Arizona passes SB 1025 and SB 1373, allowing up to 10% of public funds to be invested in Bitcoin and creating a statewide digital asset reserve. The post Arizona approves first state Bitcoin reserve bills appeared first on Crypto Briefing.

Arizona approves first state Bitcoin reserve bills

Nasdaq is revolutionizing the future of digital assets with a bold framework 
to seamlessly fuse crypto into U.S. capital markets while safeguarding 
investors, laying the groundwork for a major financial transformation. Nasdaq 
Unveils Ambitious Digital Asset Integration Framework Nasdaq Inc. has proposed 
a comprehensive new regulatory framework aimed at integrating digital assets 
into the existing […]

Nasdaq Drops Crypto Framework on SEC That Could Redefine Trading

On-chain data shows a few Bitcoin indicators are following a trajectory that 
could potentially explain the reason why the latest rally has taken a pause. 
Bitcoin On-Chain Metrics Have Seen Bearish Developments Recently In a new post 
on X, an analyst has talked about how a few on-chain indicators related to 
Bitcoin have changed recently. The first metric of relevance is the &#8220;Exchange 
Reserve,&#8221; which measures the total amount of BTC that&#8217;s sitting in the wallets 
associated with centralized exchanges. Related Reading: Ethereum Whales Sell, 
But Bitcoin’s Key Investors Are Buying Below is the chart shared by the quant 
showing the trend in this indicator: As is visible in the graph, the Bitcoin 
Exchange Reserve plunged alongside the recent price rally, suggesting the 
investors withdrew a large number of tokens from exchanges. Generally, large 
withdrawals can be a sign that the holders are accumulating, so it could have 
been this buying activity that helped provide the fuel for the price rally. 
From the chart, it&#8217;s apparent that in the last few days, the decline has ended 
and the indicator has taken to sideways movement. It may be no coincidence 
that the asset&#8217;s surge, too, has taken a pause alongside this trend. For now, 
outflows are still balancing out inflows, but the indicator can be kept an eye 
on, as a reversal to net deposits could prove to be bearish for the 
cryptocurrency. Another obstacle to the rally could be the fact that the 
investors have been participating in profit-taking recently. The metric that 
shows this trend is the Net Realized Profit and Loss (NRPL), which keeps track 
of the net amount of profit or loss that Bitcoin investors as a whole are 
realizing through their transactions. Just earlier, the NRPL observed a large 
negative spike corresponding to a realized loss of $2 billion, but with the 
rally, its value has seen a sharp reversal into the positive territory. At the 
peak of this profit-taking spree, the metric managed to achieve a value of 
around $3 billion. Another metric, the Spent Output Profit Ratio (SOPR), also 
confirms the dominance of profit-taking. The SOPR, much like NRPL, deals with 
profit/loss realization. The difference lies in that the NRPL shows the net 
situation, while the SOPR calculates the ratio between profit and loss. 
Related Reading: Bitcoin Holders Realizing $139 Million In Profit Per Hour 
This Rally, Report Says As for which investors have been participating in the 
profit-taking, it would appear whale-sized entities (investors with more than 
1,000 BTC) have been making some large moves. These humongous investors tend 
to carry some influence in the market, so their transfers are generally to 
look out for. BTC Price At the time of writing, Bitcoin is floating around 
$95,000, up around 10% in the last week. Featured image from Dall-E, 
CryptoQuant.com, chart from TradingView.com

