Crypto World
Aave could face up to $230m in losses after Kelp DAO bridge exploit triggers DeFi chaos
The Kelp DAO and LayerZero bridge exploit that occurred over the weekend has left lending protocol Aave facing potential losses of up to $230 million, depending on how the situation is resolved.
The incident, according to a report from Aave Labs and service provider LlamaRisk published on the Aave governance forum, centers on rsETH, a liquid restaking token issued by KelpDAO. To move rsETH between blockchains, the protocol relies on a bridge mechanism that locks tokens on one chain while issuing corresponding copies on another.
An attacker exploited that setup by forging a transfer message that appeared valid. The system approved the transfer even though the tokens were never taken out of the sending chain, meaning new tokens were effectively created without backing, releasing 116,500 rsETH from the Ethereum-side bridge.
Rather than selling the assets on the open market, the attacker deposited 89,567 rsETH into Aave as collateral and borrowed roughly $190 million in ETH and related assets across Ethereum and Arbitrum, according to the report. This left Aave exposed to collateral whose backing may be significantly impaired.
Aave Labs said it moved quickly to contain the risk. Within hours, the protocol froze rsETH markets across its deployments, set loan-to-value ratios to zero, and halted new borrowing against the asset.
The outcome now depends largely on how Kelp handles the shortfall. If losses are spread across all rsETH holders, the token would face an estimated 15% depegging (meaning the value of the staked tokens would not match the value of actual ETH), resulting in about $124 million in bad debt for Aave. If losses are instead isolated to Layer 2 networks, the impact would be far more severe, with bad debt rising to roughly $230 million and concentrated on networks such as Arbitrum and Mantle.
The exploit stemmed from weaknesses in how Kelp verified cross-chain messages using LayerZero. By manipulating this process, the attacker was able to make certain assets appear fully backed when they were not, allowing them to extract value from the system. LayerZero itself was not directly hacked, but its messaging layer exposed flawed assumptions in how Kelp validated cross-chain data.
The incident raised concerns that some positions on Aave were backed by collateral that was mispriced or no longer fully backed, increasing the risk of undercollateralized loans.
In response, users moved to reduce exposure. Around $6 billion in total value locked was withdrawn from Aave following the incident, reflecting a broad pullback as participants reacted to the uncertainty.
The episode highlighted its indirect exposure to external systems. The impact was felt through increased collateral risk, pressure on lending positions, and a sharp decline in deposits as users reassessed the safety of interconnected DeFi infrastructure.
The report said its DAO treasury holds approximately $181 million in assets and that discussions are underway with ecosystem participants to address potential losses. Kelp has not yet outlined how it plans to allocate losses, leaving Aave’s ultimate exposure uncertain as the situation continues to evolve.
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Bybit has led an $8 million Series A funding round in Hata, a dual-licensed digital asset exchange operating in Malaysia. The round also included participation from global family offices and follows Bybit’s earlier investment in Hata’s $4.2 million seed round.
According to Monday’s announcement, the funding will be used to improve liquidity, expand the user base and develop additional digital asset products.
Hata operates under licenses from the Securities Commission Malaysia and the Labuan Financial Services Authority, allowing it to offer trading and custody services for digital assets in the Southeast Asian country.
Since launching in 2023, the company has reported more than 209,000 registered users and processed 1.04 billion Malaysian ringgits (about $225 million) in transaction volume in 2025.
Ben Zhou, co-founder and CEO, said Malaysia is “strategically important” and has “one of the most digitally engaged populations in Southeast Asia and strong long-term potential for digital asset adoption.”
Bybit is the world’s fifth largest cryptocurrency exchange by trading volume, according to data from CoinMarket.
Beyond the region, the exchange is also deepening its commitment to the Middle East. In March, Bybit appointed Derek Dai as the new country manager for the MENA region to oversee expansion and partnerships despite ongoing regional tensions.
