Initia, Binance Launchpool’s 68th project, is gearing up for a wave of major exchange listings as its six-day farming period is drawing to a close. Initia (INIT), the latest project featured on Binance Launchpool, is set to debut on several…

Binance Launchpool’s INIT set to debut on CEXs as farming nears conclusion

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 &#8220;Realized Price&#8221; here 
refers to an indicator that keeps track of the cost basis or acquisition level 
of the average investor in the BTC sector. Related Reading: Bitcoin Spot 
Volume Nearly Triples As BTC Breaks $91,000 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&#8217;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. Related Reading: 
Solana Whale Takes Out $52.7 Million In SOL From Binance: Bullish Sign? 
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. Featured image from Dall-E, Glassnode.com, chart from 
TradingView.com

Bitcoin Short-Term Holders Back In Green As Price Breaks $94,000

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 (BTC) 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&#8217;s current market 
capitalization of $2.6 billion, given that 80% of the supply was allocated to 
founders and entities controlled by Trump.
_Official Trump (TRUMP) market capitalization, USD. Source: CoinMarketCap_
For comparison, well-established projects such as Arbitrum (ARB), Jupiter 
(JUP), and Maker (MKR) hold a capitalization below $1.6 billion. Those token 
valuations derive from buybacks using treasury reserves or direct benefits in 
staking and DeFi mechanisms. For instance, Arbitrum, a leading Ethereum 
layer-2 scaling solution, holds $2.4 billion in Total Value Locked (TVL).
Jupiter, the leading decentralized exchange (DEX) on Solana, boasts $2.3 
billion in deposits and has accrued $76.6 million in fees over the past 30 
days, according to DefiLlama data. Meanwhile, Sky (formerly Maker), the 
project behind the extremely successful DAI stablecoin, holds $5.9 billion TVL 
and $28.6 million in 30-day fees.
## TRUMP still ranks in the top 10 for trading activity
Besides being listed on major exchanges, including Binance, Bybit, OKX, 
Coinbase, Upbit, and Kraken, and often promoted on social media by Trump, the 
memecoin holds an impressive share in derivatives markets. Notably, its 
futures open interest stands at $700 million, a top-10 overall.
_TRUMP futures aggregate open interest, USD. Source: CoinGlass_
Established projects with market capitalizations over $6 billion, such as 
Chainlink (LINK), Litecoin (LTC), and Polkadot (DOT) have smaller futures open 
interest than TRUMP. Still, while demand for futures markets allows larger 
traders to take part in the action, it does not necessarily imply optimism as 
longs (buyers) and shorts (sellers) are matched at all times.
Even though TRUMP is currently trading 84% below its all-time high, it remains 
a top-10 token in terms of volume. In fact, excluding the stablecoins, only 4 
cryptocurrencies surpassed TRUMP&#8217;s impressive $3.84 billion 24-hour turnover, 
according to CoinGecko data.
_24-hour USD trading volume ranking. Source: CoinGlass / Cointelegraph_
Despite the huge trading activity, a single promotional event with US 
President Trump is unlikely to create lasting demand for the TRUMP memecoin, 
putting the current $13.50 price tag in check. Unless the project eases 
investors&#8217; concerns about token unlocks, there is hardly a way to justify the 
50% premium versus cryptocurrencies that offer utility and perspectives of 
growth.
It is worth noting that Shiba Inu (SHIB), another memecoin with no real 
utility, presently trades at a $8 billion market capitalization, hence one 
could easily argue that a token officially supported by the sitting US 
President is worth far more, paving the way for $30 or higher price targets 
for TRUMP.
This article is for general information purposes and is not intended to be and 
should not be taken as legal or investment advice. The views, thoughts, and 
opinions expressed here are the author&#8217;s alone and do not necessarily reflect 
or represent the views and opinions of Cointelegraph.

US President’s planned dinner for TRUMP memecoin holders triggers 52% price surge — Will it last?

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.
&#8220;[T]here&#8217;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!,&#8221; 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.
_Net inflows into leveraged long ETFs and cash and fold ETFs. 
Source:__Bloomberg Intelligence_
## Digital gold?
The record fund flows come amid a spike in market turbulence after US 
President Donald Trump announced plans for sweeping tariffs on US imports on 
April 2.
Since then, the S&amp;P 500, an index of large US stocks, has shed roughly 5% of 
its value, according to data from Google Finance. Bitcoin (BTC), meanwhile, 
has been comparatively resilient.
On April 22, the cryptocurrency&#8217;s spot price reclaimed $90,000 per coin for 
the first time in six weeks, with Bitcoin ETFs clocking nearly $1 billion in 
net inflows. The cryptocurrency trades above $93,000 as of April 23, according 
to data from Google Finance.
&#8220;Even in the wake of recent tariff announcements, BTC has shown some signs of 
resilience, holding steady or rebounding on days when traditional risk assets 
faltered,&#8221; Binance, the world&#8217;s largest cryptocurrency exchange, said in an 
April research report. 
Bitcoin has often been referred to as &#8220;digital gold&#8221; but the cryptocurrency 
still has a weak correlation to the safe haven asset and trades more in line 
with equities, Binance said. Its correlation with gold has averaged around 
0.12 over the past 90 days, versus 0.32 for equities. 
&#8220;The key question is whether BTC can return to its long-term pattern of low 
correlation with equities,&#8221; noted the report, adding that gold is still a 
preferred safe-haven asset for most investors.
Meanwhile, cryptocurrency exchanges are profiting off of rising volatility by 
doubling down on financial derivatives, such as futures.
In April, net open interest in Bitcoin futures increased by upward of 30%, to 
approximately $28 billion, according to data from Coinalyze.
_**Magazine: **__**What are native rollups? Full guide to Ethereum &#8216;s latest 
innovation**_

