Crypto World
Ether Machine pulls plug on Dynamix SPAC merger plan
Ether Machine has ended its plan to go public through a merger with Dynamix Corporation.
Summary
- Ether Machine canceled its SPAC merger with Dynamix and stopped its planned Nasdaq market debut.
- The firm’s proposed $1.5 billion institutional Ether fund will not launch under the canceled deal.
- Pressure on Ether treasury firms grew as Trend Research and ETHZilla both exited strategies.
The move stops its proposed Nasdaq listing and puts its large Ethereum treasury plan on hold.
Ether Machine and Dynamix said they mutually agreed to terminate their business combination agreement. The company said it made the decision because of “unfavorable market conditions.”
The agreement would have taken the Ethereum treasury firm public through a merger with the Nasdaq-listed SPAC. The deal also involved The Ether Reserve LLC, which was part of the broader transaction structure.
Ether Machine had planned to launch what it described as a large yield-bearing Ether fund for institutions. The firm said it expected to begin with more than 400,000 ETH under management and list under the ticker ETHM.
That target was worth more than $1.5 billion when the company first outlined the plan. The canceled merger now stops that launch and leaves the fund strategy without the public market debut it had expected.
A filing with the US Securities and Exchange Commission said a “Payor” listed in Annex A must pay $50 million to Dynamix. The payment must be made within 15 days after the termination became effective.
The filing did not publicly name that party. Dynamix now has until November 22, 2026, to complete another business combination or return trust funds to shareholders under its charter.
Ethereum treasury pressure builds
The canceled deal comes as other Ether treasury strategies also face pressure. Trend Research has exited its Ethereum position after selling 651,757 ETH worth about $1.34 billion and recording an estimated loss of $747 million.
ETHZilla has also moved away from its Ether accumulation strategy. The company changed its name and brand to Forum Markets after earlier pivoting from biotech to an Ethereum treasury model during the 2025 rally.
Bitcoin (BTC) fell 3% to trade below $71,000 into Sunday’s weekly close after negotiations to end the US-Iran war broke down.
Key points:
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Bitcoin shed its gains as negotiations between the US and Iran broke down.
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The Strait of Hormuz becomes a flashpoint again as US President Donald Trump demanded that it be reopened.
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BTC price downside punishes late long positions.
BTC price drops on US-Iran war fears
Data from TradingView showed BTC price action dipping below $71,000 after news of a sudden breakdown in negotiations between the US and Iran in Islamabad, Pakistan.
A failure to reach an agreement on the issue of nuclear weapons resulted in both delegations leaving talks unfinished. Later, US President Donald Trump said that the US would blockade the Strait of Hormuz and “interdict” vessels paying Iran for safe passage.
“No one who pays an illegal toll will have safe passage on the high seas,” he wrote in a post on Truth Social.
A follow-up post repeated demands that Iran make Hormuz, a major oil transit route, fully operational.
Ahead of futures markets opening, reactions to the latest events spelled out the risks for the wider economy.
“If the path forward is continued war, escalation, and a prolonged closure of the Strait of Hormuz, then the Iran War has just entered a new era,” The Kobeissi Letter wrote in its latest analysis on X.
“US CPI inflation just jumped from 2.4% to 3.3% and further escalation of the Iran War would lead to 4.0%+ inflation, according to our models.”
Kobeissi referred to the US Consumer Price Index (CPI) inflation, a gauge particularly sensitive to oil prices. Earlier this week, the March CPI print came in slightly below expectations, despite the highest jump in its oil-price component in 60 years.
“There are currently no plans for additional talks, according to Iranian media,” Kobeissi added.
“So, will Trump choose to push harder for diplomacy or double down on military action? Today, we find out.”
Bitcoin liquidations mount as longs suffer
As the only 24-hour-traded asset class, Bitcoin and crypto were the only ones reacting to the chaos in real time.
Related: Bitcoin analysis sees $55K BTC price ‘iron bottom’ by December 2026
Data from CoinGlass showed BTC/USD slicing through long liquidations, with the liquidation total for the past 24 hours nearing $350 million.
“Volatility remains high and it’s clear that there won’t be a path forward where risk-on assets will do well if this continues to be the consensus,” trader Michaël Van de Poppe wrote in an X response.
