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On April 25, coinciding with the weekend, Bitcoin entered a narrow fluctuation range, while highly volatile cryptocurrencies became the focus of market liquidity games. According to Coinglass data, in the past 12 hours, APE, AXS, and KAT ranked among the top five in liquidation volume, occupying the 1st, 2nd, and 4th positions respectively.

[Bitcoin Fluctuates Narrowly, APE, AXS, KAT Lead in Liquidation Volume]On April 25, coinciding with the weekend, Bitcoin entered a narrow fluctuation range, while highly volatile cryptocurrencies became the focus of market liquidity games. According to Coinglass data, in the past 12 hours, APE, AXS, and KAT ranked among the top five in liquidation volume, occupying the 1st, 2nd, and 4th positions respectively.

Bitcoin Fluctuates Narrowly, APE, AXS, KAT Lead in Liquidation Volume

On April 25, recently, long-standing declining cryptocurrencies have shown a rotating upward trend, with APE achieving a miraculous doubling overnight without any positive news. Notably, on-chain analysts quickly identified suspected insider trading activities related to APE, where a user made a precise long and short operation with only $170,000, achieving a 14-fold return on APE the previous night. Various signs indicate that there is a high degree of similarity in the trading strategies behind these recent market movements, where market makers profit from long-term declining tokens through highly controlled operations and leverage significant price fluctuations in the contract market using funding rate tools. According to crypto KOL Crypto Fearless, during the recent Hong Kong conference, a proactive market maker named HSBG became a hot topic, reportedly profiting over $120 million just by manipulating the RIVER project. It is said that this market maker has a level of influence over project teams comparable to that of centralized exchanges (CEX), even able to manipulate token unlocking schedules. As of the time of publication, several cryptocurrencies, including AXS and HYPER, continue to experience rotating increases. BlockBeats believes that participating in such market movements is akin to 'playing with fire,' carrying significant risks; users should exercise extreme caution and maintain strict control over their positions if they choose to participate.

[Long-standing Declining Cryptocurrencies Experience 'Turnaround', Aggressive Market Makers May Be Behind It]On April 25, recently, long-standing declining cryptocurrencies have shown a rotating upward trend, with APE achieving a miraculous doubling overnight without any positive news. Notably, on-chain analysts quickly identified suspected insider trading activities related to APE, where a user made a precise long and short operation with only $170,000, achieving a 14-fold return on APE the previous night. Various signs indicate that there is a high degree of similarity in the trading strategies behind these recent market movements, where market makers profit from long-term declining tokens through highly controlled operations and leverage significant price fluctuations in the contract market using funding rate tools. According to crypto KOL Crypto Fearless, during the recent Hong Kong conference, a proactive market maker named HSBG became a hot topic, reportedly profiting over $120 million just by manipulating the RIVER project. It is said that this market maker has a level of influence over project teams comparable to that of centralized exchanges (CEX), even able to manipulate token unlocking schedules. As of the time of publication, several cryptocurrencies, including AXS and HYPER, continue to experience rotating increases. BlockBeats believes that participating in such market movements is akin to 'playing with fire,' carrying significant risks; users should exercise extreme caution and maintain strict control over their positions if they choose to participate.

Long-standing Declining Cryptocurrencies Experience 'Turnaround', Aggressive Market Makers May Be Behind It

On April 25, official sources in Pakistan stated that Iran has adopted a tougher stance compared to the first round of negotiations, emphasizing that any plan to end the war must be executed according to Iran's conditions, rather than those proposed by U.S. President Trump. (Xinhua News Agency)

[Sources: Iran's Stance is Tougher Than in First Round of Negotiations]On April 25, official sources in Pakistan stated that Iran has adopted a tougher stance compared to the first round of negotiations, emphasizing that any plan to end the war must be executed according to Iran's conditions, rather than those proposed by U.S. President Trump. (Xinhua News Agency)

Sources: Iran's Stance is Tougher Than in First Round of Negotiations

On April 25, according to a report by Iran's Mehr News Agency, Iranian Islamic Parliament member Behnam Saidi stated that Iran has developed a comprehensive plan for managing the Strait of Hormuz. In an interview with Mehr News Agency, Saidi mentioned that an important aspect of this plan is the exclusive recognition of the name 'Persian Gulf' in all correspondence and commercial documents, rejecting any other names. Vessels and ships navigating in the region must obtain permission from Iran. Sovereignty over the Strait of Hormuz will be entirely under Iran's control. He also stated that vessels identified as hostile by the Supreme National Security Council or the General Staff of the Armed Forces of Iran are not allowed to pass through the Strait of Hormuz, and Israeli vessels are absolutely prohibited from entering the area. Ships passing through the region must pay relevant fees concerning safety, environmental protection, shipping management, and licensing, with priority given to payments in rials.

