exit

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%.

According to monitoring by Hyperinsight, the whale starting with 0x664 closed all of its SOL short positions, recording a loss of approximately $160,000, with an average closing price of $84.9.This short position was fully opened after the address deposited about $440,000 into Hyperliquid in the past 2 hours, with an average opening price of $83.5 and a position size of $9.096 million. After the stop-loss closure, the address withdrew the remaining $272,000 from the account completely.

According to GMGN data, the Meme coin WhiteWhale on the Solana chain has plummeted by about 50%, with a current market value of $12 million and a 24-hour trading volume of $5.4 million.The well-known trader The White Whale announced that he is officially stepping down from his leadership role in WhiteWhale and has permanently locked 500 million WhiteWhale tokens in one go today, valued at about $13 million at the time of locking. The main reason for his departure is a family crisis, coupled with the community's ongoing demands to "do more to pump the price," which has left him feeling exhausted and gradually losing enthusiasm for cryptocurrency. This Meme coin was initially created by fans using the well-known trader The White Whale's avatar on X and Hyperliquid, and was later taken over by The White Whale, who aggressively accumulated it.ChainCatcher reminds users that trading Meme coins is highly volatile, largely dependent on market sentiment and speculative hype, and has no actual value or use case, so investors should be aware of the risks.

According to monitoring by Hyperinsight, "Strategy Opponent" (0x94d3) has completely closed its 40x leveraged BTC long position, with an average closing price of approximately $68,308, recording a loss of about $249,800.This long position continued to build after BTC fell below $69,000 early this morning, expanding to a scale of 439.9 BTC, approximately $30.3 million, and has now chosen to stop-loss and exit within the past half hour. Currently, this address has opened a short position of about $500,000 in BTC, with an average price of $67,923.At present, this address also holds a 20x leveraged BRENTOIL long position, with a holding scale of $25.74 million, an average price of $98.64, and an unrealized profit of $1.16 million (34%).

According to monitoring by Hyperinsight, a whale temporarily closed all of its BTC short positions, with an average closing price of approximately $69,929.The size of this short position was 300 BTC, equivalent to about $20.97 million, with an average opening price of $70,472. After BTC fell below $70,000, this address chose to take profits and exit the short position, which had a holding period of 33 hours, recording a total profit of approximately $265,000.

According to on-chain data analysis platform Onchain Lens, a certain whale address has deposited 51,750 SOL (approximately 4.75 million USD) into Binance after being inactive for 7 months.The whale had previously withdrawn 50,000 SOL for approximately 9.12 million USD and transferred it to staking, resulting in a loss of about 4.37 million USD compared to the initial cost in this sale.

The development team behind Across Protocol, Risk Labs, has proposed to dissolve the existing DAO structure and transform the project into a U.S. C Corporation. The team pointed out that the current token and DAO architecture have significantly impacted its ability to collaborate with institutional and corporate partners, and a traditional corporate structure will help explore new business opportunities.According to the proposal, ACX token holders can choose to exchange their tokens for equity in the new company at a 1:1 ratio or redeem them for USDC at a price of $0.04375 each, which is a 25% premium over the average price of the past 30 days. Holders of over 5 million tokens can directly convert to equity, while smaller holders can participate through a Special Purpose Vehicle (SPV).After the announcement, ACX surged 70% in a single day to $0.06. The redemption window is expected to open within three months after the proposal is approved, lasting for six months. Co-founder Hart Lambur emphasized that the formal decision must be approved by a DAO vote.

Liquid Capital founder Yi Lihua posted on platform X: "The biggest problem in the crypto industry in recent years is the decline of innovation, which stems from two aspects. First, the previous U.S. government's tightening of crypto policies, which should be resolved with the passage of the recent crypto infrastructure bill. Second, Binance's requirement for projects to adhere to a 1+3 year lock-up mechanism for crypto VCs.I believe Binance's original intention is good, fostering a long-term investment mindset. However, the consequence of this mechanism is that project parties, market makers, and exchanges run away with liquidity first, while VCs face a long unlocking period that leads to zero. VCs originally bore the greatest risks in the primary market, yet they also have to bear the risk of exiting last, which is clearly contrary to traditional investment markets. The result of this is the collective demise of crypto VCs, making it difficult for quality entrepreneurs to secure funding and reducing industry innovation.I suggest giving Zhao Changpeng a better exit mechanism for crypto VCs to activate VC capital, which will benefit industry innovation and also be more favorable for exchanges to list quality assets."