Dai said the Middle East is emerging as a key crypto market, with Bybit planning to expand UAE dirham access and build partnerships with banks and payment providers in the coming months.
Related: Rwanda swats Bybit’s P2P platform offering franc-to-crypto trading
Malaysia builds out digital asset regulatory framework
The investment from Bybit comes as Malaysia has been developing its regulatory framework for digital assets through a series of initiatives and pilot programs.
In June, Malaysia launched its Digital Asset Innovation Hub as a regulatory sandbox, allowing fintech and digital asset firms to test use cases such as programmable payments, ringgit-backed stablecoins and supply chain financing under central bank oversight.
During the same month, a Malaysian telecom company owned by Crown Prince Ismail Ibrahim, son of Sultan Ibrahim Iskandar, launched a ringgit-backed stablecoin called RMJDT on the Zetrix blockchain under the sandbox framework.
In November, Bank Negara Malaysia outlined a three-year roadmap to explore asset tokenization, including pilots for tokenized deposits, stablecoins and cross-border settlement through its Digital Asset Innovation Hub. The central bank’s plan includes an industry working group co-led with the Securities Commission Malaysia to coordinate use cases and address regulatory and legal considerations.
More recently, the central bank said it is piloting three sandbox programs focused on ringgit-backed stablecoins and tokenized bank deposits for cross-border settlement, with participation from institutions including Standard Chartered, CIMB Group and Maybank.
Magazine: Bitcoin will not hit $1M by 2030, says veteran trader Peter Brandt
John Oliver, host of HBO’s Last Week Tonight, targeted prediction market platforms on his show’s latest weekly deep dive.
In Sunday’s airing of the HBO show, Oliver discussed some of the trivial event contracts on platforms such as Kalshi and Polymarket, including betting whether members of the Trump administration would use certain words in public addresses, to the companies’ controversial partnering with news organizations.
Specifically, the host questioned Donald Trump Jr.’s relationship with both platforms — an adviser to Kalshi and Polymarket — and how the US Commodity Futures Trading Commission (CFTC) “doesn’t even seem to be trying” to block event contracts on terrorism, assassination and war under Chair Michael Selig.
For much of the show, Oliver discussed how it is “incredibly easy for individuals to manipulate the outcomes,” citing Coinbase CEO Brian Armstrong rattling off a list of crypto-related words in his third-quarter 2025 earnings call to cause many Kalshi and Polymarket users to win their bets.
“I’m going to make you a promise tonight,” said Oliver, echoing Armstrong’s statement. “I will never do anything because someone online placed a bet on it. So you can be confident that if I ever say Bitcoin, Ethereum, blockchain, staking and Web3, it won’t be because I’m trying to move markets — it will be because I’m having a stroke.”
While user activity and trading volume on prediction markets have increased exponentially in recent months — expected to reach $1 trillion by 2030 — the platforms’ controversial bets and legal status in US states have raised eyebrows for some experts. Gaming authorities in several states are suing companies like Kalshi over alleged illegal sports betting, with Coinbase chief legal officer Paul Grewal and others expecting the legal fight to end up before the US Supreme Court.
Related: Senate bill to target sports betting ban on prediction markets: WSJ
Financial giants looking to expand into prediction markets?
In addition to previously announced partnerships with media giants like CNN, CNBC, Fox News and Dow Jones, traditional financial companies including Charles Schwab and Citadel Securities recently signaled plans to consider prediction markets.
Charles Schwab CEO Rick Wurster said on a Thursday investors call that the company would “take a hard look at” prediction markets. In a separate event the same day, Citadel Securities President Jim Esposito said that the company was “absolutely keeping an eye on developments” as part of a potential move into the market.
Magazine: Adam Back says current demand is ‘almost’ enough to send Bitcoin to $1M
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Bitcoin price is at $76,466 on April 20, pressing the upper boundary of a 4H ascending channel from the February lows while the MACD simultaneously prints a bearish crossover on the same timeframe, creating a directional tension that will define the nearterm trajectory heading into the FOMC meeting on April 28.
