The global crypto market cap eased 0.90% to $2.57 trillion as 24‑hour volume plunged 38.54% to $103.17 billion, with stablecoins accounting for 95.77% of trading. Amid regulatory shifts—Trump’s repeal of the IRS DeFi broker rule and Paul Atkins’s SEC confirmation—Bitcoin on‑chain metrics and institutional staking developments are setting the stage for potential price rallies.
Quick Take
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Crypto cap $2.57 T (−0.90%); 24 h volume $103.17 B (−38.54%); DeFi share 8.36%, stablecoins 95.77%.
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Trump signs IRS DeFi broker repeal; SEC drops Helium suit; Paul Atkins confirmed SEC Chair.
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Long‑term holders added 363 000 BTC since February; whales maintain near‑peak accumulation scores.
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HashKey gains HK approval for ETH staking on spot ETFs; tokenized gold cap nears $2 B amid safe‑haven flows.
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Analysts forecast Bitcoin to test $100 000 by year‑end, with potential upside to $250 000 by 2026 on renewed institutional inflows.
Crypto Market Cap Declines to $2.57 T as Trading Activity Contracts Sharply
Crypto Fear & Greed Index | Source: Alternative.me
Over the past 24 hours, the total crypto market capitalization fell by 0.90% to $2.57 trillion, while trading volumes slumped 38.54% to $103.17 billion. DeFi protocols contributed $8.63 billion (8.36% of volume), but stablecoins dominated liquidity with $98.81 billion (95.77%). Bitcoin’s dominance dipped slightly to 62.41%, and the Fear & Greed Index plunged from 39 (“Fear”) to 25 (“Extreme Fear”), underscoring prevailing risk aversion among investors.
Trump Repeals IRS DeFi Broker Rule and SEC Chair Confirmation Signals Pro‑Crypto Tilt
Source: X
On April 10, President Trump signed a joint resolution under the Congressional Review Act nullifying the Biden‑era IRS rule that would have classified DeFi platforms as brokers required to report user transactions. This first-ever congressional crypto victory was celebrated by industry groups, which argued the rule would have inundated the IRS and stifled innovation.
Concurrently, the U.S. Senate confirmed Paul Atkins as SEC Chair in a 52–44 vote, marking a clear shift toward a “rational, coherent” digital asset regulatory framework after years of aggressive enforcement under Gary Gensler.
Read more: Bitcoin Reclaims $83K, XRP ETF Sparks 13% Rally, Paul Atkins’ SEC Role Amid DXY Dynamics
Bitcoin On‑Chain Accumulation: Whales and Long‑Term Holders Drive Supply Squeeze
Bitcoin’s network health is underscored by significant accumulation from long‑term holders (LTHs), defined as addresses holding BTC for over three years. Since mid‑February, LTHs have added approximately 363 000 BTC to their wallets, absorbing sell‑side pressure and reducing available supply. This cohort’s growing reserves suggest confidence in Bitcoin’s mid‑ to long‑term value proposition, even as short‑term volatility persists.
Whale addresses—those holding over 1 000 BTC—have also entered an intense accumulation phase. Mega‑whales (≥ 10 000 BTC) currently number 93 and reached a near‑perfect accumulation score in early April, indicating robust buying over a 15‑day window. This dynamic, combined with low spending from short‑term holders, points to a potential supply crunch that could amplify price moves when bullish catalysts emerge.
Bitcoin Price Prediction
Analysts are forecasting Bitcoin to retest the $100,000 level by year‑end as regulatory clarity and institutional products—such as staking and ETFs—attract fresh capital. More bullish projections, including by IOHK’s Charles Hoskinson, envision Bitcoin reaching $250,000 by 2026, driven by macroeconomic tailwinds, tariff‑induced inflation hedging, and broader adoption of digital assets.
Read more: The History of Bitcoin Bull Runs and Crypto Market Cycles
Helium Lawsuit Dismissal: SEC Drops Securities Claims, Clarifying Token Distribution Precedents
The SEC dismissed with prejudice its lawsuit against Nova Labs, developer of the Helium network, which had accused the company of issuing unregistered securities via its HNT, IOT, and MOBILE tokens. The ruling affirms that selling hardware coupled with token incentives for network growth does not inherently constitute a securities offering—setting a critical precedent for future token distribution models.
Read more: Top DePIN Crypto Projects to Know in 2025
HashKey’s Hong Kong Staking Approval: Institutional Yield on Ether ETFs Arrives
Source: X
On April 10, Hong Kong’s SFC authorized HashKey Group to provide ETH staking services on licensed virtual asset trading platforms and authorized funds. This landmark approval positions HashKey as one of the first regulated exchanges in Hong Kong to enable institutional investors to earn staking yields on spot Ether ETFs, enhancing the appeal of proof‑of‑stake assets and paving the way for similar U.S. approvals under the new SEC leadership.
Tokenized Gold Touches $2 B Market Cap as Investors Flee Risk Assets
Source: CoinDesk
Tokenized gold has emerged as a top-performing sector, with its combined market cap surging to $1.98 billion—a 5.7% 24‑hour gain—mirroring physical gold’s record highs above $3 200/oz. Weekly trading volumes of Paxos Gold (PAXG) and Tether Gold (XAUT) have exploded by 900% and 300%, respectively, since January 20. Crypto‑native investors are increasingly using tokenized gold as a stable‑value hedge amid geopolitical tensions and tariff‑driven market turbulence.
Read more: Unlocking RWA Tokenization in 2025: Key Trends, Top Use Cases & DeFi Insights
Conclusion: Balancing Fear and Opportunity in a Shifting Regulatory Landscape
Despite a pullback in overall market cap and volumes, underlying fundamentals—from robust on‑chain accumulation to pro‑crypto regulatory developments—point to a potential inflection. Trump’s repeal of the IRS DeFi broker rule, Atkins’s SEC confirmation, and HashKey’s staking green light in Hong Kong collectively signal a more favorable environment for digital assets. As Bitcoin eyes $100 000 and beyond, market participants will watch for macro and legislative catalysts to convert latent demand into the next bullish leg.
