm, noted this morning that these so-called bridge deals signal healthy interest in the crypto ecosystem and “[move] blockchain forward to fully assimilate into the larger financial world.”



As for why Ripple did this, the potential for broader stablecoin adoption appears to be at the heart of it. An acquisition could be the only way for the crypto firm’s RLUSD stablecoin to compete with those of Tether and Circle, Klena explained.&nbsp;&nbsp;&nbsp;



“By having Hidden Road captive and using RLUSD as its primary settlement and payment option, it puts RLUSD into the crypto ecosystem with a key avenue,” he told me. “The upside is that RLUSD has a chance to become entrenched in TradFi usage.”



Klena noted that headline deals (like this, Kraken-NinjaTrader and last year’s <a href="https://blockworks.co/news/stripe-bridge-acquisition-stablecoin-infrastructure">Stripe-Bridge transaction</a>) force participants to review their strategy and the inorganic M&amp;A channel — whether as a buyer or seller.



“Activity begets activity, so we expect increasing deals over the next several quarters,” he added.



The deal’s timing is not surprising — coming a few weeks after Ripple CEO Brad Garlinghouse said on the Digital Asset Summit stage that the SEC planned to <a href="https://link.mail.beehiiv.com/ss/c/u001.VIz4fB9RgLaqgT0Ji6lSIMhLGx1BG6y6FX8v5LSXYwgqtp5abc1I88DQ6_olD8Md2ndjjYFyekpXrcIM2NAFE_hQWIOIP2bOyAqjf5R-pHDwBe3jDeujFxVfVF2d-5F4cH-VUooG0bErKkmPQfVDfVuebmtJvI5R7Hf9xVik9AC2m1Rz6L8IfhzXy8zd059W9g1mkXwnZEP_NRqF-Ye2pruKfgAsXcRfmON3JNint4lUSMefp-6MmpcMmVZmS4fKSV4SwNtPwM1y4iau0NSwWw/4ex/QHlZJ_rqQnSwC89M85084w/h13/h001.FeS02xCy7vtLRRSOL37ZiYQtirjwr4N_1PTMEpW5jPk">drop its appeal</a> against Ripple.&nbsp;



The executive noted in a Tuesday statement that we sit at “an inflection point” for the next phase of crypto adoption now that such a regulatory overhang is gone.&nbsp;



As we see more examples of TradFi-crypto intersections, asset management giant BlackRock also extended its relationship with crypto bank Anchorage Digital.&nbsp;



This link-up comes “as demand for digital asset products increases, and as our footprint in the ecosystem grows,” BlackRock’s Robbie Mitchnick noted in a statement.



Anchorage started custodying BlackRock’s tokenized money market fund, BUIDL, in December. The bank is now listed as a custodian of BlackRock’s spot bitcoin and ether ETFs, <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1980994/000143774925011313/bit20250404_8k.htm">filings</a> show.&nbsp;



The relationship lays the groundwork for “deeper collaboration” between the firms, Anchorage said. A spokesperson declined to comment on specifics for now, meaning we’ll just have to keep an eye out.



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Crypto-TradFi intersections proliferate

Kate Irwin

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Treasure DAO is leaving gaming.



The once-gaming-focused Treasure DAO has killed its gaming publishing platform and entire blockchain, accompanied by a round of layoffs. Several key leaders have also recently left the DAO.



Financial troubles? Yep.



Treasure cofounder John Patten told me in a DM: &#8220;We’re good. We have runway. Leaner team now.&#8221;



Before its layoffs, Treasure&#8217;s annual burn was the following, according to the team:



<ul class="wp-block-list">
<li>$8.3M in &#8220;general treasury usage&#8221;</li>



<li>$816K in “Bridgeworld” usage</li>
</ul>



But a Treasure financial transparency report shows that the DAO saw over $11.3 million in quarterly expenses in Q4 last year alone, with just $40,000 in quarterly revenue.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXehudPuSbw6PcH5p8aCEoTW8cA8RFktn9jMxfBrzmFpVk2K1zt19RmNAKTJrVoF163f6-RukbTYNLghqVZbUtkF2pk15s-0cJPPNYT4QxP9iEkscmNWhtsyGv-ymrpmoJ47Z0FXuw?key=Pk8uFZfkrW8r8eM7FVYKZBcH" alt=""/><figcaption class="wp-element-caption">From Treasure’s March 2025 financial report, showing only $40,181 in Q4 2024 revenue.</figcaption></figure>



They had funds to last until July 2025 in their previous state, according to the team. Now, they have $2.4 million in stablecoin runway, as well as 22.3 million MAGIC (which is worth about $1.56 million at the time of writing).&nbsp;



The team is also trying to pull about $786,000 in stablecoins, BTC and ETH off market maker Flowdesk to add what Patten says is an additional two months of runway ($393,000 a month). If able to withdraw and swap that MAGIC at current prices, they would have a total of $4.746 million.