Aave founder Stani.eth posted on the X platform, stating, "The private credit market is facing pressure in a high-interest-rate environment. Since the Federal Reserve began its rate hike cycle in 2022, interest rates have rapidly risen above 5% and remained high, leading to a significant increase in capital costs for borrowing businesses and consumers.Recent data shows that several funds have experienced stock price declines and redemption pressures, such as Blue Owl Capital, which has dropped about 50% over the past year, and Blackstone's BCRED, which is facing approximately $3.7 billion in redemption requests in Q1 2026. The average BDC is trading at about a 20% discount, with yields of 10-11%, and some funds have seen default rates rise to 9%.Stani.eth proposed three risk scenarios: a single fund default can be absorbed by the system, multiple fund defaults may trigger a downturn in the credit cycle, and a complete collapse could lead to systemic risk. However, the overall private credit market has a total size of about $1.8-2 trillion, making a single fund default unlikely to cause a systemic crisis.For DeFi investors, the biggest risk is that many retail users do not understand the risks involved before putting funds into high-yield RWA. I believe RWA is the biggest opportunity for DeFi in the near term. However, my biggest concern is that institutional speculators may view DeFi as a channel to offload illiquid and distressed products that Wall Street has lost confidence in, effectively using DeFi participants as an exit liquidity.However, well-functioning on-chain private credit can provide advantages that traditional finance cannot reach. DeFi can enforce redemption windows, withdrawal limits, collateral ratios, and profit distribution rules through smart contracts, achieving transparent and immutable execution, avoiding arbitrary tightening of redemption policies by traditional fund managers. Through carefully structured RWA projects, transparent and secure investment channels can be provided between traditional finance and on-chain markets. DeFi should not become a source of exit liquidity for Wall Street."

Due to a short-term surge of over 5% in ETH prices, the whale position starting with address 0xa5e4 on Hyperliquid was liquidated in a chain reaction, with the account balance dropping to only $170,000 at one point. The remaining funds have now been fully withdrawn.The total loss from this liquidation exceeded $1.5 million, with a liquidation scale of nearly $30 million. This address had transferred approximately $1.7 million in principal to Hyperliquid just 18 hours ago, and then opened a short position in ETH at an average price of $1,940, with a peak position size reaching $31 million.

EMJ Capital founder Eric Jackson stated that despite the ongoing withdrawal of institutional funds, Bitcoin is undergoing a "purification." Short-term speculators are gradually being eliminated, replaced by long-term capital such as sovereign wealth funds, corporate treasuries, and pensions that hold for decades.Jackson believes that Bitcoin has become a "high beta position" correlated with tech stocks, and the current selling pressure mainly comes from the exit of ETF allocators. However, this is not the end of the Bitcoin narrative, but rather a restructuring of the holding structure. He expects that as the supply of stablecoins rebounds and the selling pressure from IGV ends, Bitcoin is likely to regain upward momentum.

According to the SEC's 13G filing, as of December 31, 2025, Peter Thiel has completely exited his stake in the Ethereum treasury company ETHZilla, reducing his holdings from 7.5% (approximately 11.59 million shares) to 0%.Peter Thiel was once an important backer and major shareholder of ETHZilla. The news of Thiel's investment caused ETHZ's stock price to surge several times, and this event was seen as one of the signals of Thiel's optimism towards the Ethereum ecosystem.However, as the cryptocurrency market continued to weaken, ETHZilla announced successively that it would sell coins to pay off debts and sell coins to purchase aerospace engines for its leasing business, and it has clearly stated that it will no longer use the treasury model of accumulating ETH as its main business.