[Iranian Lawmaker: Comprehensive Plan for Managing the Strait of Hormuz Formed]On April 25, according to a report by Iran's Mehr News Agency, Iranian Islamic Parliament member Behnam Saidi stated that Iran has developed a comprehensive plan for managing the Strait of Hormuz. In an interview with Mehr News Agency, Saidi mentioned that an important aspect of this plan is the exclusive recognition of the name 'Persian Gulf' in all correspondence and commercial documents, rejecting any other names. Vessels and ships navigating in the region must obtain permission from Iran. Sovereignty over the Strait of Hormuz will be entirely under Iran's control. He also stated that vessels identified as hostile by the Supreme National Security Council or the General Staff of the Armed Forces of Iran are not allowed to pass through the Strait of Hormuz, and Israeli vessels are absolutely prohibited from entering the area. Ships passing through the region must pay relevant fees concerning safety, environmental protection, shipping management, and licensing, with priority given to payments in rials.

Iranian Lawmaker: Comprehensive Plan for Managing the Strait of Hormuz Formed

On April 25, Brazilian authorities took action to ban 27 prediction market platforms, including Kalshi and Polymarket. According to new regulations, contracts related to sports, politics, entertainment, or social activities are prohibited, as authorities believe these contracts are more akin to gambling than financial investment. Only contracts linked to economic indicators such as inflation, interest rates, exchange rates, or commodity prices are allowed and will be subject to financial market regulation. This crackdown stems from Resolution No. 5.298 issued by the Brazilian National Monetary Council (CMN) on Friday, which will take effect in early May and significantly restrict the scope of services offered by prediction market platforms.

[Brazilian Authorities Ban 27 Prediction Market Platforms Including Kalshi and Polymarket]On April 25, Brazilian authorities took action to ban 27 prediction market platforms, including Kalshi and Polymarket. According to new regulations, contracts related to sports, politics, entertainment, or social activities are prohibited, as authorities believe these contracts are more akin to gambling than financial investment. Only contracts linked to economic indicators such as inflation, interest rates, exchange rates, or commodity prices are allowed and will be subject to financial market regulation. This crackdown stems from Resolution No. 5.298 issued by the Brazilian National Monetary Council (CMN) on Friday, which will take effect in early May and significantly restrict the scope of services offered by prediction market platforms.

Brazilian Authorities Ban 27 Prediction Market Platforms Including Kalshi and Polymarket

Sources reveal that the main reason for DeepSeek's current fundraising effort is the significant recent talent loss. Several core researchers have left the company to join ByteDance, Tencent, Xiaomi, and autonomous driving company Yuanrong Qihang. Meanwhile, competitors Zhiyu Technology and MiniMax have listed on the Hong Kong Stock Exchange, and the company Dark Side of the Moon has completed three rounds of financing in the first three months of this year, with a valuation more than quadrupling since the end of last year.

[DeepSeek Plans to Raise $1.8 Billion with a Valuation of Approximately $20 Billion]Sources reveal that the main reason for DeepSeek's current fundraising effort is the significant recent talent loss. Several core researchers have left the company to join ByteDance, Tencent, Xiaomi, and autonomous driving company Yuanrong Qihang. Meanwhile, competitors Zhiyu Technology and MiniMax have listed on the Hong Kong Stock Exchange, and the company Dark Side of the Moon has completed three rounds of financing in the first three months of this year, with a valuation more than quadrupling since the end of last year.

DeepSeek Plans to Raise $1.8 Billion with a Valuation of Approximately $20 Billion

On April 25, Fu Peng, the newly appointed chief economist of New Fire Group, published a series of tweets on platform X, dissecting what he sees as the underlying logic of Bitcoin. Fu stated that the underlying business models of Bitcoin perpetual contracts and ETFs are essentially the same as the 'deferred fees/overnight fees' in traditional finance's gold/commodity spot exchanges. They represent a stable cash flow model where large holders maintain long positions to collect rent, while retail investors engage in leveraged buying, effectively paying rent, with platforms indirectly profiting. Large-scale spot holders are not merely speculating on price increases; they act like 'landlords': maintaining long positions and using hedging strategies to collect funding fees, continuously reducing their holding costs. As long as their positions do not shrink, the longer they hold, the lower their costs become, achieving almost 'zero or even negative costs.' 'Many people mistakenly believe that large holders are only shorting; in fact, they are the landlords collecting rent. The premiums and discounts of CME Bitcoin futures essentially reflect the market's pricing of these holding costs/rents, consistent with the logic of spot warehouse receipts, financing, and delivery from years past.' BlockBeats believes that Fu's remarks are not an endorsement or condemnation of Bitcoin, but rather a narrative from the perspective of a hedge fund manager, illustrating Bitcoin's evolutionary journey: Bitcoin has evolved from a purely sentiment-driven speculative asset into a mature asset with structural positive yields (rents/funding rates), akin to gold and commodities. Large holders and platforms are the long-term beneficiaries of this game, while the long-term leveraged enthusiasm of retail investors essentially amounts to paying rent to others.