But if Treasure is able to get by on roughly $393,000 a month like Patten suggested, Treasure could continue on for about 10 to 12 months. That’s assuming the price of MAGIC does not fall further before they sell it or the team swaps their MAGIC into stablecoins.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdlHFcqH2RxO2x5orgDbJPZmt_HYhI6wGnXypATk9fIh07sm55oariOisPZNuQ8fU8RQYq8qaH71qvBej0j4Wq48eN3njjSLmCnn2pyoSvYY4715-RCeCVHc84Dc8mpTOhN26uldQ?key=Pk8uFZfkrW8r8eM7FVYKZBcH" alt=""/></figure>



We know they had $74 million in crypto in mid-2023, according to a financial transparency report from the DAO. Their token launched in November 2021, and the team had raised $6.5 million in funding across two seed rounds in 2021 and 2022.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfTKY-EEGX7U9uUsU7nOrUZQ3ULhAC1arWWcaEuS9aFoIP4kknf9qZZ_uULljKGk8YYceq14En9a5zi3eZ6pUrxuBCQMeNqdmjIe58PZjvKHvSAte8ETo80EjxiwvR7_KRiiXeaog?key=Pk8uFZfkrW8r8eM7FVYKZBcH" alt=""/><figcaption class="wp-element-caption">Treasure DAO’s treasury as of mid-2023 (MAGIC has fallen from roughly $0.7 to $0.07 since then, and over half their treasury was in MAGIC)</figcaption></figure>



&#8220;We spent too long trying to win a prize not even worth fighting for,&#8221; Patten said in a <a href="https://x.com/thedropnft/status/1909276812217401389">video</a>.&nbsp;



At one point, more than 40 people were working for Treasure. We know at least 15 have been <a href="https://x.com/ReadyPlayerJay/status/1907553487212150830">laid off or left</a>. Now, their gaming distribution plans are cancelled and they&#8217;re pivoting to AI.



&#8220;We are aggressively sunsetting the entire game publishing stack and helping partners unwind their integrations. The DAO had no option but to eliminate publishing support as quickly as possible,&#8221; Patten said.&nbsp;



Some games have begun leaving Treasure as a result of the shakeup. The Beacon game team said that Treasure’s current vision “no longer aligns with the goals we have for our game and ecosystem. For this and other reasons, we have decided to fully depart from their ecosystem.&#8221;



&#8220;The pivot away from game publishing was not a choice. It was a matter of survival,&#8221; Patten explained.



Notably, I interviewed Patten and Treasure cofounder Karel Vuong in February, and there was no mention of Treasure’s financial troubles at the time. Since then, Vuong has <a href="https://x.com/karelvuong/status/1904254367269786018">left Treasure</a>.&nbsp;



I’ve heard rumors that Treasure’s financial issues may have been obvious to some community members since October — or perhaps even earlier than that.



During that February interview, though, Vuong said the team wanted to focus on crypto-forward indie games.&nbsp;



Now, gaming for Treasure is a thing of the past.



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Treasure makes major cuts in last-ditch effort to stay afloat

Macauley Peterson

This is a segment from the 0xResearch newsletter. To read full editions, <a href="https://blockworks.co/newsletter/0xresearch" target="_blank" rel="noreferrer noopener">subscribe</a>.



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If I had a nickel for every time I’ve heard the adage about “putting the toothpaste back in the tube” applied to the <a href="https://blockworks.co/news/tariffs-effect-economy-recession-gdp-trump">Trump tariffs experiment</a>, I could buy…oh, a small fraction of a bitcoin.



As much as we might wish the chaos to subside, the norms of mutually-beneficial global trade may <a href="https://x.com/yeluacaM/status/1909519077355184558">simply be over</a>.



BTC is regarded as holding up relatively well, but as I see it, it’s more so hanging on by a thread. The kitten “hang in there” meme, if you will. Bitcoin yesterday narrowly avoided closing much below its March lows. (Technically it was lower, but within a fraction of a percent, depending on your source, including CME.)



So there’s hopium that the daily downtrend may yet reverse. Short term, with the <a href="https://blockworks.co/news/vix-volatility-index-market-increase-tariffs">VIX touching 60</a> yesterday — an extreme level rarely seen — you’d expect at least a reflexive bid. Both the Nasdaq and S&amp;P 500 tagged their April 2024 lows by end of day Monday, essentially wiping out the past year’s gains. But BTC is still up 30% year over year.



Bitcoin’s “decoupling” narrative was short-lived. On a 30-day rolling basis, BTC’s correlation with the Nasdaq remains above 0.5 — historically high, as FalconX head of research David Lawant wrote in a note today.



Its momentum to the downside means that bounces likely set up a lower high to fade. “The trend is your friend,” and so on. Still, there has been less panic among bitcoin holders compared to both the August 2024 yen carry trade unwind and the 2020 Covid crash, when BTC fell noticeably harder than stock indices.



That doesn’t make BTC a safe haven, but it does say something. MEXC COO Tracy Jin attributes the relatively muted selling to institutional investor accumulation. “The asset is becoming an increasingly important part of a balanced portfolio,” Jin said, citing persistent inflation and recession fears as long-term tailwinds.



What else is avoiding meltdown?



“Pockets of strength are few and far between — TRX, OM and XRP are holding up relatively well while most large caps continue to lag,” wrote Wintermute trader Jake O. “This underperformance is fueling renewed BTC dominance, which has climbed back to around 65% — its highest level since March 2021.”



Speaking of XRP, in another sign of our bizarre times, Standard Chartered published an analysis suggesting it could have an FDV of $1 trillion by 2028. This notion is one I regard as beyond delusional. Ripple just <a href="https://www.financemagnates.com/trending/is-xrp-going-up-as-trumps-tariffs-raise-talk-of-global-financial-shift/">ponied up</a> $1.25 billion for a prime broker, Hidden Road, presumably in an effort to juice activity for its ledger. XRP is far and away the most expensive asset in crypto that virtually no one in crypto actually takes seriously.



“XRP is the social indicator in crypto, more so than even Doge,” mused Blockworks Research analyst David Rodriguez. “It’s a gateway drug for non-technical people.”



XRP’s run up in the past year is one of the more baffling phenomena we’ve witnessed, a testament to the cult mindset of its retail holder base, corralled by TikTok and YouTube influencers.



The ultimate irony would be if crypto’s version of a GME memestock could parlay its market cap into acquiring actually useful businesses to such an extent that it actually becomes relevant.