Summary
- Bitcoin price is at $76,466 on April 20, up 0.99% on the 4H session, pressing the upper trendline of a 4H ascending channel that has been intact since the February lows near $59,000.
- The 4H MACD (12,26,9) has printed a bearish crossover with the histogram at -51.11, the MACD line at 148.89 crossing below the signal at 200.00, flagging momentum deceleration precisely at the channel’s upper boundary.
- A confirmed 4H close above the channel upper boundary near $77,500 opens the CME gap at $77,540 as the immediate target; a rejection and close below the SMA 20 at $75,881 exposes the SMA 100 at $72,467 as the next support.
Bitcoin (BTC) price is at $76,466 on April 20, up 0.99% on the 4H session, as price reaches the upper trendline of the ascending channel that has framed the entire recovery from the February lows. The 4H MACD has simultaneously printed a bearish crossover, with the MACD line at 148.89 crossing below the signal at 200.00 and the histogram printing at -51.11. The four SMAs remain in a bullish stack below price: SMA 20 at $75,881, SMA 50 at $74,605, SMA 100 at $72,467, and SMA 200 at $70,552. The 4H volume of 3.1K BTC is modest, confirming neither a high conviction breakout nor a distribution event at this stage.
The ascending channel on the 4H chart connects the February lows near $59,000 with successive higher lows through March and early April, producing a clearly defined upper boundary now aligning near $77,500. The CME futures market closed at $77,540 on Friday before the weekend and reopened Monday at $74,600, creating an upside gap of approximately 3.8% that is acting as a nearterm technical magnet for institutional positioning.
The 4H ascending channel from the February lows is the dominant structural framework for Bitcoin’s current price action. Each prior touch of the upper boundary has been followed by a pullback toward the channel midpoint or the SMA ribbon, and the current test is the most significant since the channel formed. The 4H MACD bearish crossover at this level is the signal that most directly challenges the breakout case. When the MACD line crosses below the signal while price is at a key resistance, the technical convention is that momentum is shifting toward sellers before a breakout can be confirmed on a closing basis.
The histogram reading of -51.11 is modest relative to the 148.89 MACD and 200.00 signal readings, suggesting early-stage deceleration rather than deep bearish momentum. Early-stage crossovers at resistance levels that do not expand into deeply negative histograms have historically resolved with a retest of the resistance rather than a breakdown, provided the ascending channel structure holds on a closing basis below.
Analyst @ChmielDk, a trader with over 15 years of market experience who posted analysis on X, flagged $60,000 as a potential floor under a worst-case geopolitical deterioration scenario, while the CME gap at $77,540 represents the primary nearterm technical target that short covering and institutional buying could accelerate price toward if the sell wall is cleared.
Key Levels: Support, Resistance, and Price Targets
The SMA 20 at $75,881 is the first 4H support on a closing basis. A close below it removes the shortterm dynamic support and brings the SMA 50 at $74,605 into play, which aligns broadly with the ascending channel midpoint. A sustained close below $74,605 breaks the channel midrange and puts the lower boundary near $70,552 into focus, where the SMA 200 also sits.
On the upside, the channel upper boundary near $77,500 is the immediate resistance. A confirmed 4H close above it opens the CME gap at $77,540 as the first target, with $80,000 as the extended psychological objective. Per Coinglass data from April 17, a $450 million sell wall was identified between $75,900 and $76,300, and price is currently sitting directly on top of this cluster. Clearing it on volume is the precondition for a clean push to the channel upper boundary.
Invalidation of the bull case: a 4H close below $74,605 alongside continued expansion of the bearish MACD histogram.
