exit

According to BBX data, yesterday there was a structural differentiation in the Bitcoin treasury strategies of globally listed companies and large asset management entities, with the core dynamics as follows:Cardone Capital increases holdings on dips: Grant Cardone, CEO of the well-established American real estate investment and asset management giant Cardone Capital, officially posted on social platform X announcing that the company has increased its holdings by 130 BTC during the recent market correction. He emphasized that as a strategic asset reserve against inflation, the company will continue to utilize cash flow to allocate Bitcoin spot on dips.Sequans liquidates 80% of holdings to repay debts: Sequans Communications S.A. (NYSE: $SQNS) released an official announcement on Thursday, stating that it has successfully redeemed all debts related to its Bitcoin treasury by liquidating approximately 80% of its Bitcoin holdings, marking its official exit from the previous cryptocurrency asset treasury strategy. Currently, the company holds only 658 BTC and is completely debt-free, with future focus shifting back to its core business in IoT and cellular semiconductors.

According to Cointelegraph, the crypto analysis platform Swissblock stated that Bitcoin is sliding into a high-risk environment due to continuous selling by institutions. Its Bitcoin risk index is currently at 33 points, in the high-risk zone. Swissblock pointed out that every time the risk index signals a structural selling pressure overwhelming the market, it is backed by institutions selling off.Glassnode reported that since May 7, the U.S. Bitcoin ETF has recorded net outflows almost every trading day, with continuous institutional selling signals increasing pressure on the supply side for more than two weeks, while demand has not offset this. CoinEx chief analyst Jeff Ko stated that over the past two weeks, more than $2 billion has flowed out of spot ETFs, and institutional risk appetite remains in a marginally sensitive state. News of the U.S. launching new strikes against Iran on Tuesday morning further intensified the risk, causing Bitcoin to drop by 1%, falling from $77,000 to below $76,500.

According to on-chain analyst Ai Yi (@ai_9684xtpa), a certain whale built a position of 3,845 ETH at $2,074 in the early morning, worth $7.97 million. Previously, this whale had built a position of 4,386 ETH at $2,377 on May 5, and sold at $2,314, incurring a loss of $277,000.

According to analyst Alicharts, in the past two months, about 60 whale addresses holding at least 10,000 ETH have completely liquidated their positions. Alicharts states that when different entities holding millions of dollars in positions exit the network within such a short time frame, it usually indicates profit-taking and asset reallocation by institutions. These big players are taking advantage of recent liquidity to reduce risk, reflecting a clear lack of confidence in the mid-term outlook. Furthermore, the decrease in the number of giant whales aligns perfectly with the recent influx of large amounts of funds into exchanges. Data shows that the path of least resistance in the short term will still be downward. Therefore, attention needs to be paid to the support at $2,000 for Ethereum.

The encrypted messaging app Signal stated that if Canada's Bill C-22 is officially passed and requires platforms to establish "lawful access" monitoring capabilities, the company may choose to exit the Canadian market rather than weaken end-to-end encryption. Signal's Vice President of Strategy and Global Affairs, Udbhav Tiwari, indicated that the bill could force communication services to create technical backdoors, thereby undermining encryption security and making private communications more susceptible to exploitation by hackers and foreign attackers.Bill C-22 was introduced in March 2026 as part of a new round of regulatory measures in Canada, requiring electronic service providers to establish law enforcement monitoring capabilities and retain certain user metadata for up to a year to assist in investigations of crimes such as terrorism and child exploitation. Critics argue that the bill is similar to the EU's previously controversial "chat monitoring" proposal, which could threaten end-to-end encryption and user privacy. Canadian Conservative MP Jacob Mantle stated that nearly all Canadian MPs use Signal precisely because of its privacy and security features, yet the bill could grant the government the ability to read private messages.Tiwari stated, "Signal would rather exit Canada than violate the privacy commitments made to users." In addition to Signal, the VPN provider Windscribe also indicated that if the bill passes in its current form, the company may follow Signal in withdrawing from the Canadian market. Windscribe claimed that the bill could force VPN services to log data that could identify users, violating its core privacy principles.