[Fu Peng Discusses the Underlying Logic of Bitcoin: Large Holders as 'Landlords', Retail Leverage Trading as Rent Payment]On April 25, Fu Peng, the newly appointed chief economist of New Fire Group, published a series of tweets on platform X, dissecting what he sees as the underlying logic of Bitcoin. Fu stated that the underlying business models of Bitcoin perpetual contracts and ETFs are essentially the same as the 'deferred fees/overnight fees' in traditional finance's gold/commodity spot exchanges. They represent a stable cash flow model where large holders maintain long positions to collect rent, while retail investors engage in leveraged buying, effectively paying rent, with platforms indirectly profiting. Large-scale spot holders are not merely speculating on price increases; they act like 'landlords': maintaining long positions and using hedging strategies to collect funding fees, continuously reducing their holding costs. As long as their positions do not shrink, the longer they hold, the lower their costs become, achieving almost 'zero or even negative costs.' 'Many people mistakenly believe that large holders are only shorting; in fact, they are the landlords collecting rent. The premiums and discounts of CME Bitcoin futures essentially reflect the market's pricing of these holding costs/rents, consistent with the logic of spot warehouse receipts, financing, and delivery from years past.' BlockBeats believes that Fu's remarks are not an endorsement or condemnation of Bitcoin, but rather a narrative from the perspective of a hedge fund manager, illustrating Bitcoin's evolutionary journey: Bitcoin has evolved from a purely sentiment-driven speculative asset into a mature asset with structural positive yields (rents/funding rates), akin to gold and commodities. Large holders and platforms are the long-term beneficiaries of this game, while the long-term leveraged enthusiasm of retail investors essentially amounts to paying rent to others.

Fu Peng Discusses the Underlying Logic of Bitcoin: Large Holders as 'Landlords', Retail Leverage Trading as Rent Payment

On April 25, according to CCTV International News, the Israel Defense Forces (IDF) issued a statement today indicating that from last night to early this morning, they targeted multiple Hezbollah rocket launchers in southern Lebanon that were loaded and ready for launch. The statement noted that these targets were located in areas north of the IDF's 'forward defense line.' The IDF stated that these rocket launchers pose a 'direct threat' to IDF soldiers and Israeli civilians. The statement also mentioned that the IDF will continue to take action to eliminate related threats.

[IDF Strikes Hezbollah Rocket Launchers in Southern Lebanon]On April 25, according to CCTV International News, the Israel Defense Forces (IDF) issued a statement today indicating that from last night to early this morning, they targeted multiple Hezbollah rocket launchers in southern Lebanon that were loaded and ready for launch. The statement noted that these targets were located in areas north of the IDF's 'forward defense line.' The IDF stated that these rocket launchers pose a 'direct threat' to IDF soldiers and Israeli civilians. The statement also mentioned that the IDF will continue to take action to eliminate related threats.

IDF Strikes Hezbollah Rocket Launchers in Southern Lebanon

On April 25, according to CCTV International News, Iran's Khatam al-Anbia Central Command issued a statement today warning that if U.S. forces continue to implement 'blockades, maritime interceptions, and piracy actions' in the region, they will face a strong counterattack from the Iranian armed forces. The statement emphasized that the U.S. should recognize that Iran's military capabilities and preparedness in safeguarding national sovereignty, territorial integrity, and national interests are stronger than ever, as demonstrated in previous conflicts. The statement also noted that Iran will continue to monitor enemy actions and movements and maintain control over the Strait of Hormuz. Should the enemy take further actions, Iran will respond with even harsher strikes.

[Iran Warns U.S. Against Continuing Piracy Actions]On April 25, according to CCTV International News, Iran's Khatam al-Anbia Central Command issued a statement today warning that if U.S. forces continue to implement 'blockades, maritime interceptions, and piracy actions' in the region, they will face a strong counterattack from the Iranian armed forces. The statement emphasized that the U.S. should recognize that Iran's military capabilities and preparedness in safeguarding national sovereignty, territorial integrity, and national interests are stronger than ever, as demonstrated in previous conflicts. The statement also noted that Iran will continue to monitor enemy actions and movements and maintain control over the Strait of Hormuz. Should the enemy take further actions, Iran will respond with even harsher strikes.

Iran Warns U.S. Against Continuing Piracy Actions

On April 23, Goldman Sachs projected that the prices of DRAM and NAND in the market will soar by 250-280% and 200-250% respectively by 2026, a significant increase from the January forecasts of 150% and 100%. This phenomenon is primarily driven by the dual forces of demand from AI servers and supply constraints, indicating that the level of market shortage will far exceed previous expectations.

[Goldman Sachs Raises DRAM and NAND Price Forecasts Significantly, Market Shortage Exceeds Previous Expectations]On April 23, Goldman Sachs projected that the prices of DRAM and NAND in the market will soar by 250-280% and 200-250% respectively by 2026, a significant increase from the January forecasts of 150% and 100%. This phenomenon is primarily driven by the dual forces of demand from AI servers and supply constraints, indicating that the level of market shortage will far exceed previous expectations.

Goldman Sachs Raises DRAM and NAND Price Forecasts Significantly, Market Shortage Exceeds Previous Expectations

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Goldman Sachs Raises DRAM and NAND Price Forecasts Significantly, Market Shortage Exceeds Previous Expectations

Clause de non-responsabilité：Le contenu ci-dessus ne représente pas les positions de HTX.，HTX ne fournit pas de recommandations de trading.。

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