On-Chain and Market Data Context
Bitcoin open interest stands at $57.15 billion per Coinglass, with 24-hour futures volume of $72.75 billion and $136.5 million in futures positions liquidated in the past 24 hours. The modest liquidation figure relative to total open interest indicates the current price has not triggered a cascade in either direction. Bitcoin funding rates on Binance have remained negative for approximately 46 days, meaning short positions have been paying long positions throughout the entire ascending channel advance. Persistently negative funding rates during an uptrend signal accumulated short-side positioning that becomes vulnerable to a squeeze if price clears the overhead sell wall.
Iran reimposed controls on the Strait of Hormuz over the weekend, effectively ending the two-week ceasefire and pushing Brent crude back above $100 per barrel. Bitcoin pulled back from Friday’s high of $78,000 as the macro risk environment reasserted itself at the weekend open. The FOMC meeting on April 28 and 29 is the next scheduled catalyst, with CME FedWatch showing a 98% probability of a rate hold. Until either the geopolitical situation de-escalates or the Fed changes course, Bitcoin’s nearterm ceiling is likely to be defined by the interplay between the ascending channel upper boundary and the accumulated short positioning sitting directly overhead.
If Bitcoin closes a 4H candle above $77,500 with expanding volume, the CME gap at $77,540 is the immediate target and $80,000 the extended objective. A failure to clear $76,300 on the current session and a reversal below $75,881 shifts the focus back to the channel midpoint at the SMA 50 near $74,605.
NVIDIA Corporation (NVDA) stock price tests $201.75 resistance after a near 23% rally from its March 30 low at $164.04. NVDA trades at $199.24, down 1.21%, inside a bull flag handle that mirrors Bitcoin’s structure.
A US Supreme Court ruling on tariffs unlocks cost relief for NVIDIA’s import chain. And the next 1.5% of price action decides whether the 23% pole projection activates.
NVIDIA Stock Runs Bitcoin’s Playbook at Matched Volatility
NVIDIA volatility, measured as the 30-day rolling annualized reading, sits at 27.7%. Bitcoin (BTC) prints 27.8% on the same screen. The gap is 10 basis points.
The S&P 500 reads 14.9%, NASDAQ-100 18.4%, Apple 18.4%, and Microsoft 24.6%. NVDA trades roughly 1.5 times its parent index and closely matches a crypto asset. Only MicroStrategy (52.8%), Meta (42.8%), and Tesla (39.9%) print hotter volatility.
The identity does not stop at volatility. Bitcoin bottomed on March 29 at $64,869, per today’s BTC analysis. NVDA bottomed on March 30 at $164.04, one session apart.
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Bitcoin rallied 20.72% to an April 17 peak of $78,380. NVDA rallied 22.95% to $201.75 in the same window. Both assets now trade inside near-identical bull flag pattern handles below resistance.
Bitcoin’s measured move projects $90,841, a 21% extension. NVDA’s measured move projects $248, a 23% extension. The geometry is near-symmetric.
One difference sharpens the read. Bitcoin’s handle shows two rejections at the upper trendline and a long upper wick on April 20. NVDA’s handle shows the opposite footprint, with pullback volume visibly thinner than the seven green candles that built the pole.
Two assets at matched volatility, bottomed together, peaked together, facing the same measured-move math, printing the same pattern. This is not a correlation. The same money is possibly buying both.
The volatility alignment explains the rally size. The next question is whether institutions are actually paying to stay long inside the handle.
Put-Call Ratio Drops as Tariff Refund Clears Tail Risk
The bull flag needs a demand catalyst inside the handle, and the options tape is already supplying one. NVIDIA’s put-call ratio compares bearish put activity to bullish call activity. The reading has moved lower on both measurement methods since the March 30 pole base.
On March 30, when NVDA bottomed at $164.04, the volume-based ratio read 0.74. The open-interest-based ratio read 0.89. Both sat near the upper end of the post-October 2025 range, reflecting thick downside hedging at the low.