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Bitcoin’s fragile bid in a fractured world

This is a segment from The Drop newsletter. To read full editions, <a href="https://blockworks.co/newsletter/thedrop" target="_blank" rel="noreferrer noopener">subscribe</a>.



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Crypto gaming infrastructure firm Sequence — which also owns Horizon Blockchain Games — is shutting down its Horizon brand.&nbsp;



Horizon Blockchain Games is no more. Existing resources and products under that brand, including its flagship 2019 game Skyweaver, will now exist solely under the Sequence brand, Sequence shared exclusively with The Drop and Blockworks.&nbsp;



“This name change is a commitment to clarity — and our mission to unify blockchain ecosystems and empower builders across Web3,” said Peter Kieltyka, cofounder and CEO at Sequence, in a statement.



The move also finalizes Sequence’s pivot away from game development as it allocates more of its resources to building crypto infrastructure.



“Skyweaver still has a community,” Sequence cofounder and Chief Storyteller Michael Sanders told Blockworks in an interview, noting that the game remains playable.&nbsp;



“A lot of the inspiration for Skyweaver was to understand how to build a developer platform, right? Like, to understand the pain points that players are dealing with, that game developers are dealing with, regarding things like accounts and payments and wallets and transactions and marketplaces and, you know, all of that,” Sanders said, adding: “Skyweaver really taught us what’s required in a development platform.”



Horizon Blockchain Games raised a <a href="https://blockworks.co/news/brevan-howard-pours-40-million-into-blockchain-gaming-startup">$40 million</a> Series A in 2022. It had also raised another $13.3 million across three prior seed funding rounds, per Crunchbase data.



Sequence also said it’s acquired Light, a crypto tech firm focused on tackling the Ethereum “chain abstraction” challenge. Because there are so many Ethereum L2 and even <a href="https://www.coinbase.com/learn/crypto-glossary/what-are-layer-3-blockchains-and-what-is-the-difference-with-layer-2-blockchains">“L3” blockchains</a> — as well as “<a href="https://www.coinbase.com/learn/crypto-glossary/what-are-sidechains">sidechains</a>” and other separate EVM-compatible L1 chains — it can be difficult for non-technical or new users in crypto to navigate the space without encountering hiccups, roadblocks, glitches, delays or other problems.



The goal of chain abstraction is to make as much of the technical side of a multichain experience happen under the hood, so that users don’t have to do things like manually bridge tokens, pay to <a href="https://coinmarketcap.com/academy/article/what-is-wrapped-ethereum-weth">“wrap” tokens</a>, “sign” with a wallet frequently, or face delays when trying to complete transactions.



“Developers need access to all of Ethereum and its buying power, and users want



intuitive and seamless experiences. That’s the Web3 we’re building—fast, accessible, and seamlessly interoperable,” said Light founder Shun Kakinoki in a statement.&nbsp;



Kakinoki is now Sequence’s head of cross-chain post-acquisition.



Sequence provides infrastructure for some of the biggest players in the crypto gaming space, typically offering those services as “white-label.” That means you don’t see their name on a product that they provided to another brand. Instead, the wallet or feature shows the client’s branding.



For instance, crypto gaming platform Immutable uses Sequence’s <a href="https://sequence.xyz/blog/sequence-partners-immutable-accelerate-web3-gaming">embedded wallets</a>. Sequence also counts Ubisoft, Polygon, SKALE, Avalanche and Base among its clients.



Sequence also offers an in-app payment system via Sequence Pay. The firm has its own indexer so game devs can assess activity across multiple chains. It also offers analytics and a marketplace API, and it allows devs to cover gas fees for user transactions.



Sequence’s investors include Brevan Howard Digital, Coinbase, Initialized Capital, Bitkraft, Polychain, Morgan Creek Digital, Polygon and Ubisoft.



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Exclusive: Sequence sunsets Horizon Blockchain Games in rebrand

This is a segment from the Supply Shock newsletter. To read full editions, <a href="https://blockworks.co/newsletter/supplyshock" target="_blank" rel="noreferrer noopener">subscribe</a>.



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Heartbleed was a <a href="https://blog.cloudflare.com/heartbleed-revisited/">tiny but critical flaw</a> in the “heartbeat” extension of OpenSSL, the widely-used open source cryptography library. OpenSSL powers both Secure Sockets Layer (SSL) and Transport Layer Security (TLS) encryptions meant to protect sensitive data when using websites and other online services.



OpenSSL’s heartbeat is a type of ping — a tiny message passed back and forth between the user’s machine and the server they’re connected to — which proves the connection is alive.&nbsp;



A missing check for the length of that message meant that whatever was sitting in the target’s RAM could be siphoned, in plaintext, without a trace: usernames, passwords, cookies, or even bitcoin private keys.



As cryptographer Matt Blaze <a href="https://x.com/mattblaze/status/453422425968218112">put</a> it, Heartbleed “leaks data beyond what it’s protecting. So [it’s] worse than no [cryptography] at all.”



Heartbleed actually went undiscovered for two years. Initial estimates <a href="https://arstechnica.com/information-technology/2014/04/critical-crypto-bug-in-openssl-opens-two-thirds-of-the-web-to-eavesdropping/">suggested</a> that two-thirds of the internet was relying on OpenSSL at the time (2014), but not all of it was running vulnerable versions. 



More specific <a href="https://www.netcraft.com/blog/half-a-million-widely-trusted-websites-vulnerable-to-heartbleed-bug/">calculations</a> pointed to half a million affected websites, equivalent to around 17% of all SSL web servers globally, including Instagram, Tumblr, Google, DropBox and GitHub, as well as routers, VPNs, some Android <a href="https://www.cnet.com/news/privacy/how-to-tell-if-your-android-device-is-vulnerable-to-heartbleed/">devices</a>, and perhaps most importantly for Bitcoiners, crypto platforms.



