Bitcoin is pinned near $76,000 below $79,000 resistance as ETF outflows, Fed infighting, and record shorts sap risk appetite and keep volatility unnaturally muted.

Bitcoin (BTC) hovered around $76,000 on Thursday, struggling to break above a resistance band between $78,000 and $79,000 even after the Federal Reserve left interest rates unchanged, keeping markets fixated on internal policy fractures and macro uncertainty. According to an analysis by The Block, on-chain and flow data point to a market that has stabilized on the downside but lacks the conviction to force a clean breakout above the current range.

Kraken chief economist Thomas Perfumo said the market is now “more concerned about the policy uncertainties brought about by the ‘division’ within the Federal Reserve rather than the inaction itself,” especially with Jerome Powell still in place while Kevin Warsh is widely expected to take over, leaving “no clear policy transition.” He added that this leadership overhang compounds the impact of a Fed that has rarely shown such severe internal splits, a dynamic traders read as greater uncertainty over the inflation path.

Glassnode data cited in the report show Bitcoin remains “trapped” below its True Market Mean, with resistance clustered in the $78,000–$79,000 zone and a layered support base between $65,000 and $70,000. Selling pressure has eased considerably at these lower levels, but spot demand has not expanded enough to sustain a decisive move higher, leaving price pinned between patient buyers and hesitant new capital.

On the macro side, institutions including Bitget Wallet and 21Shares argue that expectations of “maintaining high interest rates for a longer term” are suppressing risk assets broadly, pushing crypto into a wait-and-see phase instead of the trending conditions that typically accompany aggressive Fed easing. This comes as U.S. spot Bitcoin ETFs register net outflows for three consecutive sessions, with roughly $138 million leaving on April 29 alone; Ethereum ETFs, meanwhile, saw about $87.7 million in outflows over the same period.

While certain individual funds still attract inflows, the aggregate pattern signals cooling institutional demand at the margin. At the same time, CME positioning and ETF assets under management have stabilized rather than rebounded, suggesting that sidelined capital has yet to commit back into size.

In derivatives, short positions in Bitcoin perpetual contracts have climbed to historical highs, creating the technical conditions for a potential short squeeze if sentiment or macro signals suddenly improve. For now, though, the market is marked by low volatility and low confidence, with continuous ETF outflows, a split Fed, and elevated policy risk collectively capping Bitcoin’s attempts to clear the $78,000–$79,000 ceiling.

Grayscale Research says tokenization could become one of the largest shifts in global finance. The firm said the market is still early, as only 0.01% of global stocks and bonds is onchain today.

The report estimates tokenized assets at about 30 billion dollars. It also said the wider securities market is worth about 300 trillion dollars.

The Tokenization Market Remains Small Today

Tokenization means placing asset rights on a blockchain as digital tokens. These tokens can represent bonds, funds, commodities, credit products, stocks, or other assets.

Grayscale said tokenization can reduce settlement delays. It can also create shared records between market users.

The report said tokenized assets have grown 217% year over year. However, that market remains tiny beside global capital markets.

NEW: Grayscale Research says tokenization is a $300T megatrend, just 0.01% is onchain so far. $ETH, $SOL, $CC, $BNB, $AVAX, $LINK appear to be the key tokens.

Near-term: big opportunity for $CC (privacy)

Long-term: large opportunity for open networks like $ETH, $SOL

Read…

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— Grayscale (@Grayscale) April 30, 2026

Tokenized U.S. Treasuries lead the current market with about 15 billion dollars. Commodities follow with about 5 billion dollars.

Smaller areas include private credit, funds, equities, and other real-world assets. Grayscale said these markets may expand as more issuers move onchain.

Ethereum Solana and Canton Lead the Race

Grayscale named Ethereum, Solana, Canton, Avalanche, BNB Chain, and Chainlink as key protocols. The firm said they may benefit as tokenized assets grow.

Ethereum has the largest open network ecosystem. The report said Ethereum holds about 50 billion dollars in DeFi total value locked.

Ethereum also leads Solana in tokenized assets today. Grayscale placed Ethereum near 16 billion dollars and Solana near 2 billion dollars.

Solana offers faster and cheaper transactions. The report said Solana has handled over 1,000 transactions per second and 100 million daily transactions.

BNB Chain is also a leading open network. Grayscale linked its reach to Binance, the largest centralized crypto exchange by trading volume.

Canton is different because it focuses on institutions. The report said Canton has over 348 billion dollars in tokenized asset value.

Grayscale said Canton gained attention in 2026 through large institutional partnerships. These included Nomura, Mizuho, Visa, Circle, and Apollo Global.

Privacy May Shape Early Adoption

Grayscale said privacy is a core issue for institutions. Banks and asset managers often cannot show transaction details to the public.

Open networks like Ethereum and Solana are transparent by default. This supports auditability, but it can expose counterparties and transaction amounts.

Institution-focused networks like Canton are private by default. Only approved parties can view specific transaction data.

The report said this gives Canton a near-term edge. It may fit better with how regulated financial firms work today.

However, Grayscale said open networks may gain ground over time. Ethereum and Solana are building privacy and identity tools.