NVDA now trades at $199.24. The volume ratio has fallen to 0.59, and the open interest ratio sits at 0.84. That is a 20% compression in volume and a 6% compression in open interest. Both point in the same direction. Puts (bearish bets) are being closed faster than calls (bullish bets). That is the counterintuitive signal. Hedging usually rises as prices approach resistance. Here it is falling.
Options desks are not buying insurance against the $201.75 rejection.
The catalyst explaining the unwind landed today. The Supreme Court ruled Trump’s reciprocal tariff policy unlawful. The US government has begun refunding up to $166 billion to 330,000 importers across 53 million shipments. Refunds plus interest are scheduled within 60 to 90 days.
NVIDIA’s hardware stack depends on imported components across the global semiconductor supply chain. The tariff rollback reduces forward cost pressure on the AI infrastructure build-out. More importantly, the ruling retires a specific tail risk that had sat on the options curve through 2025. That is the exact risk the puts were pricing, now being dismantled.
Downside protection is cleared with a real catalyst under the tape. The NVIDIA price chart becomes the final decider of how far the bull flag can travel.
NVIDIA Stock Needs $201.75 Close to Activate $250 Target
The NVDA price action has the final call. The pole stalled at $201.75, which is not arbitrary resistance. That zone marks the 0.618 Fibonacci level while plotting the previous swing.
Capital flow confirms the pole was real. Chaikin Money Flow (CMF), a proxy for institutional buying and selling pressure, currently reads 0.21.
CMF traveled from roughly -0.25 at the March low to above zero in mid-April. The indicator then pushed into positive territory as the rally extended. That sequence confirms that real money was rotated in while the pole was being built.
This is why the Bitcoin volatility match is not a statistical coincidence. The same institutional pools are bidding on NVIDIA stock the way they rotate into Bitcoin. Synchronized March bottoms, parallel 21-23% poles, matched 27.7% and 27.8% volatility, and CMF inflows together describe one liquidity regime.
A daily close above $201.75 activates the 23% pole projection, which adds roughly $46 to the breakout trigger. The extension at $253.82 aligns with horizontal resistance at $248.25, suggesting $250 as the average target.
Intermediate checkpoints sit at $211.70 and $227.79. Bull flags in high-volatility regimes can meaningfully widen their handles before resolving. A dip into the $191 zone does not automatically invalidate the pattern. Only a daily close below $185.67 would significantly weaken the structure.
This NVDA price prediction now depends on one level. $201.75 separates the $250 path for NVIDIA stock from a $185.67 retest that would weaken the bull flag.
The post NVIDIA Mirrors Bitcoin Setup as Trump’s Tariff Refunds Hit appeared first on BeInCrypto.
Key Highlights
- Ripple establishes 2028 deadline for complete XRPL quantum-resistant transition
- Four-phase strategic plan addresses evolving quantum computing challenges
- XRPL’s native architecture provides unique advantages for cryptographic migration
- Initiative responds to Google Quantum AI research on blockchain vulnerabilities
- Structured upgrade approach balances security enhancement with network efficiency
Ripple has unveiled a comprehensive strategy to protect the XRP Ledger from quantum computing threats through a phased implementation plan. The initiative aims to achieve complete post-quantum security by 2028 without compromising transaction speed or network efficiency. This strategic response comes amid growing concerns about quantum technology’s potential impact on blockchain cryptography.
Google Research Accelerates Security Timeline
New studies from quantum computing experts reveal significant vulnerabilities in current cryptographic frameworks used throughout the blockchain industry. Ripple has responded by fast-tracking its quantum defense preparations for XRPL. The research underscores particular risks to digital signatures, transaction integrity, and long-term asset security.
Experts have identified a critical “harvest now, decrypt later” vulnerability affecting publicly accessible blockchain information. Malicious actors can capture encrypted data in the present and wait for quantum technology advancement to break encryption. Consequently, Ripple emphasizes proactive measures to protect both current and future ledger operations.