Anyone who ran software containing the Heartbleed bug, or otherwise interacted with sites or services which did, was technically at risk of attack, even if the exploit required them to be active at the time.



So, as admins around the world rushed to patch their systems (95 out of the top 100 sites on Alexa were <a href="https://jhalderm.com/pub/papers/heartbleed-imc14.pdf">patched</a> within 24 hours), the Bitcoin ecosystem ran its own crisis playbook.&nbsp;



Bitstamp <a href="https://siliconangle.com/2014/04/09/bitcoin-weekly-2014-april-9-the-heartbleed-bug-edition/">briefly</a> took itself offline, and Bitfinex suspended withdrawals as Coinbase and BitPay confirmed their stacks were free of the flaw. Cybersecurity researchers and industry figures urged users to change their credentials as soon as possible, while others independently compiled lists of sites and services still running the vulnerable versions of OpenSSL.



Bitcoin Core developers, meanwhile, pushed through an emergency patch within a day.&nbsp;



The consensus software itself did not rely on OpenSSL (network messages are unencrypted by default), but other parts of the client did — particularly relevant for those directly interacting with nodes and the now-depreciated BIP-70 payment requests, which enabled payments by clicking a “bitcoin:” link.&nbsp;



Amazingly, the most <a href="https://jhalderm.com/pub/papers/heartbleed-imc14.pdf">severe</a> known case of a bitcoin-related Heartbleed exploit was the matter of 28 BTC ($6,500 then, $2.5 million now) stolen from 12 customers of early lending platform BTCJam. The platform quickly <a href="https://web.archive.org/web/20140621110906/http://blog.btcjam.com/post/82158642922/official-btcjam-update">refunded</a> the lost coins.



That Heartbleed wasn’t worse for Bitcoin is down to the fast and effective response from the ecosystem as it was in 2014. Bitcoin Core developers would go on to shed the software’s dependencies on OpenSSL over the following years, and by June 2020 it was completely free of it.



We all know bitcoin is backed by Bitcoin. It’s valuable partly due to the energy that miners spend in pursuit of the protocol’s longevity, amplified by external demand for the coins they earn in return.



More critically, however, is that bitcoin is backed by those who’ve contributed to its evolution and safety — and they’ve become exceedingly efficient at it over the past decade and a half, even if they’re only human.



— David Canellis



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<h2 class="wp-block-heading">Rizzo’s take, the Bitcoin Historian</h2>



In an era where Bitcoin upgrades appear <a href="https://www.youtube.com/watch?v=GdgQ3IflBJ0">ever-gridlocked</a>, the Heartbleed bug may seem like a dusty relic of Bitcoin’s reckless past, a callback to a time when the project’s developers moved at the speed of more traditional software projects. (Think: “Move fast and break things.”) In other ways, the Heartbleed bug is a timeless reminder of the risks Bitcoin developers must consider on behalf of users, and how, despite our proclivity to dismiss their recognition as a special class of project contributor, they retain distinctive responsibilities and privileges.&nbsp;



I recall Jameson Lopp’s <a href="https://blog.lopp.net/against-quantum-recovery-of-bitcoin/">excellent new essay</a>, “Against Allowing Quantum Recovery of Bitcoin,” on how Bitcoin might respond to a potential quantum computing threat.



In many ways, the arrival of quantum computers and their deployment on the Bitcoin network would be reminiscent of the Heartbleed bug. Developers would have to act, and those actions will have an effect not just on users, but on the wider network.



Lopp’s work raises more questions than answers, but it’s a solid reminder that while some populist Bitcoin evangelists like Michael Saylor are touting the technology as ready for centuries in Washington DC, there remain scenarios where Bitcoin might need human maintenance, and that may invite new opportunities for human error.



— Rizzo



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Bitcoin’s crisis playbook: Lessons from the Heartbleed bug

Katherine Ross

This is a segment from the Empire newsletter. To read full editions, <a href="https://blockworks.co/newsletter/empire" target="_blank" rel="noreferrer noopener">subscribe</a>.



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So much for any hope around an altcoin resurgence.&nbsp;



Unfortunately, as folks have taken risk off the table in the wake of the tariffs, they’ve also moved further away from altcoins.&nbsp;



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXci2uHqcRFuVnZF-MAH28pqpWhjeTzCl2NjtYKFu-6zu0vk2_Z8rhV4r-SKspzl7tF5FQUIXhCPotjlx2wkFMKV4_SRTi3yXtP0H8KhDiHLAAREx6Jc4aj7T4Vb6j0_Kgfu-N_5rw?key=pQ8ZBjUt_nktM-hhsM0-HMaW" alt=""/><figcaption class="wp-element-caption">Source: <a href="https://www.binance.com/en/research/analysis/tariff-escalation-and-crypto-markets/">Binance</a> </figcaption></figure>



Since the announcement, liquidity “for the top ten altcoins and ETH decreased by 12% and 8%, respectively, indicating a more cautious stance,” Kaiko Research noted.&nbsp;