These tools may include Layer 2 systems and zero-knowledge proofs. Grayscale said they still need to mature before broad use.

The firm expects tokenized asset trading to move toward open and permissionless networks over time. It said this shift may take a decade or more.

Chainlink may also play a key role across this market. Grayscale said tokenization is hard to imagine without tools like Chainlink.

“Tokenization is poised to transform capital markets,” Grayscale said. It added that the trend may drive value to the blockchains powering this change.

Anchorage Digital, the U.S’ first federally chartered crypto bank, has tapped M0 as its core technology provider, a move designed to turn the custodian into a primary engine for institutions looking to mint and manage regulated stablecoins.

San Francisico-based Anchorage seeks to expand its issuance platform through M0, and opens the door to a broad range of firms looking to launch U.S.-regulated stablecoins, according to a press release.

M0 (pronounced “M Zero”), is a flexible protocol that allows global institutions to mint fully configurable stablecoins, which also works with the likes of Stripe, Moonpay and MetaMask.

“It might not sound like the sexiest topic, but we have been building modular infrastructure for stablecoins for three years now,” said M0 CEO Luca Prosperi, in an interview. “This means we are supporting anyone who wants to launch and manage their own stablecoin, whether it is a crypto project, protocol, fintech, payment provider, exchange and many more.”

The arrival of the GENIUS Act means stablecoins in the U.S. are becoming a regulated instrument. M0 has already partnered with several regulated players that are using the firm’s contracts, but with Anchorage the regulation-focused relationship is “a bit deeper,” Prosperi added.

“By partnering with M0, we’re extending our issuance platform to support that growth, while maintaining the regulatory, operational, and security standards our partners rely on,” said Anchorage CEO Nathan McCauley, in a statement.

On-chain perpetual futures protocol Wasabi has been hacked with attackers draining over $5 million across Ethereum, Base, Berachain, and Blast, blockchain security firm PeckShield reported on X from their alerts account earlier today, April 30.

Wasabi acknowledged the incident on X, urging users to avoid using the protocol while investigations are under way:

“We’re aware of an issue and are actively investigating. As a precaution, please do not interact with Wasabi contracts until further notice.”

In a follow-up post, the team confirmed it had engaged professional on-chain security responders, including SEAL 911 and Blockaid.

Peckshield’s main X account added that it appears that Wasabi’s admin key has been compromised.

In response to Wasabi’s X post about the ongoing incident, on-chain investigator ZachXBT called out the protocol for reportedly using a single external owned account (EOA), referring to a user-controlled wallet managed by a private key, instead of more secure setups, like a multisig: “Why did a single EOA seemingly have so much control without basic safeguards?

DeFi’s Worst Month Yet?

The hack caps off a brutal month for DeFi, marked by two major exploits and over twenty smaller incidents. The former head of DeFi at Monad wrote on X today that April 2026 has turned out to be DeFi’s worst month in terms of losses from hacks and exploits:

“April 2026 was the worst month ever in terms of DeFi exploits — ~$635M lost in total, 28 incidents in 30 days.”

The month’s two largest incidents in terms of dollar losses were the Drift and Kelp DAO hacks. On April 1, Solana-based perpetuals exchange Drift Protocol suffered roughly $270 million in outflows, spanning more than 15 distinct token types, in what The Defiant reported as a North Korean state-linked operation six months in the making.

Then, on April 18, an attacker, also suspected of being North Korean state-backed, exploited a LayerZero bridge on Kelp, forging a cross-chain message that tricked the protocol into minting 116,500 rsETH with nothing locked on the source side. The attacker then deposited the unbacked rsETH into Aave as collateral and borrowed approximately $236 million in real WETH, as The Defiant reported.

The response to the Kelp incident has included an unprecedented collective effort among DeFi protocols and individuals, dubbed DeFi United, which has raised over $300 million to restore the backing of Kelp’s rsETH.

This article was written with the assistance of AI workflows. All our stories are curated, edited and fact-checked by a human.

TLDR

• Exponent raised $5 million in a seed funding round led by Multicoin Capital to expand its platform on Solana.
• The funding round included participation from Solana Ventures, RockawayX, and several other crypto investors.
• The company structured the investment as a SAFE agreement with token warrants.
• Exponent plans to launch an upgraded platform with an onchain interest rate order book.
• The new system will allow users to convert variable yield into fixed-rate positions.

Exponent has raised $5 million in seed funding to expand its yield exchange platform on Solana. The round was led by Multicoin Capital, with participation from several crypto-focused investors. The company plans to launch an upgraded platform focused on broader yield infrastructure.

Solana-based Exponent Advances Yield Infrastructure Plans

Exponent confirmed the $5 million seed round led by Multicoin Capital, with backing from Solana Ventures and RockawayX. Other investors included L1D, Prelude, and Theia Blockchain, along with individual contributors.

The startup also received support from Solana Labs CEO Anatoly Yakovenko and Solana Foundation executive Nick Ducoff. The company structured the funding as a SAFE agreement with token warrants, according to CEO Thomas Lefort.

Lefort stated that the fundraising process began in May and concluded in August last year. However, he declined to disclose valuation details or investor governance roles.