While existing security protocols remain effective against today’s threats, Ripple acknowledges the necessity of forward-looking defense strategies. The company stresses that timely preparation and systematic implementation will keep XRPL secure as quantum technology matures.
Built-In Features Enable Seamless Upgrade
The XRPL platform possesses inherent capabilities that facilitate cryptographic transitions more efficiently than competing blockchain systems. Notably, integrated key rotation functionality enables users to refresh security credentials without transferring assets. Consequently, Ripple can orchestrate smooth migrations while preserving existing account infrastructure.
XRPL’s seed-based key generation system supports deterministic cryptographic management throughout transition periods. This mechanism ensures secure credential creation during security upgrades. Ripple can deploy enhancements while preserving user autonomy and operational stability.
Competing platforms often lack integrated migration capabilities and necessitate complicated asset relocation processes. Ripple’s architectural design provides distinct advantages when implementing post-quantum security measures. These foundational elements create an optimal framework for advanced security deployments.
Staged Implementation Ensures Smooth Transition
Ripple has developed a comprehensive four-stage implementation framework to shepherd XRPL toward quantum resistance. The initial stage prioritizes contingency protocols for addressing potential cryptographic vulnerabilities. This foundation enables secure fund migration during unforeseen security challenges.
Ripple plans extensive testing of quantum-resistant cryptographic methods and performance impact analysis. Increased signature sizes and computational requirements demand thorough evaluation. Therefore, Ripple maintains ongoing experimentation to optimize the security-performance balance.
Subsequent implementation stages will introduce quantum-resistant signatures parallel to existing systems on development networks. This methodology allows thorough performance assessment without risking production environment stability. Ripple targets seamless full deployment by 2028 with minimal operational impact.
Ripple further emphasizes cryptographic flexibility through support for multiple internationally recognized algorithms. This adaptability ensures XRPL can evolve alongside emerging global cryptographic standards. Ripple strategically positions the network for sustained security amid shifting technological landscapes.
Ripple coordinates its strategic vision with worldwide progress in quantum computing and cryptographic science. The implementation roadmap demonstrates both technical readiness and collaborative ecosystem planning. This methodical strategy seeks to fortify XRPL while maintaining transaction velocity and system dependability.
Key Highlights
- Anchorage Digital Bank named as new custodian for Grayscale HYPE ETF
- Coinbase removed from custody role in amended filing
- Strategic custody diversification by Grayscale for HYPE ETF product
- Anchorage selection reinforces institutional-grade infrastructure
- Custody transition reflects evolving crypto ETF market dynamics
Grayscale Investments has updated its HYPE ETF application, transferring custodial responsibilities to a different service provider. The amended documentation names Anchorage Digital Bank as the new custodian, replacing Coinbase in this critical operational role. This modification represents a tactical repositioning as Grayscale continues developing its HYPE ETF product amid shifting regulatory frameworks.
Anchorage Digital Bank Assumes Custodial Responsibilities
The latest amendment to Grayscale’s HYPE ETF filing establishes Anchorage Digital Bank as the designated custodian. In the original submission, Coinbase performed both prime brokerage and custodial duties for the proposed fund. The revised documentation eliminates Coinbase from these combined functions.
Anchorage holds the distinction of being America’s first federally chartered digital asset bank. Consequently, appointing Anchorage enhances the institutional credibility underlying the HYPE ETF custody arrangement. The financial institution has broadened its offerings to encompass stablecoins, wealth advisory services, and comprehensive token management.
Grayscale previously engaged Anchorage as a backup custodian for its Bitcoin and Ethereum investment vehicles. Conversely, Coinbase continues serving as the main custodian for those established products. This custody transition underscores a wider diversification approach connected to the HYPE ETF launch.