All of this shows that capital is being sidelined right now as folks figure out how to approach this precarious market — a market that may be heading toward a cliff of sorts after China responded to President Donald Trump’s threat about new, additional 50% tariffs against the country. China has promised to fight the US on the tariff front, which could set us up for more market tension, given that China was handed a Tuesday deadline (that’s today!) to scrap its retaliatory tariffs.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcuIanvT7-JJl896GLy2nBgYweYFkn16I0XyzwinpTey7nr5WCRlViVa15ndkrg6_IgycDJOV50Ev6XFL6HSSp2-NA_hl00UNlITUGKPgl7L46L1R333eTHpmCSC4Z4dmZ3QrD6?key=pQ8ZBjUt_nktM-hhsM0-HMaW" alt=""/><figcaption class="wp-element-caption">Looking at the correlation of bitcoin, the S&amp;P 500, and gold</figcaption></figure>



While CT initially hoped that crypto would be protected from tariffs, that doesn’t seem to be the case, and the correlation is definitely back. However, while equities continue to grapple with the potential impacts of a trade war, folks over in crypto don’t have to deal with the same level of panic.&nbsp;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">Several years in crypto warps the mind. Markets tanking. Worst week since covid. Biggest two day wipeout in history. Normie friends freaking out. And my brain doesn&#39;t register a single ounce of panic. &quot;Oh look, prices are down bad, eventually they&#39;ll go back up&quot; At this point…&mdash; Yano 🟪 (@JasonYanowitz) <a href="https://twitter.com/JasonYanowitz/status/1909287095425728571?ref_src=twsrc%5Etfw">April 7, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



I have a feeling we’re just going to continue assessing market conditions this week, but it hasn’t seemed to change the rather bullish stance folks in crypto have adopted despite the doomposting over on CT.



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Altcoin liquidity’s dropped since President Trump’s tariff announcement: Kaiko Research

This is a segment from the Empire newsletter. To read full editions, <a href="https://blockworks.co/newsletter/empire" target="_blank" rel="noreferrer noopener">subscribe</a>.



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Apollo is doubling down on its push into real-world assets.&nbsp;



And, yes, I know we’ve been talking about RWAs a lot, but there are different layers to what’s being built in this space right now. We have institutions jumping in and out of FOMO, but then there is a group that is arguably crypto native and using this more bullish period to expand their footprints in crypto. This is the latter.&nbsp;



You see, Apollo is betting on Plume, the RWA network.&nbsp;



Here’s what I can tell you: Apollo made a strategic investment of around seven figures (the team at Plume wouldn’t disclose the full amount). The investment follows Plume’s $20 million Series A that was announced at the end of last year.&nbsp;



And, perhaps most importantly, Plume co-founder Teddy Pornprinya told me that the mainnet launch is slated for this quarter. I pushed to get a better sense of the timing, but Pornprinya only affirmed that it was “imminent.”



The team and Apollo have been working closely on ACRED, which is <a href="https://blockworks.co/news/apollo-securitize-partnership-institutional-adoption">Apollo’s offering with Securitize</a>, as well as “other initiatives.”



Apollo’s investment marks the first time it has made an investment into a specific RWA chain. Pornprinya called Plume an RWAfi, which piqued my curiosity.&nbsp;



While Plume’s generally known for its RWA work, Pornprinya said they have a core focus on the DeFi side of things, hence the “RWAfi” labeling.



There are “three core focus areas for us: One is on the infrastructure technology side, two is on distribution, and three is on composability — which is essentially leveraging our DeFi native team to build these different use cases,” he said.



To make RWAs more attractive to users onchain, you have to make them more crypto, Pornprinya told me. Hence the focus on developers and, of course, aiding builders on the go-to-market side of things — a notoriously challenging part of being in crypto. 



Pornprinya told me that, in his experience, Apollo is one of the more crypto-native institutions, especially with Christine Moy leading its charge into digital assets. Instead of evaluating where to go in crypto — like many institutions currently are — Apollo’s “pretty open” to getting involved on the “permissionless side of things” and innovating with RWAs.



“It&#8217;s no longer just holding a tokenized asset and just making passive yield from it. It&#8217;s taking that asset, throwing it into the DeFi ecosystem, and making more use of that asset and unlocking more liquidity for additional opportunities,” Pornprinya said.



By the numbers, Plume has roughly 200 projects currently working with them. They launched an eight-week testnet over the summer, which had roughly 18 million wallets, four million of which were unique. Mind you, that was eight months ago, but it makes me curious about the numbers we can expect out of the mainnet once it launches.



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Apollo makes a strategic investment into RWA platform Plume

Pete Rizzo

This is a segment from the Supply Shock newsletter. To read full editions, <a href="https://blockworks.co/newsletter/supplyshock" target="_blank" rel="noreferrer noopener">subscribe</a>.



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A physicist and researcher cited three times in Satoshi Nakamoto’s seminal <a href="https://bitcoin.org/bitcoin.pdf">white paper</a> for his work on digital timestamping is speaking out on the subject of Bitcoin.&nbsp;



Scott Stornetta, better known as <a href="https://en.wikipedia.org/wiki/W._Scott_Stornetta">W. Scott Stornetta</a>, sat down with Blockworks for an episode of the Supply Shock podcast this week, where he discussed his work inventing blockchain record-keeping with Stuart Haber. In an interview with host <a href="https://x.com/pete_rizzo_">Pete Rizzo</a>, Stornetta expressed both admiration for Bitcoin’s achievements and criticism of its perceived limitations, offering insights into how he believes Satoshi discovered Bitcoin and how it could evolve further.



Stornetta says he first learned about Bitcoin in an unusual way —&nbsp;through unsolicited emails and letters from strangers asking if he was Satoshi Nakamoto (a claim he continues to deny).