The funding increases Exponent’s total capital raised to $7.1 million after a prior $2.1 million round. The company launched its platform in late 2024 and has processed over $2 billion in yield volume.

Exponent reported serving more than 35,000 users since its launch. The platform generates revenue through fees tied to derivatives issuance and trading activity.

New Platform Features Target Active Yield Management on Solana

Exponent plans to release an updated version of its platform next month with expanded functionality. The upgrade will introduce a fully onchain interest rate order book and strategy vaults.

Lefort said the order book will allow users to convert variable yield exposure into fixed-rate positions. He explained, “Users can lock in rates based on their expectations of future market conditions.”

The feature will also support leveraged positions tied to lending and staking protocols. For instance, users of Kamino can convert variable returns into fixed-term outcomes through Exponent.

The platform will also introduce strategy vaults for simplified yield participation. These vaults will allow asset managers to package and offer structured yield strategies to users.

Lefort explained that the vaults will operate under predefined rules that limit capital deployment. He said, “This ensures consistent risk management while allowing broader participation.”

Exponent is onboarding asset managers and preparing markets for stablecoins and real-world assets. Early partners include RockawayX, Hastra, OnRe, and Solstice.

The company currently employs 12 team members and focuses on product rollout and system security. Lefort confirmed that about $1 million from the new funding will support audits and a bug bounty program.

Exponent stated it will remain focused on Solana due to its performance capabilities. The company aims to scale its infrastructure within the existing ecosystem.

Crypto-based prediction market Polymarket has tapped blockchain analytics firm Chainalysis to monitor trading activity and enforce its market rules, as it works to address concerns about insider trading and market integrity.

Chainalysis brings a suite of tools, including investigative software and onchain monitoring systems, to flag suspicious behavior, based on a model designed to identify patterns consistent with traders acting on non-public information, the firms announced on Thursday.

The move comes amid growing scrutiny of prediction markets. Critics have argued that platforms like Polymarket could be vulnerable to insiders — such as political operatives or corporate employees — placing informed bets before information becomes public. In traditional finance, such activity is illegal and closely monitored. In crypto-based markets, enforcement has been less clear.

Polymarket’s response is to lean into the transparency of blockchain. Because every trade is recorded onchain, activity can be traced and analyzed after the fact. By layering Chainalysis’ data tools on top, the company aims to detect suspicious trades in real time and, if needed, share evidence with regulators.

In simple terms, Polymarket is bringing in a kind of digital police force. The goal is to show that even in a decentralized environment, rules can be enforced. The broader aim is to reposition Polymarket as a credible financial platform rather than a crypto betting site.

“Polymarket was built onchain because transparency matters, and our platform shows what markets can look like when trades are open, traceable, and accountable by design,” said CEO Shayne Coplan.

Coplan has argued that prediction markets serve a broader purpose than speculation. He described them as “a very useful thermometer of the world,” where prices reflect the probability of real-world outcomes, at an event in New York this week.

Still, that usefulness depends on trust. If users believe markets are being skewed by insiders, prices become less reliable. That risk has grown as Polymarket has expanded, gaining mainstream attention during events like elections and attracting both retail traders and institutional interest.

Coplan has emphasized building something durable, focusing on products that “last” instead of chasing short-term trends.

Gemini Space Station (GEMI), the crypto exchange run by Cameron and Tyler Winklevoss, received U.S. Commodity Futures Trading Commission (CFTC) approval for a derivatives clearinghouse (DCO) license, allowing it to enter regulated derivatives and crypto’s fastest-growing, most-contested sector, prediction markets.

The approval allows Gemini to clear and settle trades in-house instead of depending on external providers, giving it greater control over how its prediction market products function and scale.

Gemini shares climbed about 7% following the announcement.

Prediction markets have become one of crypto’s fastest-growing areas, with trading volume increasing over 300% in 2025 to $63.5 billion, and Hyperliquid, a DeFi derivatives platform, is getting ready to compete with incumbents such as Kalshi and Polymarket. Wall Street is also in, as Roundhill Investments is expected to roll out the first U.S. exchange-traded funds (ETFs) tied to prediction markets on May 5, while two other asset managers are preparing similar products.

The approval builds on the crypto firm’s December 2025 debut of a prediction marketplace via another affiliate, Gemini Titan, which received a designated contract market (DCM) authorization from the CFTC.

With DCM and DCO licenses in place, Gemini is positioned to offer a full-stack trading ecosystem spanning sport, crypto, futures, options, and event-based contracts, the company said. Gemini also expressed intentions to expand into crypto futures, options and perpetuals for U.S. users.

“Today marks a major milestone in Gemini’s marketplace expansion,” Cameron Winklevoss said in the statement, framing the development as part of a broader push toward a “super app” for financial services.

In February, Gemini made public its plans to enter the prediction markets sector and focus solely on the U.S. when it announced its exit from the U.K., European Union and Australia, which included a staff reduction of roughly 25%.

“The reality is that America has the world’s greatest capital markets and America has always been where it’s at for Gemini,” the founders said, adding that their “thesis is that prediction markets will be as big or bigger than today’s capital markets.”