Competitive Landscape and Infrastructure Considerations
Coinbase Custody Trust Company presently safeguards the majority of American spot bitcoin exchange-traded products. In contrast, Fidelity Digital Assets provides custody exclusively for its proprietary bitcoin offering. The HYPE ETF custody modification by Grayscale represents an uncommon shift in this established ecosystem.
The revised submission continues listing The Bank of New York Mellon in its transfer agent capacity. Thus, the foundational operations of the HYPE ETF stay unchanged notwithstanding the custody transition. The product also retains its dependence on CoinDesk benchmark pricing information.
Grayscale submitted its original HYPE ETF application in March alongside comparable submissions from industry competitors. Organizations including 21Shares and Bitwise had earlier pursued similar investment vehicles. As a result, competitive pressures continue influencing the HYPE ETF regulatory approval process.
Hyperliquid Platform Expansion Fuels HYPE ETF Demand
Hyperliquid currently ranks as the dominant onchain perpetual futures decentralized trading platform according to current market metrics. Nevertheless, regulatory barriers continue preventing direct platform participation for American traders. Notwithstanding these constraints, the HYPE ETF seeks to deliver indirect investment exposure to the underlying protocol.
Hyperliquid witnessed substantial expansion throughout 2025, amplifying interest in associated financial instruments. The HYPE ETF exemplifies growing institutional appetite for derivatives-oriented blockchain ecosystems. The fund architecture incorporates optional staking features, subject to regulatory authorization.
Grayscale maintains momentum in expanding its investment product portfolio under enhanced regulatory transparency. The asset manager has introduced additional fund proposals tied to cryptocurrencies including BNB and Zcash. The HYPE ETF constitutes one component of an extensive initiative to broaden digital asset investment options.
Bitcoin held above $76,000 on Monday, rebounding from overnight lows as the broader crypto market remained steady despite Iran war risks.
The largest cryptocurrency climbed about 2.4% over the past 24 hours, recovering from a dip below $74,000 earlier in the session. Ether (ETH), XRP, Solana (SOL) and other major altcoins also mirrored bitcoin’s move, as the broad-market CoinDesk 20 rose 1.7%.
That resilience comes against a shaky macro backdrop. U.S. President Donald Trump said Sunday that American forces had fired on and seized an Iranian-flagged cargo ship, warning of further escalation while Tehran refuses to strike a deal. A fragile ceasefire is set to expire later this week.
Oil prices jumped 6% to near $90, while the S&P 500 and Nasdaq slipped modestly, down around 0.3%-0.4%.
Crypto equities were mixed. Coinbase (COIN) and bitcoin treasury firm Strategy (MSTR) gained roughly 2%, while Circle (CRCL) and ether treasury Bitmine (BMNR) edged lower by 1%-2%.
“The fact that prices have not fully retraced despite new tensions suggests some genuine demand,” said Jasper De Maere, trader at Wintermute, pointing to recent spot ETF inflows as a supporting factor. Unlike earlier rallies this year, he said, the current move appears less driven by leverage.
That said, the path forward remains tied to geopolitics. A renewed ceasefire could push bitcoin back toward $80,000, while further escalation may keep markets under pressure.
For now, capital continues to concentrate in large-cap assets like bitcoin, De Maere noted, with riskier altcoins lagging, a pattern typical of market environments driven by macro headlines.
DeFi reels from $292 million KelpDAO hack
Elsewhere from the current price action, tensions are still high in the DeFi sector following the biggest crypto exploit of the year.
The $292 million KelpDAO hack cascaded across the market, as a vulnerability allowed the attacker to drain funds that were then used as collateral across lending protocols.
Because those assets were widely integrated into DeFi, the impact quickly spread, with users rushing to withdraw funds amid fears of bad debt and contagion.
Total value locked (TVL) across DeFi protocols fell by $14 billion over the past two days, according to DefiLlama data, even as asset prices remained steady.
DeFi TVL dropped to about $85 billion, its lowest level in a year and roughly 50% below October peaks. Aave, the largest lending protocol that was central in the exploit, saw around $10 billion in deposits withdrawn.