Traders pour into leveraged ETFs, gold in bid to weather volatility — Bloomberg

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.
_**Related:**__**Astra Fintech commits $100M for Solana growth in Asia**_
 _SOL Strategies &#8216; share price movement. Source: __Google Finance_
&#8220;This investment represents significant institutional confidence in Solana&#8217;s 
long-term potential,&#8221; the spokesperson said. &#8220;From an ecosystem perspective, 
we expect several positive impacts. First, by increasing our validator 
network&#8217;s stake, we&#8217;ll contribute to greater network security and 
decentralization.&#8221;
According to StockAnalysis.com, SOL Strategies posted CAD$10.62 million ($7.65 
million) in revenue for 2024, a positive turnaround of CAD$15.65 million 
($11.27 million) from 2023, when the company posted a loss.
_**Related:**__**Debate as Solana briefly flips Ethereum in staking market 
cap**_
## Companies move into Solana
SOL Strategies becomes the second publicly traded company to announce a 
capital raise aimed at purchasing SOL. On April 21, Upexi disclosed a $100 
million raise aimed at building a SOL reserve.
The DeFi Development Corporation (formerly Janover) also recently announced a 
$42 million raise and plans to create a Solana reserve treasury.
_**Magazine: Memecoins are ded &#8212; But Solana &#8216;100x better&#8217; despite revenue 
plunge**_

SOL Strategies raises $500M in convertible notes issuance to buy Solana tokens

Bitcoin’s ascent gathered fresh momentum on Tuesday, charging above the 
$94,000 mark and extending the gains to 26% since April 9. Three interlocking 
forces—geopolitics, strategic balance-sheet demand, and resurgent exchange- 
traded-fund flows—coalesced over the past 24 hours to ignite the rally. Why Is 
Bitcoin Up Today? The first spark came from Washington, where US President 
Donald Trump signaled a partial détente in his long-running tariff dispute 
with Beijing. Sitting behind the lectern at the White House, Trump declared 
that duties on Chinese imports “will come down substantially, but it won’t be 
zero,” before insisting he would “be very nice to China” so long as both sides 
reach a deal. Macro economist Alex Krüger distilled the president’s remarks in 
a widely circulated X post, noting that Trump had “just ticked most de- 
escalation / bullish boxes.” Among the verbatim phrases Krüger highlighted 
were: “Tariff on China will not be as high as 145%,” “It’ll come down 
substantially,” and, when asked whether he would “play hardball,” the 
president’s succinct “No.” Related Reading: Is The Bitcoin Price Top In At 
$109,000 Already? What The MVRV Z-Score Says Equity indices responded 
immediately, but Bitcoin’s move was more dramatic, underscoring the market’s 
sensitivity to macro uncertainty—and to any sign that the Federal Reserve’s 
path could tilt more dovish should trade frictions ebb. While geopolitics set 
the tone, a second catalyst arrived from Wall Street: the prospect of a 
multibillion-dollar balance-sheet bid for Bitcoin spearheaded by the next 
generation of the Lutnick family. According to the Financial Times, Brandon 
Lutnick—the newly installed chair of Cantor Fitzgerald and son of Commerce 
Secretary Howard Lutnick—is forming “Cantor Equity Partners” in concert with 
SoftBank, Tether, and Bitfinex. The consortium plans to seed a new entity, 21 
Capital, with approximately $3 billion in Bitcoin. Tether intends to 
contribute $1.5 billion worth of the asset, SoftBank about $900 million, and 
Bitfinex roughly $600 million, the report said, cautioning that the numbers 
could still shift before a formal announcement expected in the coming weeks. 
On X, Texas Bitcoin Foundation board member Tuur Demeester framed the 
implications bluntly: “This announcement could explain why bitcoin is up 12% 
in the past week.” Related Reading: Bitcoin Rally Ahead? Analysts Say These 
Key Indicators Look Bullish The third leg of support arrived from the US spot 
Bitcoin ETF market, where inflows swung decisively back into positive 
territory. Data compiled across issuers show aggregate net inflows of $911.2 
million on Tuesday—the most forceful daily total since January 17, when pre- 
inauguration optimism around Trump’s “crypto president” rhetoric produced 
$975.6 million. Fidelity’s FBTC absorbed $253.8 million, Ark Invest’s ARKB 
attracted $267.1 million, and BlackRock’s market-leading IBIT added $192.1 
million, while the smaller Grayscale Bitcoin Trust (GBTC) reversed weeks of 
redemptions with a $65.1 million intake. The turnaround began Monday, when the 
cohort drew $381 million—ending a multi-week stretch dominated by outflows—and 
gathered pace as Bitcoin cleared the $90,000 threshold. The two-day, $1.29 
billion surge signals a material revival of institutional appetite. At press 
time, BTC traded at $94,212. Featured image created with DALL.E, chart from 
TradingView.com