Wu Daily Selected Cryptocurrency News - QCP: BTC rebound to $78k is a relief rally, derivatives pricing indicates consolidation rather than trend continuation

1. QCP: BTC rebound to $78k is a relief rally; derivatives pricing shows consolidation rather than a trend continuation

QCP’s analysis says that BTC rebounded from around $75k to about $78k, mainly driven by Trump extending the Iran ceasefire to ease short-term risks, but overall it still represents a relief rebound rather than a shift in trend; with the current lockdowns continuing, oil prices staying around $100, and Iran’s position remaining unclear, macro uncertainty remains; Kevin Warsh’s remarks indicate that Fed policy is more dependent on data, and the market has not clearly reduced rate-cut expectations; in the crypto market, open interest has increased and funding rates are negative, showing that shorts are still building, creating short-term squeeze risks; derivatives market pricing shows consolidation rather than a trend continuation, and institutions have limited directional confidence.

2. SBF’s early $200k stake investment in Cursor funding; if not sold, its current value is about $3 billion

Elon Musk’s SpaceX announced that it has reached a partnership with AI programming startup Cursor, which grants SpaceX the right to acquire it later this year at a price of $60 billion, or to pay $10 billion to advance cooperation. Cursor developer Anysphere completed a $400k Pre-Seed funding round in April 2022, co-invested by Alameda Research and Heroic Ventures. Among them, SBF’s Alameda invested $200k in Anysphere, obtaining about 5% of the shares. In April 2023, FTX’s bankruptcy administrator sold the Anysphere shares held by Alameda Research for $200k. Analysts estimate that the equity FTX previously sold was worth about $3 billion.

3. Aave fund outflows total $15.1 billion; part of the withdrawn funds flow into Spark

Its total deposits have fallen from $48.5 billion before the event to $30.7 billion currently, with outflow accounting for roughly one-third. Meanwhile, other mainstream lending platforms show different fund movements: Morpho’s total deposits fell from $11.7 billion before the rsETH event to $10.2 billion, an outflow of $1.5 billion; while SparkLend’s TVL under Spark increased from $1.9 billion before the rsETH event to $3.2 billion, recording a $1.3 billion inflow. Spark has absorbed some whale and institutional funds withdrawn from Aave, including Justin Sun, as well as a well-known whale who put in $500 million in February to buy the dip.

4. KelpDAO stolen funds move into the laundering stage: some funds cross-chain to the Bitcoin network via THORChain

On-chain analyst Specter said that the KelpDAO cross-chain bridge attack funds have entered a stage of splitting and cross-chain laundering. The attackers dispersed the assets across multiple addresses; after receiving funds, one address quickly initiated money-laundering procedures. About 99% of its funds were routed to the Bitcoin network via THORChain, driving the protocol’s daily trading volume to about $211 million (approximately 10 times the 30-day average). Currently, around 442 BTC (about $33 million) are distributed across multiple addresses. More than 400 addresses have been cumulatively used for transfers, and some funds have been mixed with historical attack funds related to North Korea.