Bitcoin yield demand booming as institutions seek liquidity — Solv CEO

Ethereum developers are working to improve blockchain interoperability with two new token standards: ERC-7930 and ERC-7828.

“There’s no standard way for wallets, apps, or protocols to interpret or display this information,” decentralized finance (DeFi) ecosystem development organization Wonderland wrote in a May 1 X post. Wallets, decentralized applications (DApps), block explorers and smart contracts follow different rules.

“The result? A messy, inconsistent experience that breaks cross-chain UX,“ Wonderland stated.

Wonderland is a group of developers, researchers and data scientists focused on improving the Ethereum DeFi ecosystem. The organization partnered with multiple DeFi protocols, including Optimism, Aztec, Connext and Yearn.

The Bitcoin price seems to have hit an important make it or break it point that will determine the next course of action. While sellers seem to be running out, there is still enough pressure to keep the bulls at bay. This continuous beating down of the Bitcoin price, as well as its failure to make a notable break above resistance at $95,800 in the last few days, suggests there is more to be done. So, what happens when Bitcoin does make a definite breakout?

Bitcoin Price Could Sweep Liquidity At $93,000

With the Bitcoin price being beaten down, there is the possibility that the cryptocurrency could fall a bit further before resuming its uptrend. This was explained by crypto analyst TehThomas on a TradingView post, mapping out the possible directions of Bitcoin, with both hinging on two major levels.

The first of the major levels mentioned was the resistance at $95,400-$95,800 that has been holding back the Bitcoin price from its campaign for $100,000. The analyst explains that this has become an important level to beat, given the fact that it has rejected the price multiple times already. As a result, there has been the formation of a range just underneath this resistance level as bulls seem to be backing down.

However, regardless of the loss in momentum, the crypto analyst explains that the broader trend structure is still the same. This means that the Bitcoin price is still bullish, especially with a higher timeframe ascending trend line and the formation of higher lows recently.

The one roadblock faced by the Bitcoin price from here is the possibility of it falling to do a liquidity sweep at the $93,000-$93,800 levels. A successful sweep and a rebound from here would see adequate absorption of liquidity, which would be used to fuel a higher price rise. Thomas explains that “This zone is confluenced by the ascending trendline from previous swing lows, offering a clear area for a liquidity sweep.”

Bullish Or Bearish Scenario Next?

In terms of where the Bitcoin price is headed next, it comes down to the liquidity sweep and if resistance is broken. As Thomas explains, a drop to the $93,000-$93,800 level for liquidity is most likely at this point to sweep out late longs and introduce fresh liquidity into the market. “A dip into this level that still respects the trendline would maintain bullish structure despite violating the local higher low.”

On the flip side, if the Bitcoin price were to fall lower than $93,000, then the sweep could be unsuccessful. This would lead to a break in the bull structure and likely cause the price to collapse further. “In the worst case scenario possibly invalidating the breakout thesis temporarily.”

Major European cryptocurrency investment firm 21Shares has filed for a spot Sui exchange-traded fund (ETF) in the United States, marking another step in its expansion to the US market.

21Shares on April 30 submitted the Form S-1 registration for a spot Sui (SUI) ETF to the US Securities and Exchange Commission (SEC).

Called the 21Shares Sui ETF, the proposed ETF will issue common shares of beneficial interest by seeking to track the performance of SUI held by 21Shares’ US subsidiary.

The US filing comes a year after 21Shares started trading the 21Shares Sui Staking exchange-traded product in Europe in July 2024, with its first listings on Euronext Paris and Euronext Amsterdam.

No ticker or planned exchange yet

The 128-page filing does not specify on which US exchange the new SUI ETF is expected to debut trading. The ETF also doesn’t have a ticker symbol yet.

“There is no certainty that there will be liquidity available on the exchange or that the market price will be in line with the NAV [net asset value] or the principal market NAV at any given time,” it states.

Sky's core governance design team, Atlas Axis, submitted a proposal Wednesday that, if approved, would complete the protocol's upgrade from MKR to SKY. This shift would make SKY the exclusive governance token and enable staking, unlocking USDS rewards for SKY holders.

Sky co-founder Rune Christensen hailed the proposal as a "huge milestone" in a forum post.

"I fully support the proposal from Atlas Axis to finalize the upgrade from MKR to SKY, and it is great to see them taking the lead on proposing larger scale upgrades to the system like this," he said. "Getting past the full upgrade of MKR to SKY is one of the last pieces missing before Sky can transition to zero fixed costs at the end of 2025, which will ensure an even greater portion of the income the protocol generates goes to the benefit of SKY buybacks, or SKY staking rewards."

Formerly known as Maker, the protocol underwent a significant rebranding as part of its "Endgame" strategy, transitioning to Sky in 2024. That introduced new features, including the launch of decentralized stablecoin USDS, a new version of DAI, with a supply now exceeding $7.5 billion, and SKY to replace the MKR governance token.