Van de Poppe suggested that the economic weakness as a result of the returning war could force the Federal Reserve to inject liquidity despite rising inflation.
“On a larger scale, I think that we’re currently in a sufficiently weak economy and the FED has no other option than to start printing again to positively influence the economy,” he argued.
Earlier, Cointelegraph reported on rising odds of the US entering a recession in 2026.
Next week will bring more inflation cues from the March Producer Price Index (PPI) print, while multiple senior Fed officials will speak on the economy.
This article is produced in accordance with Cointelegraph’s Editorial Policy and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research before making any decisions. Cointelegraph makes no guarantees regarding the accuracy or completeness of the information presented, including forward-looking statements, and will not be liable for any loss or damage arising from reliance on this content.
Bitcoin is currently trading at one of the most pivotal levels of this cycle, caught between long-term on-chain support and a wall of overhead resistance created by millions of underwater short-term holders.
Spot price $70,925
Weekly change +2.74%
Weekly RSI (14) 33.59
ATH drawdown -43%
Using Glassnode’s latest on-chain indicators alongside weekly and daily technical charts, this analysis breaks down exactly where Bitcoin stands today and what needs to happen next. Two clear scenarios emerge.
How Bearish is Bitcoin Right Now? Four Cost-Basis Levels are Critical
Glassnode’s latest Risk Indicator chart overlays four key on-chain price models against the Bitcoin spot price. Together, these models reveal where the market stands relative to the cost basis of different investor cohorts.
- Realized price — $54,000
The average cost basis of every coin on the network. Bitcoin trading above this level means the average holder is in profit. This is the most fundamental long-term support and is currently well below spot, which is a structurally positive signal.
- True market mean — $82,000
A more refined cost basis weighted by actual economic activity, filtering out dormant coins. Spot is currently below this level, meaning a meaningful portion of active participants are underwater.
- Active investor mean — $88,000
The average cost basis of active market participants. Price trading significantly below this level signals stress among engaged investors and acts as overhead resistance.
- Short-term holder cost basis — ($83–$84,000)
The average entry price for recent buyers (coins held for less than 155 days). With spot well below this level, short-term holders are sitting on unrealised losses — historically a source of continued selling pressure, but also a precondition for a capitulation bottom.
The key takeaway: spot at $70,925 sits above only the realized price and below the three other indicators.
This places Bitcoin in a historically recognized stress zone. Not the deep bear market territory of 2022 (when price fell below even the realized price), but a mid-cycle correction where short-term holders are underwater and overhead supply is significant.
Bitcoin’s Macro Structure In a Key Position
The weekly chart (August 2020 to present) provides the macro technical backdrop.
Bitcoin peaked at approximately $126,000 in October 2025 and has since corrected roughly 43% to current levels.
The current price is retesting the previous cycle’s all-time high from 2021 (~$69,000, yellow line), a level that historically transitions from major resistance into long-term support. This week’s green candle suggests early signs of a defense of that zone.
The RSI is right above the oversold territory (below 30) after visiting it for a few weeks in February 2026 (blue ellipse). Historically, the 2022 bear market saw RSI remain deeply oversold for many weeks.
The current reading is approaching those levels, which either signals further downside ahead or that a significant bounce is near. A bullish divergence — price making a lower low while RSI holds higher — would be a meaningful signal to watch.
The MACD is approaching its first bullish crossover (yellow circle) on the weekly chart since May 2025. This is a clear positive signal that has historically led to sharp rallies.
However, during the 2022 bear market, even a bullish MACD crossover failed to trigger a price rebound.
A bullish MACD crossover on the weekly chart would be a high-conviction reversal signal, but it has not yet occurred.
Broken Support, Fragile Crossovers, and a Key Demand Zone
The daily chart (January 2025 to present) provides the shorter-term picture and is where the most actionable signals currently reside.
The green-dotted box on the daily chart, at approximately $73-74,000, represents the March 2024 all-time high. It was a previously important resistance level that briefly became support, and has now been broken to the downside.
This breakdown is technically significant: price is now trading below that structural level, which has flipped into overhead resistance. The February 2026 low around $65,000 remains the key support level below current prices.
After reaching deeply oversold levels in December 2025 and again in February 2026, the daily RSI has recovered to a neutral mid-40s to low-50s range (blue ellipse).
