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On April 19, etherFi announced on the X platform that its Liquid treasury is temporarily not directly exposed to the Kelp rsETH event risk. However, as a precautionary measure, it has suspended the LayerZero cross-chain bridging functionality for weETH and eETH until the root cause of the Kelp rsETH event is clarified. Additionally, Teller contracts related to Liquid (ETH, BTC, USD), sETHFI, and eBTC products have been paused to block the LayerZero OFT bridging path, and the deposit and withdrawal functions for these assets have also been suspended. etherFi is currently working closely with security partners and will provide timely updates as more details are confirmed.

[etherFi Suspends LayerZero Bridging and Freezes Multiple Asset Withdrawals, No Direct Exposure to rsETH Risk]On April 19, etherFi announced on the X platform that its Liquid treasury is temporarily not directly exposed to the Kelp rsETH event risk. However, as a precautionary measure, it has suspended the LayerZero cross-chain bridging functionality for weETH and eETH until the root cause of the Kelp rsETH event is clarified. Additionally, Teller contracts related to Liquid (ETH, BTC, USD), sETHFI, and eBTC products have been paused to block the LayerZero OFT bridging path, and the deposit and withdrawal functions for these assets have also been suspended. etherFi is currently working closely with security partners and will provide timely updates as more details are confirmed.

etherFi Suspends LayerZero Bridging and Freezes Multiple Asset Withdrawals, No Direct Exposure to rsETH Risk

On April 19, MGBX will launch the $Overnight Wealth joint event from April 20 to April 26, 2026 (SGT), open to users who have completed registration and KYC. During the event, new users who complete registration, trading, and invitation tasks will receive $Overnight Wealth token rewards, with a maximum of 500 tokens per individual and a total prize pool of 200,000 tokens. Additionally, the platform will introduce contract trading incentives, allowing users participating in contract trading to earn up to 50 USDT in experience rewards.

[MGBX to Launch $Overnight Wealth Token Joint Event for Registered and KYC Users]On April 19, MGBX will launch the $Overnight Wealth joint event from April 20 to April 26, 2026 (SGT), open to users who have completed registration and KYC. During the event, new users who complete registration, trading, and invitation tasks will receive $Overnight Wealth token rewards, with a maximum of 500 tokens per individual and a total prize pool of 200,000 tokens. Additionally, the platform will introduce contract trading incentives, allowing users participating in contract trading to earn up to 50 USDT in experience rewards.

MGBX to Launch $Overnight Wealth Token Joint Event for Registered and KYC Users

On April 19, Hyperwave, a DeFi project within the Hyperliquid ecosystem, announced that it is actively monitoring the Kelp rsETH incident and is closely collaborating with security partners to ensure that Hyperwave assets are protected from any potential impact. As a precautionary measure, all LayerZero bridging for Hyperwave assets has been temporarily suspended.

[Hyperwave: Suspends LayerZero Bridging for All Protocol Assets]On April 19, Hyperwave, a DeFi project within the Hyperliquid ecosystem, announced that it is actively monitoring the Kelp rsETH incident and is closely collaborating with security partners to ensure that Hyperwave assets are protected from any potential impact. As a precautionary measure, all LayerZero bridging for Hyperwave assets has been temporarily suspended.

Hyperwave: Suspends LayerZero Bridging for All Protocol Assets

On April 19, Spark's Strategic Director monetsupply.eth posted on platform X that as the stablecoin market begins to lack liquidity, the situation is entering a more dangerous phase. I believe that approximately 16.5% of the ETH market is supported by rsETH, and if the loans backed by rsETH incur losses distributed across the mainnet and external chains, there may be a 10% to 15% reduction in emode, leaving 2% to 3% reduction for ETH suppliers to smooth out the umbrella structure. ETH suppliers naturally tend to exit as quickly as possible to avoid this risk, thus utilization is locked at 100%, and borrowing rates are insufficient to incentivize the repayment of unrelated LST cycles (wstETH, weETH) to release liquidity. Due to the inability to withdraw ETH, users who borrow stablecoins like USDT and use ETH as collateral cannot close their positions even when stablecoin borrowing rates rise, which cuts off the typical incentive mechanisms that maintain market health. Currently, there are two unhealthy incentives leading to market utilization being locked at 100%: 1) ETH holders cannot close their positions to maintain a healthy LTV, and liquidators cannot atomically withdraw or sell collateral, which could lead to bad debts if ETHUSD prices fall. 2) Users supplying USDT to exit their holdings tend to maximize borrowing of other stablecoins, as this position is currently generating positive returns (temporarily), making the exit cost low; if conditions worsen, they can at least recover 75% of the position value. The bottom line is that these pooled/re-staked lending markets must maintain liquidity at all costs to operate normally. The recent weakening of slope2 against Aave's maximum borrowing rates is having a negative impact and significantly increasing the risk of cascading market failures.

