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The encrypted derivatives track is at a critical window of structural transformation. Over the past few years, the on-chain perpetual contract market has experienced a transition from "infrastructure validation" to "scalable growth." In this transformation, Hyperliquid has gradually evolved from a dark horse into a core protocol dominating the on-chain derivatives market share.
As of April 13, 2026, Gate's market data shows that Hyperliquid's native token HYPE is priced at $41.52, with a 24-hour increase of 1.64%, and a total increase of approximately 154.53% over the past year, with a market capitalization of about $9.9 billion. Meanwhile, on April 10, Bitwise submitted a second amended application for the Hyperliquid ETF to the U.S. Securities and Exchange Commission, confirming the product code as BHYP.

TVL (Total Value Locked) as a core metric for measuring on-chain DeFi activity has long been an important benchmark for judging the competitiveness of public chains. Data from early 2026 shows that Solana’s DeFi TVL is about $9.228 billion, while the TVL of Ethereum’s major L2 portfolio is about $9.05 billion—both are almost on par. However, if we shift our focus from “active locked assets” to “total value secured” (TVS), the gap immediately widens by an order of magnitude: Ethereum L2’s TVS is as high as $40.5 billion, while Solana’s data in this dimension is nearly not in the same range. Behind this structural mismatch, is it due to differences in user behavior, or a fundamental divergence in ecosystem positioning? On April 13, the Solana Summit in New York is just

In April 2026, on-chain data from Arkham Intelligence and The Information sparked widespread attention in the crypto market: SpaceX currently holds 8,285 BTC, worth approximately $603 million, stored on the Coinbase Prime institutional custody platform. Alongside this data, it was disclosed that the company’s net loss for fiscal year 2025 is close to $5 billion, and although revenue increased to $18.5 billion, the high costs generated from acquiring and integrating xAI consumed all profits. Notably, SpaceX’s BTC holdings have remained unchanged since mid-2024; its most recent on-chain asset movement was only a rebalancing operation of 614 BTC and 1,021 BTC between internal wallets about four months ago, rather than any

In 2025, Ethereum successfully delivered two hard fork upgrades, Pectra and Fusaka, demonstrating the feasibility of a development rhythm of "two hard forks per year." Entering 2026, the Ethereum Foundation released the "Protocol Priorities Update for 2026," which systematically planned for two named upgrades—Glamsterdam and Hegotá—and promoted the institutional evolution of the protocol layer around three main themes: Scale, Improve UX, and Harden the L1. These two upgrades mark the transition of Ethereum from...

April 10, 2026, Bitwise Asset Management submitted a second amendment (S-1 amendment) to the U.S. Securities and Exchange Commission regarding the proposed spot Hyperliquid ETF. The update clarifies that the ETF will be listed and traded on NYSE Arca, a subsidiary of the New York Stock Exchange, with the trading symbol set as

The National Securities Commission of Argentina (CNV) issued General Resolution No. 1125/2026 in April 2026, making significant revisions to the criteria for recognizing qualified investors. Under the new regulation, virtual assets held by individuals or legal entities may be combined with securities investments and domestic and foreign bank deposits for calculation purposes. When the combined total value of these three assets reaches 350,000 UVA, the investor may obtain qualified investor status. UVA is Argentina’s “inflation-linked unit,” designed to offset the impact of currency depreciation on the nominal value of assets; its value is dynamically adjusted according to the consumer price index.
The resolution provides a clear definitional framework for “virtual assets”: any digital value form that can be traded or transferred electronically and is used for payments or investment falls within the scope of what can be counted. This means cryptocurrencies, tokenized assets, and stablecoins are all included in this category. This classification change officially moves crypto assets from the previously ambiguous area where they were not recognized into the formally recognized category.

In 2026, the U.S. FDIC issued a draft regulation for stablecoin oversight, establishing a prudential framework that requires banks issuing payment stablecoins to meet a series of financial and compliance requirements, and implementing a parallel state-level and federal regulatory system to ensure the safety and transparency of stablecoins.