“There’s a tremendous risk-reward imbalance in DeFi,” David Shuttleworth from Anchorage Digital’s protocol team said. “Users will no longer accept the slightly higher (and sometimes lower) than risk-free rate they get by depositing in lending pools,” especially given the latest wave of exploits across protocols.
Read more: ‘DeFi is dead’: crypto community scrambles after this year’s biggest hack exposes contagion risk
Crypto World
Tokenised Gold on Bitget Reacted to Geo-political Events before Global Markets Opened Highlights Block Scholes Report
Bitget, the world’s largest Universal Exchange (UEX), in collaboration with Block Scholes, has released a new report highlighting the growing convergence between crypto and traditional financial markets, as traders increasingly move across asset classes in response to global macro events.
The report “Tokenised Markets on Bitget UEX: How Traders Are Utilising 24/7 Real-World Assets For Real-Time Macro Hedging,” examines trading behavior during the volatile first quarter of 2026. It finds that as macro events increasingly impact multiple asset classes simultaneously, traders are shifting away from fragmented systems toward environments that allow them to move across markets in real time.
This shift is reflected in activity on Bitget. The platform’s TradFi offering reached $2 billion in daily trading volume within days of launch, doubling to $4 billion shortly after and surpassing $6 billion during periods of heightened volatility. Rather than treating crypto, equities, and commodities as separate strategies, users are increasingly managing them as part of a single, continuous trading approach.
The report highlights that Bitcoin’s correlation with major equity indices has reached its highest level since late 2025, aligning with the belief that emerging markets are responding to shared macro drivers. In this environment, the ability to adjust exposure across asset classes without delay is becoming a core requirement rather than a niche advantage.
“Modern traders don’t wait for markets to open anymore, they know it never closes. There weren’t many avenues to explore this earlier but with tokenization stocks, gold, silver, commodities and any traditional financial asset can now be traded 24/7. Our platform is a proof of how this is happening in real time. ” said Gracy Chen, CEO of Bitget.
One of the clearest examples of this behavior emerged during recent geopolitical events that unfolded outside traditional market hours. Tokenized assets on Bitget enabled traders to hedge positions and participate in price discovery in real time, with trading volumes in gold-linked contracts increasing sharply as users reacted to unfolding developments.
The report also points to the importance of continuous liquidity and globally distributed participation. With trading activity spanning regions and time zones, price discovery is no longer confined to specific market sessions. This has increased the value of platforms that operate without interruption, particularly during periods of heightened volatility.
As correlations between asset classes continue to strengthen and macro-driven trading becomes more prominent, the report concludes that unified trading environments are gaining traction. Platforms that integrate crypto, tokenized real-world assets, and traditional market instruments into a single system are increasingly becoming the default choice for active traders.
Within Bitget’s Universal Exchange model, where multiple asset classes operate under one account structure, this trend reflects a broader shift in user behavior. As markets converge, traders are directing attention to platforms that allow them to manage risk, allocate capital and respond to global events without friction.
To read the full report, visit here.
About Bitget
Bitget is the world’s largest Universal Exchange (UEX), serving over 125 million users and offering access to over 2M crypto tokens, 100+ tokenized stocks, ETFs, commodities, FX, and precious metals such as gold. The ecosystem is committed to helping users trade smarter with its AI agent, which co-pilots trade execution. Bitget is driving crypto adoption through strategic partnerships with LALIGA and MotoGP™. Aligned with its global impact strategy, Bitget has joined hands with UNICEF to support blockchain education for 1.1 million people by 2027. Bitget currently leads in the tokenized TradFi market, providing the industry’s lowest fees and highest liquidity across 150 regions worldwide.
The post Tokenised Gold on Bitget Reacted to Geo-political Events before Global Markets Opened Highlights Block Scholes Report appeared first on BeInCrypto.
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