This suggests panic selling has subsided, but bullish momentum has not yet been confirmed. A move above 60 on the daily RSI would indicate a genuine trend shift.
The daily MACD lines have crossed bullish and are hovering just above zero — a tentative positive signal (yellow circle). The histogram bars are small and mixed, reflecting consolidation rather than directional conviction.
This crossover needs to hold, and the histogram needs to expand into green territory to confirm follow-through buying.
Putting It All Together: Two Scenarios, One Line in The Sand
Combining Glassnode on-chain data with both timeframes of technical analysis yields two scenarios. The levels that confirm or invalidate each scenario are clearly defined.
Bullish Scenario: Mid-Cycle Correction, Continuation Higher
In a bullish scenario, the $69,000 level (previous cycle ATH) holds as support, short-term holders capitulate, and the market resets for a new leg higher:
- Price defends the $69,000 weekly support zone and forms a higher low on the daily chart
- Daily RSI breaks above 60, confirming bullish momentum restoration
- Daily MACD histogram expands into green territory with increasing bar size
- Price reclaims the $73-74,000 level (former support, now resistance) — this is the first key confirmation
- Price then targets the $80-84,000 cluster (True Market Mean + STH Cost Basis) — reclaiming this zone would confirm a bullish trend reversal
- On-chain: STH cost basis reclaimed would mean short-term holders return to profit, removing a key source of selling pressure
Bearish scenario — deeper correction, structural breakdown
In a bearish scenariu overhead supply from underwater short-term holders is too heavy, the $69,000 support fails, and Bitcoin seeks deeper value:
- Price breaks below $69,000 on a weekly close. This is the primary bearish confirmation signal
- Weekly RSI drops below 30 and stays there, mirroring 2022 bear market conditions
- Daily MACD bullish crossover fails, and lines roll back below zero
- Next downside target: $65,000 (February 2026 demand zone) — a break here accelerates selling
- Deeper target: $54,000 (realized price). Historically the zone where bear markets find their ultimate floor
- On-chain: price approaching realized price would represent maximum fear, and historically, the highest-probability long-term entry zone
Overall Assessment: $69,000 is the Line in the Sand
The weight of evidence currently leans cautiously bearish on the short-term but constructive on the medium-to-long term. Bitcoin is in a historically recognized stress zone — below the STH cost basis and the True Market Mean, but well above the realized price floor.
The weekly RSI is approaching oversold territory, and the daily MACD is poised for a bullish crossover, suggesting the worst of the selling may be near, but confirmation has not yet arrived.
The $69,000 level is the line in the sand: hold it, and the bull case builds; lose it on a weekly close, and significantly lower prices become the base case.
The post The Hidden On-Chain Signal That Shows Bitcoin Is Closer to a Bottom Than Most Think appeared first on BeInCrypto.
MicroStrategy revealed that its Bitcoin (BTC) holdings need just 2.05% annual growth to cover all preferred stock dividends indefinitely, without issuing new common shares.
Chairman Michael Saylor shared the metric in a post, alongside a chart showing the firm’s 766,970 BTC reserve valued near $58 billion.
How 2% BTC Growth Funds Billions in Dividends
MicroStrategy’s BTC Breakeven Annual Rate of Return measures the minimum bitcoin appreciation needed to service dividend payments on its preferred stock, including STRC.
“Our BTC Breakeven ARR is ~2.05%. If Bitcoin grows faster than that over time, we can cover our dividends indefinitely without issuing new $MSTR shares,” wrote Saylor.
At 2.05%, that threshold sits far below Bitcoin’s historical annualized returns.
The company’s dashboard shows roughly 48.7 years of dividend coverage at current reserve levels. Strategy holds 766,970 BTC acquired at an average price of $75,648 per coin, with total holdings valued near $54.58 billion.
STRC, Strategy’s Variable Rate Series A Perpetual Preferred Stock, currently yields 11.5% annually.
The instrument trades near its $100 par value and pays monthly cash dividends. Proceeds from STRC issuances fund additional Bitcoin purchases.
Saylor posted the breakeven data alongside a separate “Think ₿igger” message featuring Strategy’s cumulative purchase chart. His Sunday posts have historically preceded Monday 8-K filings disclosing new large BTC acquisitions.
