Americans lost $9.3B to crypto fraud in 2024 — FBI

Sovereign wealth funds and other institutions were accumulating Bitcoin during April 2025, while retail traders were exiting the markets via exchange-traded funds (ETFs) and spot markets, according to John D’Agostino, the head of strategy at Coinbase Institutional.

During a recent appearance on CNBC, the Coinbase executive likened Bitcoin to gold and said that many institutional buyers bought BTC as a hedge against currency inflation and macroeconomic uncertainty. The Coinbase executive said:

"When you do the work, there's a very short list of assets that mirror the characteristics of gold. Bitcoin is on that shortlist," the executive added.

Governments and financial institutions are increasingly adopting Bitcoin to protect purchasing power and the value of their treasuries in the face of macroeconomic shocks and geopolitical tensions.

On-chain data shows the Bitcoin price has reclaimed the cost basis of the short-term holders, a level that has historically been psychologically important.

Bitcoin Is Now Back Above The Short-Term Holder Realized Price

In a new post on X, the on-chain analytics firm Glassnode has discussed the Realized Price of the Bitcoin short-term holders. The “Realized Price” here refers to an indicator that keeps track of the cost basis or acquisition level of the average investor in the BTC sector.

When the spot price of the cryptocurrency is trading above this metric, it means the holders as a whole are sitting on a net unrealized profit. On the other hand, it being under the indicator suggests the dominance of loss in the market.

In the context of the current topic, the Realized Price of only a specific part of the sector is of interest: the short-term holders (STHs). The STHs are made up of the BTC investors who purchased their coins within the past 155 days.

This cohort represents one of the two broad divisions of the userbase done on the basis of holding time, with the other group being known as the long-term holders (LTHs).

Statistically, the longer an investor holds onto their coins, the less likely they are to sell them at any point. As such, the LTHs include the resolute hands, while the STHs include the weak ones.

Now, here is a chart that shows how the Realized Price of the Bitcoin STHs has changed during the last few months:

As displayed in the above graph, the Bitcoin spot price fell below the STH Realized Price earlier in the year, suggesting these investors dipped into a state of net loss.

As mentioned earlier, the STHs include the fickle hands of the market. These investors often panic whenever retests related to their cost basis occur, so the cryptocurrency can feel some kind of reaction when it touches the STH Realized Price.

When this retest occurs from below (that is, when the STHs were in the red prior to the retest), the cohort might react by selling, if the sentiment among them is bearish. This panic exiting at the break-even can provide resistance to the asset. From the chart, it’s visible that Bitcoin witnessed this effect back in early March.

After staying under the line for a couple of months, though, it appears the asset has finally managed to break above the resistance with the latest price rally. If the asset now goes on to see a sustained move in this profit region, it could be a signal that confidence is back among the STHs.

Historically, these holders being bullish has meant that their cost basis has turned into a notable support level for the cryptocurrency.

BTC Price

Following a surge of almost 6% in the last 24 hours, Bitcoin has returned to the $93,600 mark.

Official Trump (TRUMP) jumped 52% on April 23 after the announcement of an exclusive in-person dinner for the top tokenholders with US President Donald Trump. For some crypto advocates, this marks the end of the bear market, especially as Bitcoin bounced back above $93,000, but others raise suspicions on how sustainable the TRUMP memecoin rally really is.

From a purely performance perspective, the Official Trump (TRUMP) memecoin has been a disappointment. After soaring above $75 on launch day, its gains quickly disappeared as investors noticed the high concentration of tokens and the short-term vesting period.

At first sight, it is difficult to justify TRUMP’s current market capitalization of $2.6 billion, given that 80% of the supply was allocated to founders and entities controlled by Trump.

Traders are embracing diametrically opposed exchange-traded fund (ETF) strategies in a bid to navigate one of the most unpredictable financial markets in recent history, according to data from Bloomberg Intelligence.

The year-to-date has seen record inflows to ETFs providing leveraged long exposure to volatile assets such as stocks and cryptocurrencies, as well as funds holding risk-off assets such as cash and gold, the data shows.

“[T]here's basically record flows going into leveraged long ETFs but also cash and gold ETFs as people buy the dip and hedge the dip at the same time. May the best degen win!,” Bloomberg Intelligence analyst Eric Balchunas said in an April 23 post on the X platform.

Leveraged ETFs are funds that aim to multiply the daily performance of assets like stocks or crypto, often by two or three times.

In 2025, leveraged long ETFs attracted net inflows of roughly $6 billion, according to Bloomberg Intelligence. Meanwhile, inflows into cash and gold funds approached roughly $4 billion.

The Shiba Inu team has seen a major trend in its burn strategy, as data from its on-chain burn tracker, Shibburn, shows that the SHIB burn rate has surged massively by 1,328.82% over the last day.

On Tuesday, the crypto market kick-started a fresh bull run that saw major cryptocurrencies rebound above previous key resistance levels. While this has sparked renewed interest among investors, fuelling massive demand for SHIB, it has also seen SHIB record a notable four-digit increase in its burn rate in just one day.

As such, a total of 27,204,090 SHIB tokens have been sent to dead wallets, reducing the amount of SHIB in circulating supply. The team deploys this mechanism as a way to increase scarcity for SHIB and boost its market value.

SHIB burn up as price rockets

The tracking firm revealed multiple transactions issued to send SHIB to unspendable wallets, as the tokens were moved in varying batches. The most significant transactions involved massive transfers of 15,736,713 SHIB and 11,060,001 SHIB in a short period.Shibburn.com">

While this has been followed by multiple burn transactions involving large and small amounts of SHIB, over 410 trillion SHIB have been burned so far.

According to Shibburn data, the massive SHIB burn that happened today has brought the remaining tokens in circulation to 589,252,031,906,252, providing the chance for continued burning in the future.

The impact of this decisive action to burn as many Shiba Inu tokens as possible appears positive in the performance of the token in recent days. Data from CoinMarketCap shows that SHIB has surged by 2.37% to an impressive $0.00001354 over the last day.

SOL Strategies, a Canadian investment company, issued $500 million in convertible notes to buy and stake in Solana (SOL) tokens.

The $500 million issuance was made to a singular investor, ATW Partners, a New York-based investment firm. The company provides growth equity and structured capital to companies across public and private markets, a spokesperson for SOL Strategies told Cointelegraph.

A spokesperson for SOL Strategies said the company is focused on building institutional-grade infrastructure for Solana, rather than reacting to short-term price volatility.

According to an April 23 announcement, the yield generated from staking will accrue back to both SOL Strategies and ATW Partners. SOL Strategies is a publicly traded company listed on the Canadian Securities Exchange. Its share price has risen 25.3% on the day, according to Google Finance.