While USDS and SKY were introduced as upgraded tokens, DAI and MKR remain in circulation, and users have had the option to convert their holdings to the new tokens, allowing for a gradual transition process.

End of an era

If approved, the proposal could be activated within a matter of weeks, making SKY the technical and functional evolution of MKR, with SKY inheriting the governance voting rights previously held by MKR, the Sky team told The Block via email. 

Existing MKR holders can upgrade to SKY at a fixed rate of 1 MKR:24,000 SKY. Like MKR, SKY allows holders to vote on Sky ecosystem governance proposals or delegate their votes.

SKY staking would also be enabled, providing holders with sustainable and permanently active USDS rewards based on the income the Sky protocol generates, Christensen explained — accessible via frontends such as Sky.money.

To encourage timely migration, conversions from MKR to SKY starting Sept. 18 will incur a 1% penalty, increasing by 1% every three months thereafter. These penalties, transparently managed by governance, aim to reward early adopters and support long-term stability.

Initially, SKY-backed staking vaults will temporarily disable liquidations to maintain stability. Full functionality will resume as liquidity improves and governance adjusts risk parameters.

Governance authority will migrate to a new contract controlled exclusively by SKY voting, permanently disabling the ability to downgrade from SKY back to MKR. This transition is slated to occur between May 15 and May 19, pending an onchain vote.

"Overall, I think this is a very competent and thoughtful solution to ensure the full upgrade of MKR to SKY, maximizing the chance that exchange liquidity will migrate smoothly while providing the crucial SKY staking feature to SKY holders and MKR holders that will be upgrading," Christensen said.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

According to Bloomberg Intelligence, the likelihood of US regulators approving a Solana ETF (exchange-traded fund) is now a whopping 90%.

This is particularly noteworthy because the company’s odds for a $SOL ETF were just 70% back in February, i.e., only a couple of months ago.

Combined with the CME listing Solana-based futures contracts in March, a $SOL ETF will likely rocket Solana to the moon.

Keep reading to find out all the reasons for being bullish on Solana right now. We’ll also point you towards the best altcoins you can buy today to make the most of $SOL’s bright future.

Solana Futures Open Interest Nears All-Time High

While six asset managers await the SEC’s permission to list $SOL ETFs, the crypto’s future open interest reached $5.75B (or $40.5M $SOL). In addition to being a chunky 5% increase from March, this metric is now close to its all-time high. The demand for $SOL derivatives is also 50% higher than $XRP’s.

Moreover, this data is hot off the oven (recorded just a few days ago), so it’s dead accurate and proof of strong institutional interest in the blockchain.

One of the biggest reasons behind the growing adoption of $SOL derivatives is that the crypto held the crucial $140 support level.

With rising DEX volumes and a staggering $9.5B in total value locked (TVL), $SOL can easily surge past $200 well before a potential spot ETF approval on October 10.

What Does $SOL’s Chart Say?

Technical analysis on $SOL’s charts paints a pretty picture, too. The crypto has bounced perfectly from the 10, 20, and 50 EMAs simultaneously on the daily chart, which is a hugely positive signal.

The aforementioned bounce is also at a major support/resistance zone, further proving that the current bullish rally could hold itself nicely.

Although history should not serve as an indication for future price movements, one cannot help but ask it for advice, especially in times of indecision and lack of a clear trend.

CryptoQuant’s latest analysis shows a promising picture when it comes down to the behavior of short-term holders (those holding their assets for somewhere between a day and a week), which have been growing in the past few weeks – something that was observed ahead of the two significant rallies in 2024.A Glimpse Into the Past

The accumulation trend mentioned by CryptoQuant’s Crypto Dan hints back at the developments that took place in January and October last year. Back then, STHs, which wereabsentfrom the BTC market, at least until recently, went on a buying spree, which was confirmed by the growing number of active addresses.

What followed both times were rather quick price upticks for bitcoin, which soared to a new all-time high in March 2024 after the launch of the ETFs, and a new peak down the line in January 2025 ahead of Trump’s inauguration.

“Now, a similar increase in short-term holder activity is once again being observed, which could signal the beginning of another bullish phase, just like in the past.

Notably, this indicator has historically moved ahead of major price surges, making it a reliable signal of accumulation,” said the CQ analyst.BTC Above $96K

After the April 7 and 9 lows of under $74,000, the primary cryptocurrency went on the offensive hard and exploded by over $20,000 to tap $96,000 last Friday. Its run, even though quite impressive, was stopped there, and the asset spent the following week or so in a tight range between $93,000 and $95,000.

The lower boundary wastestedon a couple of occasions, including yesterday, but it managed to hold. As such, BTC bounced off and spiked above the upper one earlier today. As of now, the cryptocurrency trades close to $96,500, which is the highest price since February 23.

Aside from the STHs’ behavior, there are a few more bullish signals on the BTC front, including whale and institutional accumulation. We published another report as well about the most probable scenarios for BTC for 2025, which you can check here.