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10x Research posted on platform X analyzing that Ethereum has essentially been a "no-yield asset" over the past five years, with its price lingering around the $2,000 level. Since November 2025, the outlook has remained cautious to bearish, mainly due to persistently weak on-chain activity, which limits demand and value capture. With ETH having retraced approximately 57% from its August 2025 peak, its current valuation appears relatively cheap and more attractive compared to Bitcoin, which only declined about 42% over the same period.

Furthermore, although Ethereum treasury companies, including Bitmine, still show book losses, the market continues to accumulate. Meanwhile, Tether (USDT) issuance on Ethereum has recently surpassed that on Tron, reigniting expectations that Ethereum could benefit from stablecoin growth and potentially become a key layer for on-chain finance and Wall Street infrastructure. Against this backdrop, Ethereum stands at a critical juncture, and whether it is about to recover or if structural headwinds will persist remains a focal point of attention.

[10x Research: Ethereum Faces Intensified Battle Between Recovery and Structural Weakness, Nearing Potential Turning Point]10x Research posted on platform X analyzing that Ethereum has essentially been a "no-yield asset" over the past five years, with its price lingering around the $2,000 level. Since November 2025, the outlook has remained cautious to bearish, mainly due to persistently weak on-chain activity, which limits demand and value capture. With ETH having retraced approximately 57% from its August 2025 peak, its current valuation appears relatively cheap and more attractive compared to Bitcoin, which only declined about 42% over the same period.

Furthermore, although Ethereum treasury companies, including Bitmine, still show book losses, the market continues to accumulate. Meanwhile, Tether (USDT) issuance on Ethereum has recently surpassed that on Tron, reigniting expectations that Ethereum could benefit from stablecoin growth and potentially become a key layer for on-chain finance and Wall Street infrastructure. Against this backdrop, Ethereum stands at a critical juncture, and whether it is about to recover or if structural headwinds will persist remains a focal point of attention.

10x Research: Ethereum Faces Intensified Battle Between Recovery and Structural Weakness, Nearing Potential Turning Point

April 5 marks the presumed 51st birthday of Satoshi Nakamoto, the founder of Bitcoin. Although the identity of this most significant anonymous figure in cryptocurrency history remains unclear, the code and ideas he left behind have profoundly changed the global financial order, even challenging central bank policies and the gold standard. Nakamoto's birthday, set in 2009 at the P2P Foundation, is April 5, 1975, which coincidentally is the same day that U.S. President Roosevelt issued Executive Order 6102 in 1933, prohibiting private ownership of gold to stabilize the dollar. Many members of the crypto community view this as a critique of government monopoly on currency issuance.

[Today Marks Satoshi Nakamoto's 51st Birthday]April 5 marks the presumed 51st birthday of Satoshi Nakamoto, the founder of Bitcoin. Although the identity of this most significant anonymous figure in cryptocurrency history remains unclear, the code and ideas he left behind have profoundly changed the global financial order, even challenging central bank policies and the gold standard. Nakamoto's birthday, set in 2009 at the P2P Foundation, is April 5, 1975, which coincidentally is the same day that U.S. President Roosevelt issued Executive Order 6102 in 1933, prohibiting private ownership of gold to stabilize the dollar. Many members of the crypto community view this as a critique of government monopoly on currency issuance.

Today Marks Satoshi Nakamoto's 51st Birthday

On April 5, according to Alternative data, the cryptocurrency Fear and Greed Index today stands at 12 (up from 11 yesterday), indicating a slight easing of 'fear' in the market. Note: The fear index ranges from 0 to 100 and includes the following indicators: volatility (25%) + market trading volume (25%) + social media activity (15%) + market surveys (15%) + Bitcoin's dominance in the overall market (10%) + Google Trends analysis (10%).

[Crypto Fear Index Rises to 12, Market 'Fear' Slightly Eases]On April 5, according to Alternative data, the cryptocurrency Fear and Greed Index today stands at 12 (up from 11 yesterday), indicating a slight easing of 'fear' in the market. Note: The fear index ranges from 0 to 100 and includes the following indicators: volatility (25%) + market trading volume (25%) + social media activity (15%) + market surveys (15%) + Bitcoin's dominance in the overall market (10%) + Google Trends analysis (10%).