The low breakeven suggests that even modest long-term Bitcoin appreciation generates enough value from MicroStrategy’s reserve to service high-yield preferred dividends while supporting continued accumulation.
The post Michael Saylor Says Just 2% Bitcoin Growth Covers MicroStrategy’s Dividends Forever appeared first on BeInCrypto.
Saudi Arabia’s energy ministry confirmed on April 12 that it had restored full pumping capacity on its East-West pipeline, returning throughput to approximately 7 million barrels per day after attacks earlier this month cut output.
The recovery comes as US-Iran peace talks in Islamabad collapsed without an agreement, leaving energy markets facing renewed uncertainty ahead of Monday’s open.
What Happened to Saudi Oil Infrastructure
Recent attacks during the US-Iran war disrupted an estimated 600,000 barrels per day of Saudi production. The Manifa field lost approximately 300,000 bpd, and the Khurais field saw a similar reduction. Moreover, it also cut East-West pipeline throughput by 700,000 bpd.
“An official source at the Ministry of Energy stated that important energy facilities in the Kingdom have recently been subjected to multiple attacks, including oil and gas production, transportation, and refining facilities, as well as petrochemical facilities and the electricity sector in Riyadh, the Eastern Province, and Yanbu Industrial City,” the officials wrote.
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The energy ministry stopped short of naming the attacker directly, though Riyadh has been intercepting waves of Iranian drones and missiles throughout the war. JPMorgan analysts estimated the combined damage at roughly 10% of Saudi Arabia’s pre-conflict crude exports, noting it represented a “measurable supply shock.”
In a recent update, the energy ministry said the East–West pipeline and Manifa output have been restored. However, work on the Khurais field is still underway and will be announced upon completion.
“Ministry of Energy announced the success of operational and technical efforts in restoring the full pumping capacity through the East–West pipeline, amounting to approximately seven million barrels per day, and recovering the affected volumes from the Manifa field production of around 300,000 barrels per day, all within a short period of time,” the press release read. “With regard to the Khurais field, work is still ongoing to restore full production capacity, and this will be announced upon completion.”
The ministry added that Aramco’s rapid restoration demonstrated its “high operational resilience and crisis management efficiency.”
US Iran Failed Talks Add Pressure to Monday’s Open
The pipeline fix landed hours after Vice President JD Vance confirmed that 21 hours of negotiations with Iran in Islamabad produced no deal. The two sides are still divided on key issues, including the Strait of Hormuz and Iran’s nuclear program.
The strait normally carries approximately 20% of global seaborne oil. The International Energy Agency has called the disruption the largest supply shock in the history of the global oil market.
Oil prices have surged since the conflict began in late February. The conflict has also rattled food, aluminum, and liquefied natural gas markets.
Saudi Arabia’s partial recovery helps, but it cannot replace the full volume lost from the Hormuz disruption. Monday’s market opening will test whether the pipeline restoration can offset the diplomatic failure in Islamabad.
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The post Saudi Arabia Restores Major Oil Pipeline After Recent Attacks, Will Prices Drop? appeared first on BeInCrypto.
Justin Sun, the founder of the Tron ecosystem, has publicly criticized World Liberty Financial (WLFI), a decentralized finance project co-founded by Donald Trump’s sons, over what he describes as opaque and rushed governance processes tied to WLFI’s governance token lock-up. Sun, who says he invested “significant capital” in WLFI as an early backer, pointed to a March governance proposal that would determine how long token holders must stake their voting power, arguing that the move was not conducted with transparency.
“The governance votes cited to justify the above actions were not conducted through fair or transparent procedures. Key information was withheld from voters, meaningful participation was restricted, and outcomes were predetermined.”
In a Sunday post on X, Sun criticized the process and argued that it failed to deliver fair governance for the WLFI community. World Liberty Financial (WLFI) countered by accusing Sun of playing the victim and making baseless claims, saying it would pursue legal action if necessary to defend its position.
The dispute comes as WLFI faces broader community pushback and scrutiny after confirming that its own governance tokens were used as loan collateral. The move coincided with a rapid decline in WLFI’s token price and renewed attention on Trump-linked crypto ventures amid concerns about governance, transparency, and risk management.
Cointelegraph reached out to World Liberty Financial for comment but did not receive a response by publication time.
