PA Daily | Spot gold hits $3,500/ounce; Upbit will list DEEP in the Korean won market

Today's news tips:

Paradigm transfers 5,500 ETH to Anchorage, possibly a precursor to a sale

Ouyi will delist five spot trading pairs including KISHU and MAX on April 29

Metaplanet currently holds 4,855 BTC and plans to hold 10,000 BTC by the end of the year

Spot gold hits $3,500/ounce

Oregon Attorney General Designates 31 Crypto Assets as Unregistered Securities in Lawsuit Against Coinbase

Analysis: Bitcoin breaks out of descending channel, breaking through key resistance level of $90,000 becomes possible

Upbit to List DEEP in Korean Won Market

Hyperlane: HYPER token claims will open tonight at 20:00

Regulatory/Macro

Metaplanet currently holds 4,855 BTC and plans to hold 10,000 BTC by the end of the year

Metaplanet CEO Simon Gerovich said that although some shareholders are concerned about the stock price, the company is focused on creating long-term corporate value. Metaplanet currently holds 4,855 bitcoins and aims to reach 10,000 by the end of the year. The company's bitcoin holdings grew by 119.3%, far exceeding the quarterly target.

Spot gold hits $3,500/ounce

TradingView data shows that the spot gold price in London has just hit $3,500 per ounce. It has risen by more than 2% on the day and has risen by more than $870 so far this year.

Oregon Attorney General Designates 31 Crypto Assets as Unregistered Securities in Lawsuit Against Coinbase

According to the indictment and @EleanorTerrett, the Oregon Attorney General sued Coinbase, accusing it of violating state securities laws and illegally offering and selling assets identified as "crypto securities" to Oregon residents, totaling 31 tokens, far exceeding the number mentioned in previous SEC cases, including AAVE, UNI, LINK, MKR, FLOW, XRP, etc. The document stated that Coinbase has long evaded regulatory obligations and assisted in the sale of unregistered securities. The current lawsuit is based on state law rather than federal law, representing a new trend of state-level pressure on crypto platforms.

The three major U.S. stock indexes all fell by more than 2%, and gold hit a new record high

TradingView shows that this morning, US stocks fell sharply. As of the close, the S&P 500 index fell 2.36% to 5158.2 points; the Nasdaq Composite Index fell 2.55% to 15870.9 points; and the Dow Jones Industrial Average fell 2.48% to 38170.41 points. Gold hit a new record this morning. This morning, London spot gold hit $3,440/ounce, and the New York Mercantile Exchange (COMEX) gold futures contract hit $3,442/ounce.

Viewpoint

Analysis: Bitcoin breaks out of descending channel, breaking through key resistance level of $90,000 becomes possible

Matrixport analysis points out that Bitcoin has broken through the previous downward channel, outperforming US stocks and bonds, and strengthening its role as an asset to hedge the value of the US dollar. Especially for US investors, Bitcoin's hedging role is particularly important, similar to its performance during the debt crisis in Argentina, Turkey and southern Europe. As macroeconomic and geopolitical pressures increase, the importance of Bitcoin in asset allocation continues to be verified. After this breakthrough, it is possible for Bitcoin to break through the key resistance level of $90,000.

Analysis: The current market selling pressure is still strong, and the rise driven by derivatives usually lacks sustainability

CryptoQuant analyst Darkfost pointed out that the current market has seen the largest increase in 24-hour open interest in recent times. Historically, derivatives-driven increases have generally lacked sustainability. During the strong bull market phases in November and December 2024, open interest increased by 16% and 15%, respectively, when the positive momentum in the spot market was supported by strong activity in the derivatives market. However, this time the price rose only 4.2%, while similar past events had led to price increases of 10% and 7%, respectively. This difference shows that the current selling pressure in the market is still strong.

Project News

Bithumb to list PUMP on its Korean Won Market

According to Bithumb's announcement, PUMP tokens will be launched on its Korean won trading market at 18:00 on April 22, 2025, supporting BNB Smart Chain network recharge and trading. A 5-minute buying and selling limit and price range limit will be implemented in the initial launch. PUMP is also called "PumpBTC" on some overseas platforms. Users must confirm the network and naming information before recharging.

Binance Futures launches DEEPUSDT perpetual contract with up to 50x leverage

According to Binance’s announcement, Binance Futures will officially launch the DEEPUSDT perpetual contract at 16:30 (UTC+8) on April 22, 2025, supporting up to 50x leverage.

Ouyi will delist five spot trading pairs including KISHU and MAX on April 29

According to the OKX announcement, KISHU, MAX, MILO, MXC, SSWP and their USDT trading pairs will be officially offline from 16:00 to 18:00 Beijing time on April 29. The deposit function was closed on April 22, and withdrawals will be terminated on July 29.

Aave launches Ripple stablecoin RLUSD lending support on Ethereum mainnet

According to the Aave announcement, RLUSD is now available on the Ethereum mainnet Aave V3 market. The platform has set a supply cap of 50 million and a lending cap of 5 million for the stablecoin. Users can participate in RLUSD-related lending operations through the Aave official website.