Crypto Fear Index Rises to 12, Market 'Fear' Slightly Eases

On April 5, Hong Kong's Financial Secretary Chan Mo-po published a blog stating that the average daily turnover of Hong Kong stocks in March exceeded HKD 300 billion, an increase of over 8% compared to the same period last year. This reflects Hong Kong's reliability as a safe haven for funds. Coupled with the stable growth of the mainland Chinese economy and a large number of high-quality companies listing in Hong Kong, it provides ample investment opportunities for investors. Chan noted that as of March 27, the total amount raised from IPOs in Hong Kong this year has exceeded HKD 103 billion, ranking first globally. Including follow-on financing, the total fundraising scale is approximately HKD 237 billion. More importantly, an increasing number of companies listing in Hong Kong belong to emerging industries, with over 500 applications currently pending for listing. It can be said that more and more companies view Hong Kong as an important window for financing and 'going global'.

[Chan Mo-po: Hong Kong as a Safe Haven for Investors' Funds]On April 5, Hong Kong's Financial Secretary Chan Mo-po published a blog stating that the average daily turnover of Hong Kong stocks in March exceeded HKD 300 billion, an increase of over 8% compared to the same period last year. This reflects Hong Kong's reliability as a safe haven for funds. Coupled with the stable growth of the mainland Chinese economy and a large number of high-quality companies listing in Hong Kong, it provides ample investment opportunities for investors. Chan noted that as of March 27, the total amount raised from IPOs in Hong Kong this year has exceeded HKD 103 billion, ranking first globally. Including follow-on financing, the total fundraising scale is approximately HKD 237 billion. More importantly, an increasing number of companies listing in Hong Kong belong to emerging industries, with over 500 applications currently pending for listing. It can be said that more and more companies view Hong Kong as an important window for financing and 'going global'.

Chan Mo-po: Hong Kong as a Safe Haven for Investors' Funds

In response to a tweet from Helius CEO about the upcoming next round of the crypto cycle, Solana co-founder Toly stated that cheaper, faster, and lower-risk financial methods will ultimately surpass all alternatives. He emphasized the importance of immutable, formally verified software. The admin keys contain on-chain immutable policies, such as time locks. All truly interesting matters in finance, including those involving criminals, encompass extremely broad aspects. Therefore, any complex issues cannot be separated from admin privileges.

[Solana Co-founder Toly: Cheaper, Faster, and Lower-Risk Blockchain Finance Will Prevail]In response to a tweet from Helius CEO about the upcoming next round of the crypto cycle, Solana co-founder Toly stated that cheaper, faster, and lower-risk financial methods will ultimately surpass all alternatives. He emphasized the importance of immutable, formally verified software. The admin keys contain on-chain immutable policies, such as time locks. All truly interesting matters in finance, including those involving criminals, encompass extremely broad aspects. Therefore, any complex issues cannot be separated from admin privileges.

Solana Co-founder Toly: Cheaper, Faster, and Lower-Risk Blockchain Finance Will Prevail

On April 5, economists indicated that the sudden rise in gasoline prices, which consumers in the U.S. are experiencing firsthand, will be reflected in the key inflation data to be released this week. The U.S. March CPI is expected to rise by 1% month-on-month, marking the largest single-month increase since 2022; the core CPI may increase by 0.3% month-on-month. Previously, the war in Iran drove gasoline prices at U.S. stations up by about $1 per gallon. A day before the CPI data is released, the Fed's preferred inflation indicator will provide insights into pre-war price pressures. Economists anticipate that the core PCE price index may rise by 0.4% for the third consecutive month in February, indicating that the process of inflation returning to more moderate levels has stalled even before the outbreak of conflict. Combined with signs of stabilization in the U.S. labor market, persistent price pressures, and new inflation risks stemming from the Middle East conflict, this helps explain why the Fed may find it difficult to lower interest rates this year. (Jinshi)

[Economists: U.S. March CPI May Surge 1%, Fed Likely to Struggle with Rate Cuts This Year]On April 5, economists indicated that the sudden rise in gasoline prices, which consumers in the U.S. are experiencing firsthand, will be reflected in the key inflation data to be released this week. The U.S. March CPI is expected to rise by 1% month-on-month, marking the largest single-month increase since 2022; the core CPI may increase by 0.3% month-on-month. Previously, the war in Iran drove gasoline prices at U.S. stations up by about $1 per gallon. A day before the CPI data is released, the Fed's preferred inflation indicator will provide insights into pre-war price pressures. Economists anticipate that the core PCE price index may rise by 0.4% for the third consecutive month in February, indicating that the process of inflation returning to more moderate levels has stalled even before the outbreak of conflict. Combined with signs of stabilization in the U.S. labor market, persistent price pressures, and new inflation risks stemming from the Middle East conflict, this helps explain why the Fed may find it difficult to lower interest rates this year. (Jinshi)

Economists: U.S. March CPI May Surge 1%, Fed Likely to Struggle with Rate Cuts This Year

On April 5, according to Alternative data, the cryptocurrency Fear and Greed Index today stands at 12 (up from 11 yesterday), indicating a slight easing of 'fear' in the market. Note: The fear index ranges from 0 to 100 and includes the following indicators: volatility (25%) + market trading volume (25%) + social media activity (15%) + market surveys (15%) + Bitcoin's dominance in the market (10%) + Google Trends analysis (10%).