Related: World Liberty signals phased WLFI unlock vote after early holder backlash
Key takeaways
- Governance under scrutiny: A March WLFI proposal to set token lock-up periods drew questions after more than 76% of voting tokens were found to originate from 10 wallets, raising transparency concerns about how governance outcomes are determined.
- Token as collateral, price pressure: WLFI disclosed that its token was used as collateral on Dolomite, a DeFi platform, to borrow stablecoins, a move that contributed to the token’s decline to an all-time low near $0.07 and heightened scrutiny of token-backed lending practices.
- Anchor role and ecosystem dynamics: WLFI described itself as an anchor borrower and lender within its own ecosystem, a stance that critics say could create incentive misalignment between token holders and platform governance.
- Public confrontation and risk of legal action: Sun’s criticism hinges on governance transparency, while WLFI has denied the allegations and signaled potential legal action against Sun to defend its position.
- Broader implications for governance in Trump-linked crypto ventures: The episode adds to ongoing debates about governance fairness, disclosure, and risk in projects tied to prominent political figures.
Sun’s critique highlights governance transparency questions
Sun’s public critique centers on a March WLFI governance proposal that intended to set the parameters for lock-up durations of WLFI’s voting tokens. He argues that the voting process did not meet basic standards of transparency or fairness. In his post on X, Sun asserted that the votes cited to justify the action were made under conditions where critical information was withheld, voter participation was constrained, and outcomes appeared predetermined before ballots were cast.
The concern, as Sun framed it, is not merely a procedural quibble but a signal about the broader governance integrity of WLFI. If true, such practices could undermine investor confidence, especially in a project intertwined with high-profile political figures and rapid token-driven voting mechanics. The episode dovetails with prior discussions in the ecosystem about how token-based governance should operate when decision rights directly affect token holders and the value of the treasury or collateral pools.
WLFI’s response to Sun’s comments, however, framed the dispute as a political attack rather than a governance critique. The project’s team described Sun’s allegations as an attempt to deflect attention from his own conduct and declined to engage on the specifics beyond asserting their stance. The exchange underscores a broader risk: when governance is tied to popular personalities or high-visibility founders, accountability mechanisms must be transparent, verifiable, and resilient to reputational cycles that can influence investor behavior.
Token-backed lending, collateral use, and market reaction
The controversy intensified after WLFI confirmed that it used WLFI tokens as collateral in DeFi lending arrangements to generate yields for the platform and its holders. Dolomite, the DeFi protocol involved, has been associated with WLFI’s operational team, including its chief technology officer, Corey Caplan. The arrangement, described by WLFI as part of its broader lending and earning strategy, contributed to a sharp sell-off as market participants weighed the implications of token-backed collateral in a mixed risk environment.
The practical consequence for investors was immediate: the WLFI token slid to an all-time low, with prices hovering around $0.07 at one point amid concerns about token-backed loans and the stability of the underlying collateral framework. The dynamic illustrates a broader tension in crypto markets where token utility and collateralizing power can influence both liquidity and price discipline, particularly when governance overlays are perceived as opaque or compromised.
WLFI has positioned itself as a major supplier and borrower within its own ecosystem, suggesting that its token serves multiple roles — including providing yield, enabling liquidity, and supporting the platform’s financial equilibrium. Critics caution that such centrality could create conflicts of interest between governance priorities and the financial incentives of the token’s largest holders.
The episode also fuels broader public and media scrutiny around Trump-linked crypto ventures, reinforcing existing debates about regulatory exposure and the alignment of incentives in politically connected blockchain projects. While supporters argue that these projects push innovation and capital formation, detractors warn of misaligned incentives, potential conflicts of interest, and governance fragility in high-profile launches.
Cointelegraph has documented prior coverage of WLFI and related backlash, including discussions about token unlocks and investor backlash from early holders. Readers can explore those pieces for context on how community sentiment has evolved as governance-related decisions intersect with market dynamics.
What this means for investors and builders
From an investment perspective, the WLFI episode underscores the importance of governance transparency, robust disclosure, and clear stake-lock mechanisms that are not easily gamed by coordinated groups of token holders. For builders and protocols, the incident highlights the need for open auditability of governance proposal sources, independent verification of vote origins, and explicit, auditable procedures for how voting outcomes are determined. In a field where leverage and collateral practices can directly affect token value, ensuring that governance can withstand scrutiny is essential to sustaining long-term trust.