On April 6, 2026, the U.S. Securities and Exchange Commission (SEC) officially submitted the “Crypto Asset Regulation” (Regulation Crypto Assets) proposal to the Office of Information and Regulatory Affairs (OIRA) at the White House for final review, leaving only the last step before the public comment period. SEC Chair Paul Atkins revealed later that month that the framework was already in the OIRA review stage and is expected to be officially released soon. Abbreviated as “Reg Crypto,” the proposal is built on three core exemption mechanisms, aiming to establish a practical compliance pathway for the crypto industry that has long operated in a regulatory gray area. Advancing this framework signals that U.S. crypto regulation is moving from an enforcement-led model to a new stage centered on rulemaking.
What is the SEC “Reg Crypto” framework?
SEC “Re

On April 13, 2026, the U.S. Senate ended its Easter recess and resumed its full session, marking the final sprint stage as the “Digital Asset Market Clarity Act” (CLARITY Act) officially entered the legislative window. The Senate Banking Committee’s target is set for late April, and the physical constraints of the legislative clock have already become evident: from committee review to the President’s signature, the five-step process must be completed within less than two months.
Meanwhile, Coinbase CEO Brian Armstrong publicly supported the bill on April 10, completing a 180-degree stance reversal, and echoed the pressure action by Treasury Secretary Scott Bessent to provide key endorsement for the bill. With Senator Thom Tillis and Angela

XRP community sentiment once again reaches an extreme. According to the latest weekly data from crypto analytics firm Santiment, the ratio of bullish to bearish comments around XRP has dropped to 1.02:1.00, a level that has only occurred three times in the past two years. Meanwhile, XRP's price has declined approximately 63% over the past nine months, falling from its all-time high of $3.65 in July 2025 to around $1.32 currently. Extreme sentiment usually indicates that the market is approaching a critical point. The question is: how does this time differ from the previous two instances? What macro and structural variables are influencing the panic behind this?
XRP sentiment ratio drops to 1.02, marking the third most pessimistic record in two years
On April 13, 2026, Santiment posted a set of messages about the XRP community on social media

As of April 2026, the ADA price is $0.2388, and the market is in a critical transition period, with the Protocol 11 hard fork about to activate, optimizing smart contract execution efficiency. Large holders are actively increasing their holdings, reflecting confidence in the future ecosystem development. Factors such as the launch of native stablecoins in the second quarter and the expansion of decentralized finance will further influence ADA's market performance.

Bitcoin is currently in one of the most decisive technical positions of this cycle. Above, millions of short-term holders in a loss position form a heavy resistance barrier; below, the cost basis of long-term holders provides solid support. As of April 13, 2026, Gate market data shows Bitcoin at approximately $70,700, with a market capitalization of about $1.33 trillion and a market share of 55.27%. This price is precisely in the sensitive zone between the aforementioned support and resistance.
On the surface, since reaching a historical high of around $126,000 in October 2025, Bitcoin has retraced about 43%, and market sentiment has remained in the "extreme fear" zone for over 20 days. However, beneath the surface of this emotional low point, on-chain data is transmitting a signal that may be overlooked by most participants—the structural bottom of this correction.

Crypto Sentiment Analysis Platform Santiment's latest monitoring data shows that bearish comments about Bitcoin on social media have risen to their highest level in nearly five weeks. As of April 4th, the Bitcoin bullish-to-bearish comment ratio has dropped to 0.81, the lowest since February 28th, equivalent to approximately 5 bearish comments for every 4 bullish comments.
This data is sourced from tracking multiple mainstream social platforms such as X, Reddit, and Telegram. Santiment posted on X stating, "FUD sentiment is resurging, and the overall community optimism is clearly lacking," emphasizing that this "is often a common precursor to a price rebound."
From a behavioral market perspective, the reason social media sentiment indicators are of reference value largely stems from contrarian trading logic—when most participants form a consensus of pessimism.

On April 12, 2026, the first round of direct talks between the U.S. and Iran held in Islamabad, Pakistan, was declared to have broken down after approximately 21 hours of marathon-style negotiations.
U.S. Vice President Vance confirmed that the two sides had sharply divergent positions on core issues such as the nuclear issue and control of the Strait of Hormuz. All three key demands proposed by the U.S.—including Iran exporting 60% of enriched uranium out of the country, giving up uranium enrichment rights for the next 20 years, and “sharing benefits equally” in the revenue and management of the Strait of Hormuz—were rejected by Iran. After the negotiations ended, U.S. President Trump immediately announced that the U.S. Navy would blockade the Strait of Hormuz and, beginning at 10:00 a.m. Eastern Time on April 13, would impose a blockade on all maritime traffic entering and leaving Iranian ports.
Iran responded forcefully. In a public notice, the Revolutionary Guard said that the strait was under complete control, warning that any military vessels approaching would be considered a violation of the ceasefire. As the military standoff between the two sides escalated in parallel, Israel