While Stornetta praised Nakamoto for brilliantly melding his blockchain concept with a financial system, he admitted feeling let down by his execution in some areas. “If you read the title [of the white paper], you realize it’s not truly peer-to-peer,” he said, pointing out that mining incentives quickly lead to economies of scale that make the performance of certain protocol functions cost prohibitive.&nbsp;



<iframe loading="lazy" width="560" height="315" src="https://www.youtube.com/embed/_PnPA59HU8Q?si=isakkfYrEHJETKoF" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>







He also critiqued Bitcoin’s claim to be “cash,” arguing that its traceability undermines its ability to function as true digital money. “What we were looking for was a kind of atomic decentralization,” he said, “something that carried its credential[s] with it. Whereas what we have here is still in effect a single database [that is] widely distributed.&#8221;



Despite his critiques, as well as the decade of failed attempts to improve on Bitcoin, Stornetta remains optimistic about the future of cryptocurrency and blockchain broadly, and offered thoughts on smart contract execution blockchains like Ethereum and Solana, as well as use cases like NFTs and stablecoins more generally. He also discussed his most recent work on SureMark Digital, an <a href="https://www.suremark.digital/about">AI deepfake protection service</a> that builds on his pioneering work in immutable records.&nbsp;



Text for this article was produced in part with an AI-enabled tool and was subject to verification and edits by Blockworks staff prior to publication.&nbsp;



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The inventor of blockchain would like a better Bitcoin

Jeff Albus

This is a segment from the Lightspeed newsletter. To read full editions, <a href="https://blockworks.co/newsletter/lightspeed" target="_blank" rel="noreferrer noopener">subscribe</a>.



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Pipe Network, a decentralized infrastructure project from Permissionless Labs, is publicly spotlighting its verifiable access to Solana snapshots through its decentralized CDN in a new case study. According to internal performance benchmarks provided to Lightspeed, usage points to 30% faster node initialization and far lower infrastructure costs.



Pipe also reports handling approximately 100 TB of snapshot traffic daily, 700 TB weekly, and around 3 PB per month. For context, Solana node operators collectively share an estimated 7–14 PB of snapshot data monthly to help validators and RPC nodes bootstrap. So, the contribution from Pipe is a weighty share of the network&#8217;s overall bandwidth burden.



It’s an interesting early look at the returns from a techy new DePIN startup on Solana. Pipe <a href="https://www.coindesk.com/business/2024/09/16/multicoin-led-10m-raise-for-crypto-incentivized-internet-infrastructure-network-pipe">disclosed</a> a $10 million funding round led by Multicoin Capital in the fall.



For anyone who doesn&#8217;t know, Content Delivery Networks (CDNs) are distributed systems of servers that deliver mass volumes of content quickly and reliably by caching data closer to where it&#8217;s needed.&nbsp;



In Pipe&#8217;s case, it acts as a high-speed delivery network specifically for snapshots of Solana&#8217;s ledger, which basically show the state of all the network’s accounts at a given point in time. Validators use these snapshots to restore state quickly after outages, updates or desynchronization events, enabling nodes to catch up with the network and rejoin consensus without full reprocessing.



Solana needs this, because the size and frequency of snapshot downloads have far outpaced the capacity of traditional community-run endpoints. Pipe&#8217;s CDN maintains uptime more effectively by making sure that validators can draw down critical data without waiting on slow or overloaded sources.



Solana snapshots tend to be massive. We&#8217;re talking an order of magnitude in the hundreds of gigabytes. The kind of scale you&#8217;d expect from full-resolution 4K video libraries or major enterprise backups, except it&#8217;s happening regularly on a live network.&nbsp;



And yet, in the past, users usually downloaded this data from a modest set of validator-hosted endpoints or community-run servers. As the network&#8217;s ledger continues to grow, those download speeds have slowed, and availability has become patchy. There just aren&#8217;t enough reliable, high-bandwidth sources from which to get these snapshots. That scarcity leads to validators stuck in sync purgatory, which degrades performance for everyone.



Pipe Network&#8217;s solution was to host Solana snapshots on a high-availability CDN designed for bandwidth-intensive applications. Operators can grab snapshots via Pipe&#8217;s Web UI or JSON API and integrate them directly into their validator or RPC setup. Snapshots come in full and incremental formats. Fetching the latest snapshot can be automated, and setup, they say, is minimal.



Pipe also bakes in ways to verify network data in addition to hosting it. &#8220;We verify data integrity using Merkle tree proofs,&#8221; Pipe Network core contributor David Rhodus told Lightspeed. &#8220;When a node serves data, clients can request a Merkle proof to confirm it matches the expected Merkle root. We also run random Merkle proof audits, as well as spot checks to ensure nodes actually have the cached data they&#8217;re reporting.&#8221;



For node operators, the best part might be the price: There isn&#8217;t one.



&#8220;This is currently being offered as a public good funded by the Pipe Foundation for the betterment of the Solana node operator experience,&#8221; Rhodus said.



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Pipe Network cuts Solana sync time by 30% for some validators

This is a segment from the Forward Guidance newsletter. To read full editions, <a href="https://blockworks.co/newsletter/forwardguidance" target="_blank" rel="noreferrer noopener">subscribe</a>.



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Surprise, surprise. Wall Street’s favorite fear index is spiking.&nbsp;



The Cboe Volatility Index was hovering around 48 Monday afternoon after spiking to 60 overnight. The index measures projected S&amp;P 500 volatility over the next 30 days.&nbsp;



The VIX’s 30-day moving average has been on the rise in recent weeks, coming in at 21.4 at the beginning of the month vs. its long-running average of 19.5.&nbsp;



We’re now almost four standard deviations above the long-term average, marking a level of volatility most recently seen in 2020 and 2008.&nbsp;



You’re going to see a lot of comparisons to 2020 and 2008 in the coming weeks. While the sizes of the selloffs may be similar, I’d argue the sentiment could not be more different.&nbsp;



The 2008 crash was characterized by broad mistrust in the financial system and uncertainty around how stability would be restored. Markets eventually recovered thanks to a massive stimulus package, financial bailouts and regulatory reform.&nbsp;



In 2020, the recession was caused by global lockdowns, resulting in supply chain disruptions, mass layoffs and slower growth. Relief came alongside another massive stimulus package and government policies to reopen the economy. 