[Crypto Fear Index Rises to 12, Market 'Fear' Slightly Eases]On April 5, according to Alternative data, the cryptocurrency Fear and Greed Index today stands at 12 (up from 11 yesterday), indicating a slight easing of 'fear' in the market. Note: The fear index ranges from 0 to 100 and includes the following indicators: volatility (25%) + market trading volume (25%) + social media activity (15%) + market surveys (15%) + Bitcoin's dominance in the market (10%) + Google Trends analysis (10%).

On April 5, it was reported that the second pilot from the recently downed US F-15E fighter jet has been sent to Kuwait for treatment. During the rescue operation, the US military destroyed two transport planes that were 'stranded' while carrying out the mission. The pilot had evaded Iranian search efforts in mountainous terrain for over 24 hours, armed only with a handgun. Hundreds of special operations personnel were mobilized for the rescue, which involved exchanges of fire with Iranian forces. Reports indicate that two US transport planes became stranded while attempting to rescue the pilot, prompting the US to deploy three new aircraft to continue the mission and subsequently destroy the malfunctioning transport planes. Additionally, on the same day, the Iranian Islamic Revolutionary Guard Corps reported that a US aircraft searching for the missing pilot was shot down in Isfahan province. Iranian sources also claimed that a US C-130 transport plane was shot down on April 5.

[US Pilot Rescued and Sent to Kuwait]On April 5, it was reported that the second pilot from the recently downed US F-15E fighter jet has been sent to Kuwait for treatment. During the rescue operation, the US military destroyed two transport planes that were 'stranded' while carrying out the mission. The pilot had evaded Iranian search efforts in mountainous terrain for over 24 hours, armed only with a handgun. Hundreds of special operations personnel were mobilized for the rescue, which involved exchanges of fire with Iranian forces. Reports indicate that two US transport planes became stranded while attempting to rescue the pilot, prompting the US to deploy three new aircraft to continue the mission and subsequently destroy the malfunctioning transport planes. Additionally, on the same day, the Iranian Islamic Revolutionary Guard Corps reported that a US aircraft searching for the missing pilot was shot down in Isfahan province. Iranian sources also claimed that a US C-130 transport plane was shot down on April 5.

US Pilot Rescued and Sent to Kuwait

On April 5, the New York Times reported that the second pilot from the recently downed US F-15E fighter jet has been sent to Kuwait for treatment. During the rescue operation, the US military destroyed two stranded transport aircraft involved in the mission. The pilot had evaded Iranian search efforts for over 24 hours in mountainous terrain, armed only with a handgun. Hundreds of special operations personnel were deployed for the rescue, during which there was an exchange of fire with Iranian forces.

[US Pilot Rescued and Sent to Kuwait]On April 5, the New York Times reported that the second pilot from the recently downed US F-15E fighter jet has been sent to Kuwait for treatment. During the rescue operation, the US military destroyed two stranded transport aircraft involved in the mission. The pilot had evaded Iranian search efforts for over 24 hours in mountainous terrain, armed only with a handgun. Hundreds of special operations personnel were deployed for the rescue, during which there was an exchange of fire with Iranian forces.

According to Bloomberg, the spectacular collapse of 30-year-old Sam Bankman-Fried’s crypto empire has fueled a spike in outflows across global crypto exchanges. Users yanked a net $3.7 billion worth of Bitcoin and $2.5 billion of Ether in the week from Sunday, Nov. 6 to Sunday, Nov. 13, according to data provider CryptoQuant.

Detail

【FTX fiasco sparks billions of dollars of outflows from exchanges】According to Bloomberg, the spectacular collapse of 30-year-old Sam Bankman-Fried’s crypto empire has fueled a spike in outflows across global crypto exchanges. Users yanked a net $3.7 billion worth of Bitcoin and $2.5 billion of Ether in the week from Sunday, Nov. 6 to Sunday, Nov. 13, according to data provider CryptoQuant.

FTX fiasco sparks billions of dollars of outflows from exchanges

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Article

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FTX fiasco sparks billions of dollars of outflows from exchanges

Isenção de responsabilidade：O conteúdo acima não representa as posições da HTX.，A HTX não faz quaisquer recomendações de negociação.。

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