Attention in the crypto market is constantly shifting rapidly between different narratives. Entering the third week of April 2026, three altcoins became the focus of industry discussion due to their respective unique market performances and event-driven factors—RaveDAO’s governance token RAVE experienced a rare single-day price surge, Polkadot coin DOT approached its historical low after a cross-chain bridge security incident, and OFFICIAL TRUMP tested a key support level ahead of specific holder activity.
Together, the three represent three typical scenarios in the current crypto market: dramatic volatility under liquidity-driven dynamics, trust erosion triggered by infrastructure security incidents, and the game between event expectations and chip (position) structure. This article analyzes them based on Gate market data from four dimensions: facts, structure, sentiment, and risk evolution.
Anomaly Scan: Market Performance of the Three Assets
As of April 13, 2026

On April 13, 2026, the overall cryptocurrency market experienced a widespread correction amid geopolitical tensions. However, the ecosystem token RAVE of the Web3 entertainment aggregation protocol RaveDAO showed an entirely independent trend opposite to the broader market—surging over 180% in a single day, reaching a historical peak of $8.08 during trading. Within a week, the asset's cumulative increase exceeded 2,900%, with its market capitalization rapidly rising to approximately $1.75 billion. Just as market participants took notice, multiple on-chain analysts simultaneously issued abnormal signal warnings, suggesting that there are structural features worth examining behind this sharp price volatility. This article will objectively analyze the evolution of RAVE's recent price event and the market controversy based on publicly verifiable on-chain behaviors and market data.
Counter-market surge and sharp increase in market attention
According to Gate exchange

Summary
The S&P 500 rose 3.48%, and the Nasdaq increased 4.12%, driven by warming U.S.-Iran ceasefire negotiations and the start of mine clearance in the Strait of Hormuz, leading to a significant improvement in market risk sentiment.
March CPI year-over-year was 3.4%, and PPI was 2.4%, indicating ongoing inflation pressures, which complicates the Federal Reserve's rate cut path amid slowing economic growth.
WTI crude oil declined over 14% in a week, as geopolitical risk premiums eased, and market expectations of global supply gradually recovering.
The crypto market saw a slight rebound, with BTC up 2.5% and ETH up 3.9%, mainly supported by inflows into spot ETFs.
Among major assets, ZEC performed notably due to Grayscale's privacy asset allocation; TON rose due to a major network upgrade (enhancing speed and finality).
Hong Kong to Anchorpoint

On April 12, 2026, the US-Iran ceasefire negotiations held in Islamabad ended without reaching an agreement. Vice President Vance's confirmation statement at the press conference instantly shattered the market optimism that had accumulated during the two-week ceasefire window. Bitcoin's price quickly retreated from the brief high of $73,800, once falling below the $71,000 threshold. According to Gate market data, as of April 13, 2026, Bitcoin's price was $70,731.8, down approximately 1.25% over 24 hours, with a market capitalization of about $1.33 trillion and a market share of 55.27%.
On the surface, this appears to be an ordinary "geopolitical risk → risk asset sell-off" narrative. But on-chain data tells a very different story: beneath this layer of macro panic, a systematic transfer of wealth from the weak to the strong, from retail investors to institutions, is quietly underway. This article will be based on five

As multiple publicly traded companies have adopted Solana as their core treasury asset, their stock prices are deeply tied to the underlying token’s price, exhibiting high volatility. Starting in April 2026, the stocks of these companies have generally fallen back by more than 80%, and some individual stocks have dropped by nearly 90%. Analysts note that before market sentiment is repaired, there may be additional downside risks ahead. Solana’s price fluctuations directly affect the value of corporate assets, and the market has begun to reassess the role of crypto assets in financial structures. A potential three market scenarios analysis also reveals different risks and opportunities.

In early April 2026, the crypto market once again focused on World Liberty Financial's WLFI token. This DeFi project, deeply linked to the Trump family, saw its native token WLFI drop to a historic low after a series of controversies. Behind the price decline is a complex incident involving self-collateralization, related-party loans, and liquidity runs, exposing deep risks within DeFi governance structures to the public eye. As of April 13, 2026, Gate data shows that WLFI is priced at approximately $0.07866, with a 24-hour trading volume of $1.5 million, a market capitalization of about $1.93 billion, a circulating supply of 24.66 billion tokens, and a total supply of 100 billion tokens.
The storm center: WLFI token creation history