For observers tracking Trump-linked crypto ventures, the WLFI case adds a concrete data point about governance fragility and reputational risk. It suggests that while political association can attract attention and capital, it also places a premium on transparent governance practices and risk controls that stand up to public debate.
Looking ahead, market watchers will want to monitor whether WLFI clarifies its governance process, offers third-party verification of token-holder participation, and demonstrates that its use of token-backed collateral adheres to transparent risk management standards. The trajectory of WLFI’s token price will likely reflect not only the platform’s technical decisions but the perceived legitimacy of its governance framework and the broader willingness of the market to engage with politically connected crypto projects.
Readers should watch for any formal governance updates, new disclosures from WLFI, and potential regulatory statements that might address governance and collateral practices in tokenized ecosystems. The next moves will reveal whether WLFI can restore trust and stabilize its token, or if the episode marks a turning point in how investors evaluate governance risk in high-profile crypto ventures.
In the near term, the key question remains: will WLFI provide verifiable transparency around its governance voting and token-locked mechanisms, or will the controversy linger as a systemic cautionary tale about governance complexity in tokenized finance?
TLDR:
- SUI broke above the $0.89–$0.90 consolidation range on the one-hour chart, signaling a bullish trend shift.
- Price pulled back to the $0.91–$0.905 demand zone, where analysts expect buyers to defend key support.
- Wyckoff accumulation patterns and bullish order blocks on the weekly chart point to targets of $10–$20.
- SUI’s market cap stabilized above $3.6B after spiking to $3.85B, reflecting long-term holder conviction.
SUI price prediction is flashing signals that seasoned traders rarely ignore. A textbook breakout above a weeks-long consolidation range, a controlled pullback into fresh demand, and a weekly chart carrying the fingerprints of prior 1,000% rallies, the setup is building quietly but deliberately.
Whether the next move targets $0.97 or something far more ambitious, the chart is making its case without apology.
SUI Breaks Out, Pulls Back, and Sets Up a Second Shot
SUI flashed a textbook breakout on the one-hour chart this week, clearing the $0.89–$0.90 consolidation range that had capped price for an extended period. The move was sharp and deliberate.
Bullish candles stacked above prior resistance, volume followed, and the chart shifted from a downtrend structure to a clear bullish bias in a matter of hours.
The rally did not hold its highs. SUI pulled back toward the $0.91–$0.905 area shortly after, a move that initially spooked short-term traders. However, analysts tracking the asset noted the correction lacked the hallmarks of a genuine reversal.
No heavy sell volume. No breakdown of structure. Just a measured retreat into what is now a recognized demand zone, where previous resistance has flipped into support.
That flip is the crux of the current setup. Traders are now watching for bullish confirmation at the $0.91–$0.905 zone before positioning for another push toward the $0.96–$0.97 resistance band.
Until that confirmation arrives, the market remains in a wait-and-see posture at a level that could determine SUI’s next directional move.
Weekly Structure Points to Targets Far Beyond Current Levels
Step back to the weekly chart and the short-term noise gives way to a much larger technical picture. SUI has printed this pattern before.
In mid-2024 and again in mid-2025, the price dipped toward a key trendline support, gathered liquidity at those lows, and then staged parabolic advances.
Those rallies registered gains north of 500% and, in one instance, crossed 1,000% within a matter of months. Analysts point out that SUI is currently sitting at a structurally similar position.
Bullish order blocks are visible at the current support zone, consistent with what Wyckoff analysis describes as smart money accumulation — a phase where institutional-level buying absorbs retail selling before a major directional move develops.
Resistance between $3 and $5 is flagged as a potential speed bump on any extended advance. Even though historical precedent suggests momentum tends to build rather than stall once that band is cleared.
Market cap data from the past seven days adds a layer of confirmation to the broader thesis. SUI’s market cap spiked toward $3.85 billion on April 7 before pulling back and stabilizing above $3.6 billion through several corrective sessions.
The base is holding. Long-term participants appear to be absorbing the dips rather than exiting, a dynamic that analysts say keeps the structural case for $10–$20 price targets firmly on the table.
Adam Back, the Blockstream CEO named by the New York Times as the most likely candidate behind Satoshi Nakamoto, may have had a more practical reason for cooperating with the investigation.