[Spark Strategic Director: ETH Market Faces Liquidity Risks Due to Potential 10% to 15% Reduction from rsETH Loans]On April 19, Spark's Strategic Director monetsupply.eth posted on platform X that as the stablecoin market begins to lack liquidity, the situation is entering a more dangerous phase. I believe that approximately 16.5% of the ETH market is supported by rsETH, and if the loans backed by rsETH incur losses distributed across the mainnet and external chains, there may be a 10% to 15% reduction in emode, leaving 2% to 3% reduction for ETH suppliers to smooth out the umbrella structure. ETH suppliers naturally tend to exit as quickly as possible to avoid this risk, thus utilization is locked at 100%, and borrowing rates are insufficient to incentivize the repayment of unrelated LST cycles (wstETH, weETH) to release liquidity. Due to the inability to withdraw ETH, users who borrow stablecoins like USDT and use ETH as collateral cannot close their positions even when stablecoin borrowing rates rise, which cuts off the typical incentive mechanisms that maintain market health. Currently, there are two unhealthy incentives leading to market utilization being locked at 100%: 1) ETH holders cannot close their positions to maintain a healthy LTV, and liquidators cannot atomically withdraw or sell collateral, which could lead to bad debts if ETHUSD prices fall. 2) Users supplying USDT to exit their holdings tend to maximize borrowing of other stablecoins, as this position is currently generating positive returns (temporarily), making the exit cost low; if conditions worsen, they can at least recover 75% of the position value. The bottom line is that these pooled/re-staked lending markets must maintain liquidity at all costs to operate normally. The recent weakening of slope2 against Aave's maximum borrowing rates is having a negative impact and significantly increasing the risk of cascading market failures.

Spark Strategic Director: ETH Market Faces Liquidity Risks Due to Potential 10% to 15% Reduction from rsETH Loans

On April 19, Al Jazeera reported that two Pakistani security sources indicated that negotiations between the United States and Iran are likely to take place before Friday. The sources based their assessment on several factors: two US heavy transport aircraft (C-17 Globemaster) have landed at Nur Khan Air Base in Rawalpindi, located near Pakistan's capital, Islamabad. Additionally, the road from the airport to the Red Zone in Islamabad has been temporarily closed, suggesting that security measures have been heightened. The Serena Hotel and Marriott Hotel in Islamabad are evacuating guests and are not accepting new bookings before Friday. The Serena Hotel was the venue for the first round of US-Iran negotiations on April 11. According to monitoring by PolyBeats, the probability of the 'next round of US-Iran diplomatic meetings' occurring before the 22nd (next Wednesday) is 52%, and the probability before the 30th is as high as 73%.

[Signs Indicate Upcoming US-Iran Negotiations, Likely Before Friday]On April 19, Al Jazeera reported that two Pakistani security sources indicated that negotiations between the United States and Iran are likely to take place before Friday. The sources based their assessment on several factors: two US heavy transport aircraft (C-17 Globemaster) have landed at Nur Khan Air Base in Rawalpindi, located near Pakistan's capital, Islamabad. Additionally, the road from the airport to the Red Zone in Islamabad has been temporarily closed, suggesting that security measures have been heightened. The Serena Hotel and Marriott Hotel in Islamabad are evacuating guests and are not accepting new bookings before Friday. The Serena Hotel was the venue for the first round of US-Iran negotiations on April 11. According to monitoring by PolyBeats, the probability of the 'next round of US-Iran diplomatic meetings' occurring before the 22nd (next Wednesday) is 52%, and the probability before the 30th is as high as 73%.

Signs Indicate Upcoming US-Iran Negotiations, Likely Before Friday

On April 19, on-chain analyst Murphy noted that after Bitcoin (BTC) reached $78,000, the 24-hour average realized profit the following day was $39.15 million, which is lower compared to when BTC hit $76,000 on April 14. The divergence between 'price action' and 'realized profit' typically indicates that the demand side can no longer sustain the concentration of profit-taking, leading to a decline in upward momentum, similar to the situations observed on January 7 and January 14. Additionally, the reduced trading volume over the weekend may also be a contributing factor. If the divergence between 'price' and 'profit' is primarily due to the demand side's inability to sustain further profit-taking, it can be reasonably concluded that the rebound has peaked. However, if the main reason is the decreased market activity over the weekend, further observation will be necessary in the upcoming trading days.