The situation we’re in today is not the result of a collapsed financial system or a global pandemic. It would take a single tweet from the president (or a <a href="https://blockworks.co/news/tariff-stocks-fake-news-volatility-monday">misinformed X account</a>, as we saw today) to push stocks into the green. I’m still undecided on if that’s better or worse.



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VIX shows volatility will not be stopping anytime soon

This is a segment from the Forward Guidance newsletter. To read full editions, <a href="https://blockworks.co/newsletter/forwardguidance" target="_blank" rel="noreferrer noopener">subscribe</a>.



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It seems the market was acting up while I was out of office Thursday and Friday. It hasn’t stopped, either.



Several industry watchers called out BTC’s resilience at the end of last week (compared to US equities, for example) following Trump’s tariff reveal.&nbsp;



Then the asset’s price plummeted.&nbsp;&nbsp;



While BTC price stood around $83,000 Friday, Forward Guidance podcast guest Tony Greer called corporate bitcoin buying at every price level “astounding.” He also noted institutions’ ongoing willingness to buy the dip and their apparent long-term belief in the asset.



Though Strategy paused its BTC buying last week, the company bought 22,048 BTC at an average price of ~$87,000 per coin the week prior. GameStop recently closed a $1.3 billion private offering of convertible senior notes; a portion of the net proceeds may go toward <a href="https://x.com/gamestop/status/1904628096705454308">buying bitcoin</a>.&nbsp;&nbsp;



Net outflows from US spot bitcoin ETFs have stayed rather modest since peaking at $1.1 billion on Feb. 25. Roughly $165 million left those products last week, Farside Investors <a href="https://farside.co.uk/bitcoin-etf-flow-all-data/">data</a> shows.&nbsp;&nbsp;



Still, Forward Guidance’s Quinn Thompson noted: “It feels to me like if this broader risk meltdown drags too far too long, it’s eventually got to puke, I think.”



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">Before BTC&#39;s weekend/Monday movement, we had the <a href="https://twitter.com/ForwardGuidance?ref_src=twsrc%5Etfw">@ForwardGuidance</a> crew weigh in on the asset&#39;s outlook. An update is coming soon in today&#39;s newsletter <a href="https://t.co/3RoxMCvM0n">https://t.co/3RoxMCvM0n</a> <a href="https://t.co/gw6cWB31L3">pic.twitter.com/gw6cWB31L3</a>&mdash; Ben Strack 🟪 (@strack_ben) <a href="https://twitter.com/strack_ben/status/1909295501435863454?ref_src=twsrc%5Etfw">April 7, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Let’s fast forward from that Friday conversation, as BTC’s price dropped substantially over the weekend — dipping below $75,000. It <a href="https://blockworks.co/news/tariff-stocks-fake-news-volatility-monday">whipsawed with equities</a> Monday morning and hovered around $78,500 at 1:30 pm ET. 



David Hernandez, a crypto investment specialist at 21Shares, noted that BTC not always capitulating in line with other risk assets highlights its divergence from traditional markets.&nbsp;



“Bitcoin’s behavior [over] the last several days reflects its <a href="https://blockworks.co/news/investors-bitcoin-narrative-confusion">developing investment thesis</a> as a store of value asset, one that could provide uncorrelated sources of return during moments of <a href="https://blockworks.co/news/tariff-markets-crypto-drop">macroeconomic uncertainty</a>,” Hernandez told me.



Now, markets eagerly search for any indication that Trump might pause or reverse tariffs ahead of Wednesday. Bitcoin cannot be tariffed, Hernandez added, “offering a potential flight to safety as other assets buckle.”&nbsp;&nbsp;



LMAX Group’s Joel Kruger argued that the current price levels present a compelling accumulation opportunity, regardless of the underlying fundamentals.&nbsp;



When evaluating where a “higher low” might emerge for equities and bitcoin, Kruger noted two “resistance-turned-support” levels: the S&amp;P’s 2022 high around 4,800, as well as the $74,000 mark for BTC.



“The weekend’s market turmoil has finally brought these critical zones into play,” he added. “We’re now looking at medium- and long-term levels that should strongly appeal to both US equity and bitcoin investors.”&nbsp;



Hernandez views $72,000 (the breakout start point following the election) as a key support level to watch. Looking ahead, he points to expected Fed rate cuts serving as a tailwind for risk assets — with sidelined capital possibly returning to equities, credit and crypto as borrowing costs fall.&nbsp;&nbsp;



The probability of a 25bps cut next month sat at 36% mid-day Monday, according to CME Group <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">data</a>.&nbsp;



Hernandez added that BTC could see moderate single-digit percentage bumps from the rate cuts that could help it get back to six figures later this year.



Longer term, he told me, a global trade war could spur countries fighting for currency dominance to gravitate toward BTC, given its neutrality and global liquidity.



There’ll be plenty more ebbs and flows before this story’s done.



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BTC resilience tested as volatility persists

Donovan Choy

This is a segment from the 0xResearch newsletter. To read full editions, <a href="https://blockworks.co/newsletter/0xresearch" target="_blank" rel="noreferrer noopener">subscribe</a>.



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When Trump <a href="https://www.theguardian.com/news/audio/2024/dec/16/the-most-beautiful-word-in-the-dictionary-donald-trumps-tariff-plan-podcast">said</a> “tariff” was the most beautiful word in the dictionary, he neglected to mention that beauty is subjective.