Several industry figures now suggest Back used the global media attention as free publicity for Bitcoin Standard Treasury Company (BSTR), his Bitcoin (BTC) treasury firm approaching a public listing.
Did Adam Back Use NYT Satoshi Story as Free BSTR Publicity?
John Carreyrou, the investigative reporter behind the explosive expose revealed that Back agreed to pose for a NYT photographer in Miami weeks before the story ran.
“If you’re IPO’ing a company — it’s pretty damn good PR. Particularly when the cost is roughly zero,” commented ETF analyst James Seyffart.
The timing matters because BSTR is completing a SPAC merger with Cantor Equity Partners I. The deal includes a $1.5 billion PIPE, the largest ever announced for a Bitcoin treasury vehicle.
BSTR plans to launch with over 30,000 BTC on its balance sheet, which would catapult its ranks among the largest public Bitcoin treasury.
The merger was originally expected to close in Q1 2026, subject to SEC review and shareholder approval.
Whether Back intended the headlines or simply welcomed them, the Satoshi spotlight landed at the most commercially convenient moment possible.
The post Free PR or Confession? Expert Thinks Adam Back Played the NYT Like a Prospectus appeared first on BeInCrypto.
Justin Sun, the founder of the Tron layer-1 blockchain network, criticized World Liberty Financial (WLFI), a decentralized finance platform co-founded by US President Donald Trump’s sons, over lengthy lock-up periods for the platform’s governance token.
Sun said that he invested “significant capital” in WLFI as an early investor and also said that a March WLFI governance proposal to determine token lock-up periods, in which more than 76% of the voting tokens came from 10 wallets, lacked transparency. In a Sunday post on X, Sun wrote (in translation):
“The governance votes cited to justify the above actions were not conducted through fair or transparent procedures. Key information was withheld from voters, meaningful participation was restricted, and outcomes were predetermined.”
“Justin’s favorite move is playing the victim while making baseless allegations to cover up his own misconduct,” World Liberty Financial said in response, threatening legal action against Sun over his claims.
The incident came amid community pushback against WLFI and confirmation that the platform was using its own governance tokens as loan collateral, causing the price of WLFI to sink to an all-time low and renewed backlash against Trump for his crypto activities.
Cointelegraph reached out to World Liberty Financial but did not obtain a response by the time of publication.
Related: World Liberty signals phased WLFI unlock vote after early holder backlash
WLFI token sinks to all-time low as community backlash mounts
The WLFI token hit a new all-time low on Saturday, falling to just $0.07 following news of the platform using WLFI tokens as collateral to borrow stablecoins.
Wallets linked to World Liberty Financial used WLFI tokens as collateral on Dolomite, a DeFi platform co-founded by the project’s chief technology officer, Corey Caplan, to take out the stablecoin loan.
WLFI confirmed that it acts as an “anchor” borrower, which generates yield for the platform and value for token holders, adding that it is “one of the largest suppliers and borrowers” in the WLFI ecosystem.
“Treating the crypto community as a personal ATM is unjust and has never been authorized through any fair, transparent, good-faith community governance process,” Sun said.
Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions
Crypto World
Aave Will Win Proposal Passes: AAVE Token Now Controls Protocol Revenue, Brand, and Full Product Stack
TLDR:
- Aave Will Win proposal directs application revenue from Aave Pro, Aave App, and Horizon directly to the DAO treasury.
- Aave’s protocol revenue reached $140 million in 2025, with 2026 tracking similarly despite market weakness.
- Swaps on Aave.com and Aave Pro are generating $10–20 million in new revenue on top of existing protocol income.
- Aave Labs commits to zero-bureaucracy governance, requiring measurable SP goals and full financial transparency.
Aave has passed what its community calls the most important proposal in the protocol’s history. The Aave Will Win (AWW) proposal secured a landslide governance vote, reshaping how the protocol generates revenue.
The new framework positions the AAVE token as the central asset across all products and brand assets. It also introduces new application revenue streams beyond the core protocol. These earnings are directed entirely to the DAO treasury for the first time.
Aave Moves Toward a Full-Stack Revenue Model
The AWW proposal creates a new revenue layer on top of existing Aave Protocol earnings. Application and product revenue from Aave Pro, Aave.com, Aave App, Horizon, and Aave Kit will now flow to the DAO.