Bithumb plans to spin off non-trading business at the end of July to pave the way for IPO in the second half of the year

According to The Block, South Korean crypto exchange Bithumb announced that it will complete the corporate restructuring on July 31, 2025, divest its non-trading related businesses to establish a new entity "Bithumb A" to isolate potential risks and improve operational efficiency. The restructuring is aimed at preparing for the planned IPO in the second half of this year, with potential listing locations including the local Korean market and Nasdaq. Bithumb's net profit last year reached US$110 million, a year-on-year increase of 560%.

Upbit to List DEEP in Korean Won Market

PANews reported on April 22 that according to the official announcement, South Korean cryptocurrency exchange Upbit will list DEEP (Sui Network) in the Korean won market, and trading will start at 14:30 (UTC+9) on April 22 (estimated).

Hyperlane: HYPER token claims will open tonight at 20:00

According to Hyperlane’s announcement, HYPER token applications will be officially opened at 20:00 Beijing time on April 22.

Coinbase will support RSR token trading on the Base network

Coinbase announced that it will support the trading of Reserve Rights (RSR) tokens on the Base network. Users should not transfer funds through other networks to avoid losing assets. If liquidity conditions are met, the RSR-USD trading pair will be launched in stages after 0:00 am on April 23, 2025, Beijing time. Trading restrictions may exist in some regions.

Important data

A whale redeemed 100,000 SOL and transferred it to Binance, making a profit of more than $150 million in 4 years

According to Ember's monitoring, a whale or institution that pledged 991,000 SOL four years ago has just redeemed 100,000 SOL (worth $13.9 million) from the pledge and transferred it to Binance. The address has earned a total of $153.5 million in four years, including $111.4 million in SOL appreciation (the price of SOL was $27.57 four years ago and $140 today), and 300,000 SOL interest earned through staking, worth $42.08 million. Currently, the address still has 1.191 million SOL (worth $167 million) in pledge.

CoinShares: Last week, digital asset investment products had a net inflow of $6 million, and XRP had an inflow of $37.7 million

According to CoinShares' latest weekly report, last week, digital asset investment products saw a net inflow of $6 million, and Bitcoin ended with a small outflow of $6 million. Investment products that shorted Bitcoin also saw an outflow of $1.2 million, the seventh consecutive week of outflows, totaling $36 million, accounting for 40% of total assets under management. Ethereum continued to perform poorly, with an outflow of $26.7 million last week and a cumulative outflow of $772 million in the past eight weeks. Despite this, Ethereum still has a net inflow of $215 million since the beginning of the year, ranking second. XRP performed well, with an inflow of $37.7 million last week, making it the third most successful asset this year, with a net inflow of $214 million since the beginning of the year.

Bitcoin spot ETFs had a net inflow of $381 million yesterday, and none of the twelve products had a net outflow

According to SoSoValue data, the total net inflow of Bitcoin spot ETFs reached $381 million on April 21, Eastern Time, and all twelve products recorded net inflows. Among them, ARKB had a net inflow of $116 million in a single day, totaling $2.601 billion; FBTC had a net inflow of $87.61 million, totaling $11.369 billion. As of now, the total net asset value of Bitcoin spot ETFs is $97.611 billion, accounting for 5.63% of the total market value of Bitcoin, and the historical cumulative net inflow has reached $35.756 billion.

Galaxy Digital is suspected of selling ETH in exchange for SOL

According to Lookonchain monitoring, Galaxy Digital transferred 65,600 ETH (about US$105 million) to Binance in the past two weeks, and withdrew 752,240 SOL (about US$98.37 million) from Binance, suspected of exchanging ETH for SOL.

Paradigm transfers 5,500 ETH to Anchorage, possibly as a precursor to a sale

According to Yu Jin, Paradigm transferred 5,500 ETH (about 8.66 million USD) to the institutional brokerage platform Anchorage about 3 hours ago. In the past year, Paradigm has transferred a total of 96,955 ETH to Anchorage, with a total value of about 302 million USD and an average price of about 3,110 USD. Previously, similar operations were usually followed by subsequent transfers to exchanges such as Coinbase and Binance, which were suspected to be preparations for sales.

Galaxy Digital transferred 5,000 ETH to Binance 8 hours ago

According to The Data Nerd, Galaxy Digital transferred another 5,000 ETH to Binance 8 hours ago, which is about $8.11 million. In the past week, it has transferred a total of 65,280 ETH to various exchanges, about $105 million. It currently still holds about 55,760 ETH, worth about $87.86 million.

Financing

Bitdeer raises $179 million to boost bitcoin ASIC manufacturing business

Bitdeer raised $179 million through loans and equity financing to accelerate its Bitcoin ASIC manufacturing business. The company reached a loan agreement with Matrixport for up to $200 million and obtained a $17 million unsecured loan in January. In addition, Bitdeer raised $118.8 million through the issuance of shares. The funds will be used to expand ASIC manufacturing and internal chip development to challenge companies such as Bitmain and MicroBT. In 2024, Bitdeer earned approximately $147 million in gross profit from mining and hosting operations, and invested heavily in the production of SEALMINER series chips.