As the first federally chartered crypto bank in the United States, Anchorage Digital has stated that it will reduce its involvement in the Global Dollar (USDG) stablecoin alliance and will no longer play a more prominent role as it did previously. Members of the alliance include institutions such as Robinhood, Kraken, Galaxy Digital, OKX, and Visa Inc.Nathan McCauley, co-founder and CEO of Anchorage, stated that the company will adopt "a higher degree of neutrality" in the stablecoin issuance space in the future, avoiding targeted support for any single stablecoin to accommodate its expansion as a white-label issuance and custody platform. He pointed out that as more institutions seek to issue stablecoins through Anchorage (with about 20 potential partners currently), the company needs to reassess its incentive structures and alignment of interests.Currently, USDG is issued by Paxos Digital Singapore and regulated by the Monetary Authority of Singapore, with a circulation size of approximately $3 billion. Market participants generally believe that stablecoin issuance is entering a new phase of parallel development among multiple institutions and networks.

Dragonfly partner Haseeb Qureshi stated that retail investors have significantly exited the current crypto market, and institutions are becoming the market bottom and supporting Bitcoin prices. He pointed out that Bitcoin is being viewed as a mature asset with sustained growth potential over the next 15 to 20 years, while altcoins need to have a clear narrative to attract retail attention again.He also mentioned that the core of the crypto industry still revolves around money and financial scenarios, with areas such as DeFi, stablecoins, exchanges, and RWA having strong user stickiness. With the involvement of AI technology, future agents may take on intermediary roles in trading, thereby enhancing overall adoption, and low-risk preference users may become the main source of incremental growth.

Curve Finance officially announced that it is introducing a bad debt recovery mechanism based on on-chain market mechanisms, allowing CRV-affected users in certain lending markets with bad debts to choose different recovery strategies: directly selling their claims to exit, continuing to hold and wait for potential recovery, or providing liquidity to earn fees and incentives. The core of this mechanism is to establish a trading pool between crvUSD and the tokens of the affected claims, allowing bad debt claims to be priced in the market and creating liquidity, thereby providing users with an immediate exit channel instead of relying solely on the final liquidation results.It is reported that after the cryptocurrency market crash in October last year, some lending markets under Curve Finance experienced bad debt issues, with various liquidity pools being impacted by severe price fluctuations and liquidity contraction, leading to some deposit users facing withdrawal restrictions and asset losses.Curve stated that the recovery mechanism will not eliminate losses or guarantee recovery, but will gradually reflect risks and recovery expectations through a market-oriented approach. Additionally, if the governance layer distributes rewards through the veCRV incentive mechanism, it will help enhance liquidity depth, improve exit conditions, and strengthen market pricing efficiency.

According to BBX data, yesterday the capital actions of mining companies' AI transformation coincided with the innovation of cryptocurrency ETF products, with the following core dynamics:HIVE Digital Technologies Ltd. (NASDAQ / TSX-V: $HIVE) announced on April 22 the completion of a $115 million private placement of 0% convertible preferred notes (including full exercise of the underwriters' over-allotment option), with the notes maturing in 2031 and estimated net proceeds of approximately $109.5 million; the initial conversion price of the notes is about $2.57 per share, representing a premium of approximately 17.5% over the closing price on April 16, while implementing capped call options to hedge against dilution risk. The funds will be used for GPU procurement and data center construction, and the company has also received conditional approval from the Toronto Stock Exchange, expecting to upgrade from the TSX Venture Exchange to the TSX main board around April 30.Keel Infrastructure Corp. (NASDAQ: $KEEL) (formerly Bitfarms) announced on April 22 the completion of the sale of its 70 MW Paso Pe mining site in Paraguay, with actual proceeds after delivery adjustments of approximately $13 million (the original agreed price was up to $30 million, with the difference reflecting delivery adjustments). CEO Ben Gagnon stated that this marks the company's complete exit from Latin American assets, and the proceeds will be fully redeployed to North American HPC/AI infrastructure pipelines; following the announcement, the company's stock price rose by about 4%.GSR (privately held) officially launched the GSR Crypto Core3 ETF (NASDAQ: $BESO) on Nasdaq on April 22, which is the first multi-asset actively managed cryptocurrency ETF in the U.S. covering Bitcoin, Ethereum, and Solana, with a management fee of 1.00%, rebalancing weekly based on research-driven signals, and executing on-chain staking for yield on portions of its Ethereum and Solana holdings; the investment advisor is Framework Digital Advisors, and the chief market maker is Jane Street Capital.

The crypto fund C1 Fund announced a partial exit from its investment in Ripple, achieving approximately 150% returns in less than four months, but has not disclosed the amount of profit. The portfolio of C1 Fund also includes Kraken, Consensys, and Chainalysis, and it stated that it will continue to invest in high-quality crypto companies in the future.