[Analysis: Divergence Between Bitcoin's Price Action and Realized Profit Indicates Possible Peak in Rebound]On April 19, on-chain analyst Murphy noted that after Bitcoin (BTC) reached $78,000, the 24-hour average realized profit the following day was $39.15 million, which is lower compared to when BTC hit $76,000 on April 14. The divergence between 'price action' and 'realized profit' typically indicates that the demand side can no longer sustain the concentration of profit-taking, leading to a decline in upward momentum, similar to the situations observed on January 7 and January 14. Additionally, the reduced trading volume over the weekend may also be a contributing factor. If the divergence between 'price' and 'profit' is primarily due to the demand side's inability to sustain further profit-taking, it can be reasonably concluded that the rebound has peaked. However, if the main reason is the decreased market activity over the weekend, further observation will be necessary in the upcoming trading days.

Analysis: Divergence Between Bitcoin's Price Action and Realized Profit Indicates Possible Peak in Rebound

On April 19, Hyperwave, a DeFi project within the Hyperliquid ecosystem, announced that it is actively monitoring the Kelprs ETH incident and working closely with security partners to ensure that Hyperwave assets are protected from any potential impact. As a precautionary measure, all LayerZero bridging for Hyperwave assets has been temporarily suspended.

[Hyperwave Suspends LayerZero Bridging for All Protocol Assets]On April 19, Hyperwave, a DeFi project within the Hyperliquid ecosystem, announced that it is actively monitoring the Kelprs ETH incident and working closely with security partners to ensure that Hyperwave assets are protected from any potential impact. As a precautionary measure, all LayerZero bridging for Hyperwave assets has been temporarily suspended.

Hyperwave Suspends LayerZero Bridging for All Protocol Assets

On April 19, following the KelpDAO hacking incident which resulted in approximately $177 million to $200 million in bad debt for Aave, a significant number of whales withdrew funds from Aave for risk-averse purposes. According to Defillama data, Aave's TVL has continued to decline from around $22 billion this morning to approximately $20.7 billion now, representing a decrease of about 21.6% from around $26.4 billion yesterday.

[Aave's Daily TVL Decline Expands to 21.6%, Currently at Approximately $20.7 Billion]On April 19, following the KelpDAO hacking incident which resulted in approximately $177 million to $200 million in bad debt for Aave, a significant number of whales withdrew funds from Aave for risk-averse purposes. According to Defillama data, Aave's TVL has continued to decline from around $22 billion this morning to approximately $20.7 billion now, representing a decrease of about 21.6% from around $26.4 billion yesterday.

Aave's Daily TVL Decline Expands to 21.6%, Currently at Approximately $20.7 Billion

On April 19, according to Iran's Tasnim News Agency, Iranian Islamic Parliament Speaker Ghalibaf stated that Tehran is actively engaging in diplomatic activities while also preparing for military confrontation. He emphasized that Iran does not trust its opponents and is ready to respond to any war. (Xinhua News Agency)

[Iranian Speaker: Distrust of Opponents and Prepared for Any War]On April 19, according to Iran's Tasnim News Agency, Iranian Islamic Parliament Speaker Ghalibaf stated that Tehran is actively engaging in diplomatic activities while also preparing for military confrontation. He emphasized that Iran does not trust its opponents and is ready to respond to any war. (Xinhua News Agency)

Iranian Speaker: Distrust of Opponents and Prepared for Any War

On Thursday morning in Asia, the top 10 non-stablecoin cryptocurrencies, including Bitcoin and Ether, experienced a dip in trading. Analysts predict that despite low price volatility, turbulence may occur due to the upcoming decision on BlackRock's Bitcoin ETF application and next year's Bitcoin halving event.

[Top 10 Cryptocurrencies Experience Dip in Asia Trading Amid BlackRock's Bitcoin ETF Application Decision and Litecoin Halving Event]On Thursday morning in Asia, the top 10 non-stablecoin cryptocurrencies, including Bitcoin and Ether, experienced a dip in trading. Analysts predict that despite low price volatility, turbulence may occur due to the upcoming decision on BlackRock's Bitcoin ETF application and next year's Bitcoin halving event.

Top 10 Cryptocurrencies Experience Dip in Asia Trading Amid BlackRock's Bitcoin ETF Application Decision and Litecoin Halving Event

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Disclaimer：Il contenuto di cui sopra non rappresenta le posizioni di HTX.，HTX non fornisce alcuna raccomandazione di trading.。

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