This represents a clear expansion beyond the protocol-only revenue model that has existed since the project launched.
According to Aave Labs founder Stani Kulechov, the DAO accumulated $140 million in protocol revenue in 2025. Revenue for 2026 is tracking at a similar level despite broader market weakness.
That growth was achieved through protocol-only income alone, making the addition of application revenue a notable shift.
Kulechov noted on X that swaps on Aave.com and Aave Pro are already generating between $10 million and $20 million.
This revenue is additive, sitting on top of what the protocol already generates. Together, the two streams begin building the full-stack revenue model the proposal envisions.
Aave V4’s reinvestment feature allows idle capital in pools to generate additional yield for the protocol. New V4 Spokes will also unlock further collateral and address the demand side of the DeFi liquidity market. These technical upgrades work in tandem with the revenue changes introduced under AWW.
Aave Labs has committed to working exclusively on the protocol’s own products going forward. This means AAVE token holders now own the protocol’s brand, users, and integrations through one unified asset.
Owning the full vertical stack is increasingly important as protocol competition intensifies across the DeFi space.
Governance Rules Tighten as Risk Management Expands
The governance model under AWW is shifting to a zero-bureaucracy structure focused on execution. Service providers will now be held to real, measurable goals rather than process-heavy deliverables.
The change reflects the DAO’s intent to compete with well-funded and efficient organizations in the broader financial sector.
Kulechov stated plainly on X: “Payments for posting governance proposals are over.” The DAO has already consolidated service providers to direct resources more effectively.
Going forward, SPs who align with token holder interests will receive budget support, provided their requests remain reasonable.
Under the new rules, full transparency from all service providers is a firm requirement. Relationship gating and value leakage away from the protocol will not be tolerated. Everything built with the DAO’s funds must benefit the protocol and remain owned by it.
On the risk side, Aave will maintain a dual-layer approach covering both economic and technical risk assessment. External managers such as Llama Risk and Token Logic will continue operating in their current roles. Their work will be supported and coordinated by a new internal team at Aave Labs.
Aave Labs will build a permanent internal risk management function to sit alongside external managers. This combined structure makes the overall risk framework more resilient.
Better coordination between layers is expected to strengthen the protocol’s response to market and technical risks ahead.
Crypto World
Whales Keep Buying TRUMP Meme Coin Before Mar-a-Lago Event, But Price Drops to Record Low
Whale activity around Official Trump (TRUMP) is intensifying, with holders accumulating tokens ahead of the April 25 crypto conference and gala luncheon at Donald Trump’s Mar-a-Lago resort.
On-chain tracker Lookonchain reported that one wallet withdrew 850,488 TRUMP worth $2.4 million from Bybit over the past two days. Moreover, a second wallet pulled 105,754 TRUMP from Binance. The wallet now holds 1.13 million tokens valued at $3.2 million.
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TRUMP Meme Coin Whales Stack Tokens
On-chain data from Santiment reveals a clear redistribution pattern since the event was announced on March 12. The largest holder tier, wallets holding between 10 million and 100 million tokens, trimmed positions from 320.09 trillion to as low as 307.95 trillion in late March.
However, the buying activity picked up after, with holdings increasing to 310.1 trillion on April 12.
Whales in the 1 million to 10 million range moved in the opposite direction. Those wallets added 5.56 trillion tokens during the same period, bringing their holdings to 166.94 trillion.
Wallets in the 100,000-1 million bracket followed a similar trajectory. Their holdings grew 5% from 96.59 trillion to 101.46 trillion.
BeInCrypto previously reported that the top 297 holders on the leaderboard will earn a seat at the conference. The 29 largest wallets receive VIP access to a private reception with the president.
TRUMP surged over 50% following the March announcement, briefly touching $4.49. However, the token has since given back all of those gains. It traded at approximately $2.8 on April 12.
Overall, in 2026, the meme coin is down by more than 41% and has lost more than 11% over the past month alone. With the event less than two weeks away, the gap between ongoing whale accumulation and falling prices sets up a volatile stretch for TRUMP holders.
The post Whales Keep Buying TRUMP Meme Coin Before Mar-a-Lago Event, But Price Drops to Record Low appeared first on BeInCrypto.
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