Since Trump’s “reciprocal” tariff announcements on April 2, the S&amp;P 500 is down about 10.6%.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXe2-eqhXrvQSBACtlhbn1ArxfIUl1xmVhdr3Zt2zVlM1iiXXFznYrAGS2AZdtCmODLcyBsU9LkmIsNN43vc91SPECNWm3qFuJMZsMUDZKqH5QMzlu9_-3m2LrAAP7ik42CGnOdVnw?key=zKcm9YxefUvR4GeXb1cGZJ4j" alt=""/></figure>



Even gold, typically considered to be uncorrelated with equities, took about a 6.4% dive on the tariff news.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdibXAU6R9N8o4_zyagj7KOqPHfGDUIKe5qSQgkqQ2bEreGHPNfbbN_AlV7Hyf3ai_RT_KDGaUv6hnKIRUtyl4k4OhcqLN5-k3lxvwL3gnx-6QKewf-oyd1ejYvpR29H3kxeRDJ7A?key=zKcm9YxefUvR4GeXb1cGZJ4j" alt=""/></figure>



Crypto markets held up over the weekend, much to everyone’s surprise.



Many <a href="https://x.com/hosseeb/status/1908572240754655738">theories</a> were offered for explanation.&nbsp;



Some suggested crypto assets showed resistance on anticipated rate cuts and quantitative easing; some said the equities selloff on Friday was simply institutional outflows; and Galaxy’s Alex Thorn posited that BTC was simply “<a href="https://x.com/intangiblecoins/status/1908500287565766920">tariff-proof</a>.”



Yet, after this brief flirtation with the idea that crypto assets would decouple from equity markets, it turned out to be pure hopium.



As the weekend drew to a close, bitcoin took a 6% nosedive on noon Sunday from $82.5k to its current trading levels of $77.2k. In the same time period, ETH took a harder tumble of 15.7%.



Down, but not a panic yet, according to CF Benchmarks’ head of product Thomas Erdösi. He notes that “CME basis remains firm above 6%, and the demand for downside protection, as seen in the 25-delta skew, underscores cautious sentiment without signaling panic.”



Total crypto market cap wiped thus far? About $0.23 trillion, or 8.6%.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfm2YvgqXK2xef45i-Yc4ylorYgnuqgMWAXmepNRAVBCGKLT-9wOnB9X80Gba67ba9XDALK16ySHiDi3u5HMklxi_w9q8KDr8K-CmmNTliyi5IgmKwhJz8rZYtN6Ry14d7Yu_MxaQ?key=zKcm9YxefUvR4GeXb1cGZJ4j" alt=""/></figure>



At bitcoin’s current price of $77k, that is about a steep 27.2% drawdown from January’s all time-highs of $106k, but still a relatively light drawdown compared to past years. The pink part of the Glassnode chart demonstrates yesterday’s drawdown relative to the last cycle.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfDLCuYEv3GLvw3tZgq8CQ_t_rFe-UgoehQHiPX50edx7W5nRqodJinxmevNxQWO5ozhXMbybiG7lCvt8qs04Lu3ZJ01TdhnRvjPQ3pA2yCmdN5M17KAhvm8kd3SquJ-XSPSO2QhA?key=zKcm9YxefUvR4GeXb1cGZJ4j" alt=""/></figure>



Based on <a href="https://www.coinglass.com/LiquidationData">CoinGlass data</a>, total estimated liquidations of crypto assets in the last 24 hours equaled to about $1.42 billion. BTC saw about $479 million while ETH saw $418 million in liquidations.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcwBqorTJ_cY7BqrBiRafK0NwIaGmlgJ8_YK8lt8pnrh0MHA0cvP-pDe1igLTiStvFAkQmGgqmsqoBjgCKcjYOzB3PWELO2pBkLUvv0OeQ3qSf-LXaANuD9FppqKhYlNlvgcPoPAw?key=zKcm9YxefUvR4GeXb1cGZJ4j" alt=""/></figure>



On the April 6 and 7, Aave v3 on Ethereum saw a total $91.85 million in liquidations and accumulated zero bad debt, based on <a href="https://aave.blockanalitica.com/v2/ethereum/liquidations/">Blockanalitica data</a>.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcA-9pqqAqeHBkyhSzVuoLkNeDXFWFWstAxdv5op_k-vbDIU-6ap0i__69vTtx1zIQ5He34VWhd1OihpNOoJI35iAajLK5I-36KxjfmwAx_vWA2dLyOULPTO3tE95_5EFRuU5fo?key=zKcm9YxefUvR4GeXb1cGZJ4j" alt=""/></figure>



It wouldn’t be crypto if you weren’t looking for opportunities in a downturn.



Based on the four-hour chart of CoinGlass’ relative strength index (RSI) heatmap, notable tokens in the $400-$500 million market cap range showing relative strength include the AI memecoin FART (RSI: 51), the DePIN token GRASS (RSI: 54) and the DeFi token PENDLE (RSI: 47).



All three tokens are trading within the neutral RSI band, outperforming a broader market skewed toward oversold conditions. This may suggest bullish upward momentum as these tokens diverge from downside pressure everywhere else.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfTB2oJft3-dqBLhfZ8hHXppzzEfulqGZax31KysZn6gpmROq8YIMXYz4Zk2jLpJf2SG8xatexR1rIW_6MPWvCeKPjtVnU3TXoM98YMc_XgzsnKOndn1W1kZR1BSVj77f0X64DNBg?key=zKcm9YxefUvR4GeXb1cGZJ4j" alt=""/></figure>



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