Binance co-founder He Yi responded to questions about personal plans and the company's management structure at the BNB Chain event in Hong Kong.Regarding whether he would write a book, He Yi said, "Never say never," but at this stage, he has no desire to express that and is not considering writing a book for now. When discussing how to face challenges, He Yi summarized two points: first, the mutual trust between Binance and its users; second, having great employees is crucial.Regarding changes in the management structure, He Yi pointed out that CZ is the founder and the foundation, but he has currently stepped back from management. The current management structure is led by him and Richard Teng, and they will continue to seek suitable partners globally in the future. On this basis, Binance will focus on applying for more global licenses, with Richard responsible for establishing standards, while He Yi focuses on user growth and service.

According to monitoring by Hyperinsight, a whale starting with 0x01f has completely closed a BTC short position in the past half hour, recording a loss of approximately $56,000, with an average closing price of $74,942.The position was opened early this morning, with a size of 139 BTC, approximately $10.42 million. Address: 0x01f135c734b4aae018ebf4e7995c560a38422e50.

According to Theblock, Covenant AI, the main subnet developer on Bittensor, has announced its exit from Bittensor. Covenant AI founder Sam Dare stated that Bittensor attracted builders, miners, validators, and investors into this ecosystem because of its promise of not being controlled by any single entity. However, this promise is a lie.Dare listed Bittensor co-founder Jacob Steeves as a major reason for the departure. He claimed that Jacob has been exercising authority over the subnet to regain control of Covenant, as Covenant has grown too large to manage.It is reported that after Covenant's announcement, the price of Bittensor's TAO token plummeted significantly, dropping from $338 to $285 in a short period, a decrease of 15%.

According to monitoring by Hyperinsight, in the past 10 minutes, the top 4 short addresses on Hyperliquid (0x4a2) closed their short positions all at once, causing a temporary price increase at the 15-minute level. The closing scale reached 15,000 ETH, approximately 32.94 million USD, with a closing price of 2,196 USD, recording a profit of about 260,000 USD.

According to crypto analyst Ai Yi @ai_9684xtpa, a certain address accumulated 4,827 ETH at approximately $2,047.53 from April 4 to April 5, and sold it on April 7 at approximately $2,100.94.This batch of ETH was transferred to Binance and exchanged for USDT in the past 3 hours, with a transaction amount of about $10.14 million, realizing a profit of approximately $256,000 from this swing trade.

Aave founder Stani Kulechov tweeted that Aave respects Chaos Labs' decision to withdraw from its risk management role and thanks them for their contributions over the past years. The smart contracts, asset listings, and network deployments of the Aave protocol are not affected, and both parties will maintain close cooperation during the withdrawal process.Aave currently employs a dual-layer economic risk management model, jointly managed by Chaos Labs and LlamaRisk. Given the scale of the Aave protocol, it will continue to maintain the dual-layer model in the future and additionally add a technical risk layer managed by Aave Labs. Aave Labs will work closely with LlamaRisk to ensure that risk coverage remains uninterrupted during the transition and to support LlamaRisk in increasing its budget and team size.

According to Jin Shi reports, Middle East issue scholar Mohammad Ali Shabani stated in an interview that he believes U.S. President Trump is ready to fulfill his threat to strike Iran's critical infrastructure, which poses a serious risk of escalating the regional situation. Iran, on the other hand, has conveyed its signal of "not backing down" to the U.S. by launching attacks on Kuwaiti infrastructure. He added, "The current situation is somewhat similar to a standoff, with neither side able to exit gracefully. In this context, I believe the possibility of a serious escalation in the region within the next 24 hours is very high."

On-chain analyst Murphy stated that the average cost of all loss-making Bitcoin chips has currently fallen below $100,000, now at only $93,600. This means that under the current chip structure, BTC will reach the market average breakeven point when it rises back to $93,000. During the two rapid declines at the end of last year and the beginning of this year, a large number of high-position trapped chips chose to cut losses and exit, lowering the average cost of overall floating loss chips.It is also observed that the average cost of loss-making chips has a deviation coefficient of 1.4 compared to the current 30-day average price of BTC, while in the past three bear market bottoms, the deviation coefficient has exceeded 2 at least. When the average deviation coefficient is greater than or equal to 2, it indicates that the market has entered an absolute bottom range, at which point the price of BTC is less than 50% of the average cost of loss-making chips. To meet this condition, the lowest point of BTC in this round would need to drop to $46,800, but historical patterns may not always hold true. This bear market may be less painful than any previous bear market. According to PolyBeats monitoring, in the market related to whether Bitcoin will reach $60,000 or $80,000 first on Polymarket, the probability of reaching $60,000 first is 68%, while the probability of reaching $80,000 first is 32%.