KZG Crypto 口罩哥

344 million USDT

Tether froze two addresses in collaboration with US law enforcement on April 23

There’s a tougher line in the announcement:

Total frozen assets exceed $4.4 billion

Stablecoins are running on-chain... but the switch isn’t on-chain.

$BTC 78,242

Spot ETF has seen a net inflow for 5 consecutive trading days

Totaling $1.47 billion

But the price is still stuck around 78,000

Money is flowing in, but the breakout hasn't followed

That's the biggest divergence today.

Talked to Sister He about a few issues:

1. When will the book be published? Answer: Not recently, the more I see, the less I want to express.

2. How is Binance's AI progress planned? Sister He believes that AI can achieve "quantitative equality." Currently, it is in a "semi-disabled" iteration phase, but will continue to explore the deep integration of Binance AI with financial products.

By the way, everyone can try Binance AI Pro right now.

USDT market value 184 billion, USDC market value 77.2 billion
Size difference of 2.4 times
But USDC's trading volume ratio has reached 64%
25 billion USDC newly minted in a week
Compliance stablecoins are eating into the share of the gray area
When banks start settling with USDC
How much of a moat does USDT have left?

The pancake surged to 76370 during the day
Encountered resistance near the 100-day moving average and fell back
Now at 75459 with an intraday amplitude exceeding 3100 dollars
The bulls tried once but couldn't get through, but there was no violent pullback
This indicates that the selling pressure is not heavy, and the next challenge might be a breakthrough

Last month, the SEC and CFTC jointly released the most important document in the history of crypto assets

The five major categories are clearly defined for the first time: digital commodities, digital collectibles, digital tools, stablecoins, and digital securities

Mainstream coins such as BTC, ETH, SOL, and XRP, among 18 others, are recognized as digital commodities, not securities
This means the SEC cannot regulate their spot trading

Stablecoins are listed as a separate category, which may be securities or may not, depending on the structural design
Digital securities are completely subject to securities laws

From the comprehensive crackdown during the Gensler era to the classified regulation in the Atkins era
U.S. crypto regulation is transitioning from chaos to order
This is structurally beneficial for the entire industry

Circle launched CPN Managed Payments last week
Banks and payment providers can settle using USDC without having to handle cryptocurrency assets themselves
The cumulative on-chain settlement of USDC has exceeded $70 trillion
Thunes and Worldline are the first to connect
When traditional finance settles with stablecoins faster than SWIFT
Do you still think stablecoins are just tools for speculation?

IBIT single-day net inflow of 292 million, Q1 raised 8.4 billion
They were still buying when Bitcoin dropped 25%
Holding over 800,000 coins, accounting for 50% of the US spot ETF market
Wall Street is betting not on price, but on infrastructure
Retail investors look at K-lines, institutions look at ten years

The number of SOL holding addresses has surpassed 167 million, setting a new historical high.
On-chain economic activity surged by 6500% last quarter, reaching 1.1 trillion.
Total assets of Solana ETF have exceeded 1 billion.
However, the price is still hovering around 88.
Address explosion + usage surge + institutional entry vs price consolidation.
This divergence will eventually be corrected.

Gold has risen to around 4800 this year, up 46%
The big coin has dropped from 93000 at the beginning of the year to 75000, down 19%
The short-term correlation has turned into a strong negative correlation
Institutional risk budgets are limited, now fully invested in gold
But a similar decoupling occurred in 2020
Later, the big coin took 6 months to catch up with the rise of gold

The SEC issued a 5-year get-out-of-jail-free card to DeFi wallets last week
Self-custody wallets and DEX front-ends do not need to register as brokers
The conditions are to remain neutral, not hold user assets, and not influence trading decisions
This directly opened up development space for super wallets
The spring has arrived for Uniswap and MetaMask.

On-chain data is telling a story that retail investors cannot see

Exchange BTC reserves have dropped to 2.21 million, the lowest in seven years
Net outflow of 48,200 BTC in the past 30 days
Whale addresses net bought 270,000 BTC, the largest monthly purchase since 2013
Addresses holding more than 1,000 BTC increased from 2,082 to 2,140

ETH follows the same script
Whales purchased 1.29 million ETH in two weeks
The amount of ETH deposited in DeFi reached a new high of 25.3 million
68% of the on-chain TVL and 64% of stablecoin issuance is still on Ethereum

Retail investors are selling in fear while whales are hoarding in fear
Funds are flowing from weak hands to strong hands
Every time this pattern appears, it is followed by a violent market
The only difference is the direction

Fear and Greed Index 55 Market is Neutral
But the Coinbase Premium Index has turned positive to 0.0586%
The highest since October last year
Last week, the net inflow for ETFs was 787 million
Retail investors are still hesitant about whether to enter the market
Institutions have already started buying
Every time this kind of divergence occurs, there are big fluctuations afterwards

Wells Fargo officially withdrew its expectation for a rate cut in 2026 last week
IMF followed up with a statement: there is no space for a cut this year
Interest rates locked in at 3.5-3.75%
Powell will step down in May, Warsh will take over
A more hawkish Federal Reserve chair + zero rate cut expectations
The liquidity fantasy of risk assets should wake up

Charles Schwab announced yesterday that it is opening BTC and ETH spot trading
A traditional brokerage managing $12 trillion in assets
Directly competing with Coinbase and Robinhood for business
Fee rate 0.75%
When the most traditional money on Wall Street starts flowing into crypto... this is not a trial run, this is a full-scale invasion

The trading volume of USDC has surpassed that of USDT for the first time, 64%

For the first time in nearly a decade

USDT's net supply has decreased by 2 billion this year, while USDC's net increase is 4.5 billion

Circle minted 3.25 billion on Solana in a week

The power transition of stablecoins is happening

Saylor spent $1 billion last week to buy 13,927 BTC

Average price 71,902, it looks like he bought at the bottom

But with a total holding of 780,897 BTC at an average price of 75,577

At this moment, Bitcoin is at 74,995

The world's largest Bitcoin holding... below the cost line

$BTC exchange reserves have fallen to 2,210,000 coins

The lowest in 9 years, accounting for only 5.88% of the circulating supply

2,140 whale addresses have purchased 270,000 coins in the last 30 days

The largest monthly accumulation since 2013

Coins are disappearing from exchanges, yet the price is still at $74,994