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Gate DEX has launched six new Hong Kong stock perpetual contracts, allowing low-threshold participation in trading, with a chance to share a total prize pool of 20,000 USDT. The event features first-time trading, all-user trading, and referral rewards. The more active the trading, the greater the earnings. At the same time, participants should pay attention to participation conditions and risk warnings.

As the cryptocurrency asset market enters the second quarter of 2026, Avalanche's token AVAX is at a critical intersection of technology and narrative. As of April 13, 2026, based on Gate market data, the AVAX price is approximately $9.07. It is showing minor fluctuations during the day, but over the past year, its value has dropped by more than 55% from its historical high. Market participants are locked in a fierce standoff around the key integer support level of $9: one side is closely watching the institutional liquidity influx expected from the upcoming Chicago Mercantile Exchange futures listing, while the other side is wary of technical weakness under pressure from long-term moving averages. This article will take an objective look at the current market structure and future evolution logic of AVAX, combining on-chain data with divergence in public sentiment.
Institutional narrative for the $9 defense line and market hesitation
April 2026 4

A recent study released by the Brazilian crypto exchange Mercado Bitcoin systematically analyzed the 60-day window following economic or geopolitical shock events and found that Bitcoin delivered returns that outperformed gold and the S&P 500 index in every analysis period. The study covered multiple major shock scenarios, including the outbreak of COVID-19, the escalation of U.S. tariffs in 2025, and the current U.S.-Iran conflict.
In terms of specific data, after the Trump administration announced large-scale tariff measures in April 2025, Bitcoin rose 24% over the following 60 days, while gold increased by 8% over the same period, and the S&P 500 rose by only 4%. In the initial phase of the COVID-19 outbreak in March 2020, Bitcoin also recorded a 21% increase, significantly outperforming the other two asset classes. The cases above outline a rule worth examining: after the panic-selling phase caused by major shocks, Bitcoin...

In the first quarter of 2026, Strategy (formerly MicroStrategy) filed an 8-K document with the U.S. Securities and Exchange Commission, disclosing that the company confirmed an unrealized loss of approximately $14.46 billion on digital assets, and the figure widely cited in the market is about $14.5 billion. As of March 31, the book value of the company’s digital assets was $51.65 billion, and the cost basis of its Bitcoin holdings had risen above fair value. This book figure intuitively shows the financial volatility risk brought by concentrated allocation to a single asset, and it has also prompted the market to conduct a systematic review of its financing structure and risk boundaries.
The specific scale and background of the unrealized loss
The unrealized loss of $14.46 billion, in absolute terms, has already exceeded the total market capitalization of most publicly listed companies. The direct cause of this loss is that in 2026

In the first quarter of 2026, the cryptocurrency industry experienced a significant market cleanup, with over 80 projects shutting down, mainly concentrated in decentralized finance, low-liquidity GameFi, and SocialFi sectors. Capital flowed into compliant ETFs and platforms with risk control. Regulation accelerated industry stratification, shifting the entrepreneurial threshold toward compliance and fund management, leading to fewer startups in the future but with higher quality.

The fourth Bitcoin halving in 2028 (actually the fifth) is expected to occur around April 2028, at which point the block reward will decrease from the current 3.125 BTC to 1.5625 BTC. But behind these number changes, the entire mining industry is facing unprecedented structural pressure. The average production cost is approaching $80k, hash rate prices are at a five-year low, and Bitcoin trading prices are hovering around $71,000. Relying solely on mathematical halving projections is no longer enough to portray the reality; a deeper question is: when mining gross profit margin is squeezed to the limit, can miners still survive?
Why are current mining production costs approaching $80k?
As of April 13, 2026, Bitcoin's trading price is approximately $70,876, while the weighted average cash cost for publicly listed mining firms to produce one Bitcoin had already risen to about $79,995 in Q4 2025. This means

As of April 13, 2026, according to Gate market data, RAVE's intraday increase exceeded 250%, with the price once breaking through $10, now trading at $9.50. Going back to April 8, RAVE's price was approximately $0.26, meaning it achieved over a 30-fold increase within about five days.
On-chain data reveals the funding behind this round of explosive growth. According to on-chain analyst monitoring, a multi-signature address (0x0A1...790d7) has withdrawn a total of 31.93 million RAVE from a certain exchange over the past two days, with its holdings increasing in value from $37.54 million to $89.10 million, a two-day unrealized profit of about $50 million. As early as April 8, the same batch of tokens was valued at only $8.52 million. This means that the holdings of this address increased in value over five days.

If 2025 is the year of stress testing the Sui network—from the token unlock wave to brief downtime incidents—then in the first quarter of 2026, this public chain, known for its Move language and object-centric architecture, is responding with intensive institutional collaborations and product deployments.
From CME Group announcing the launch of SUI futures contracts, to the official integration of Erebor Bank, a federally chartered bank in the United States, and to the launch of the on-chain perpetual contract protocol Ferra, covering multi-asset leveraged trading in crude oil, gold, and stocks—these three events around April 2026 outline a clear narrative thread: Sui is evolving from a high-performance Layer 1 into a programmable financial layer that connects traditional finance with on-chain economy.
But the underlying tone of this ecosystem panorama is far richer than just these three events. As of February 2026,

From April 12 to 13, 2026, decentralized exchanges in the Solana ecosystem saw a round of extreme trading surges. Data shows that among all tracked DEX platforms, the total trading volume in the past 24 hours reached approximately $16.13 billion, with 37,577,920 transactions recorded across the network.
In terms of fund distribution, this round of trading surge was not evenly spread throughout the entire ecosystem, but highly concentrated in specific trading pairs. Ranked by nominal trading volume, quq against USDT topped the list with $433.8 million, Wrapped Ether against USDC came in second with $190.1 million, and Wrapped SOL against USDC ranked third with $96.8 million. Notably, this set of data reveals the current double-layer structure of on-chain liquidity.

At the start of the second quarter of 2026, after the crypto market’s narrative focus went through Meme rotation and RWA consolidation, it once again shifted toward sectors underpinned by underlying value. In monitoring of trading activity and fund flows during the first week of April, an on-chain data analytics platform listed the AI sector as a key area to observe capital returning. Bittensor (TAO) and Virtuals

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