Why Has Bitcoin Rally Stalled? On-Chain Data Provides Hints

The Ethereum Foundation, which backs the development of the Ethereum 
blockchain, has overhauled its leadership structure to separate the 
responsibilities of its management team and board of directors.
The board will act as the &#8220;security council to protect the heart and soul&#8221; of 
the foundation and set visions for Ethereum, while the new management will be 
focused on the strategic and operational execution of those visions, the 
Foundation said in an April 28 blog post.
It added in an April 28 X post that Hsiao-Wei Wang and Tomasz K. Stańczak were 
appointed as co-executive directors on March 2 to deliver on those visions &#8212; 
which are centered around championing censorship resistance, open-source 
innovation, privacy and security
Wang and Stańczak&#8217;s roles took effect on April 28 with the foundation setting 
a two-year term for Stańczak to address some of Ethereum&#8217;s biggest challenges. 
Stańczak&#8217;s new role will be balanced with his work as founder of Ethereum 
infrastructure firm Nethermind and a soon-to-be-announced Ethereum-focused 
venture capital firm.
_Source:__Ethereum Foundation_ 
Bastian Aue and Josh Stark are also a part of the management team, with Aue to 
focus on organizational strategy, hiring and training, and Stark to primarily 
be tasked with project execution, communications and marketing.
The board consists of Ethereum co-founder Vitalik Buterin, the Ethereum 
Foundation&#8217;s President Aya Miyaguchi, Swiss counsel Patrick Storchenegger, and 
Wang, who will bridge between the board and management team.
_**Related:**__**&#8217; Vitalik: An Ethereum Story&#8217; is less about crypto and more 
about being human**_
Buterin will continue providing technical and intellectual guidance on the 
Ethereum ecosystem, Miyaguchi will oversee the foundation&#8217;s vision while 
managing external relationships, and Storchenegger will keep handling legal 
and compliance matters.
The board was responsible for selecting Wang and Stańczak as executive 
directors &#8212; a decision they acknowledged was unconventional &#8212; and they also 
have the power to terminate those positions.
The Ethereum Foundation has adopted a more active role in the Ethereum 
ecosystem in recent months, following criticism from Synthetix founder Kain 
Warwick that the foundation &#8220;doesn&#8217;t care&#8221; about decentralized finance 
innovation.
Others in the Ethereum community previously attributed the foundation&#8217;s lack 
of engagement and leadership to Ether&#8217;s (ETH) poor price performance relative 
to Bitcoin (BTC) and Solana (SOL).
## Ethereum Foundation&#8217;s main focus is scaling
The Foundation said its three main focus areas over the next 12 months would 
be to scale the Ethereum layer 1, scale blobs at the layer 2 level, and 
improve user experience.
Ethereum Foundation researcher Dankrad Feist and protocol support Sophia Gold 
have already pitched proposals to to address Ethereum&#8217;s scaling woes at the 
base layer under Ethereum Improvement Proposals-9678 and 9698.
Both EIPs look to raise the gas limit, which should theoretically raise 
Ethereum&#8217;s transaction throughput by the same magnitude.
_**Magazine:**__**Ethereum is destroying the competition in the $16.1T TradFi 
tokenization race**_

Ethereum Foundation shuffles leadership, splits board and management

Coinbase unleashes a game-changing Bitcoin Yield Fund, offering powerful 
returns with minimized risk, revolutionizing institutional crypto investing 
and setting a new gold standard for secure yield. Coinbase Launches Bitcoin 
Yield Fund, Avoiding High-Risk Loans and Call Selling Crypto exchange Coinbase 
(Nasdaq: COIN) announced on April 28 the launch of the Coinbase Bitcoin Yield 
Fund (CBYF), […]

Coinbase Launches Bitcoin Yield Fund Targeting 8% With Minimal Risk

**Key takeaways:**
 * BONK price is up 73% since April 22, hitting a five-month high of $0.00002167.
 * BONK&#8217;s open interest surged 290% to $43.2 million. 
Bonk (BONK), the second-largest Solana-based memecoin by market 
capitalization, is on track to continue the recovery it began on April 22. 
BONK has climbed approximately 73% from its April 22 low of around 
$0.00001247, bringing its price up to an intraday high of $0.00002167 on April 
28.
Data from Cointelegraph Markets Pro and TradingView shows BONK trading at 
$0.00001923, up 3% over the 24 hours and 60% over the last seven days.
_BONK/USD daily chart. Source: Cointelegraph/__TradingView_
BONK&#8217;s trading volume has jumped 98% over the last 24 hours to $478 million, 
and its market capitalization also jumped, briefly touching $1.7 billion on 
April 28, before retracing to the current level of $1.5 billion.
Let&#8217;s examine the factors that have fueled BONK&#8217;s price momentum over the last 
week.
## Memecoins recover across the board
BONK&#8217;s rally over the last seven days mirrors the bullish price movements 
across the broader crypto market, including the memecoin sector. Most 
memecoins have posted double-digit gains over the last week. DOGE and Shiba 
Inu (SHIB), the leading memecoins, have jumped 3% and 5% over the last seven 
days.
Official Trump (TRUMP), the memecoin associated with US President Donald 
Trump, has recorded 73% weekly gains, while Base&#8217;s Brett (BRETT) has rallied 
83% over the same period.
_Performance of top-cap memecoins. Source: CoinMarketCap_
This widespread rally has pushed the total memecoin market value to $55.51 
billion, a 17.5% leap in the past week, as per CoinMarketCap data.
_Memecoin market cap and volume. Source: CoinMarketCap_
Over $7.96 billion in memecoin trading volume was recorded in the past seven 
days alone, representing an 85% weekly change. The resurgence is driven by 
investors once again embracing risk-on assets like memecoins.
## Increasing open interest backs BONK&#8217;s rally
The surge in the price of Bonk over the last seven days comes after a 
significant jump in its open interest (OI).
BONK&#8217;s total OI on all exchanges rose 290% from $11 million on April 22 to 
$43.2 million on April 26. Although this metric has since dropped to $28 
million at the time of writing, it remains significantly higher than the OI 
seen since December 2024.
Rising open interest reflects growing trader participation in BONK futures, 
indicating heightened speculative activity.
_BONK open interest across all exchanges. Source: CoinGlass_
Data from CoinGlass shows increasing demand for leveraged long positions in 
BONK over the last few days, as indicated by the OI-weighted futures funding 
rate.
_BONK average perpetual contracts 8-hour funding rate. Source: CoinGlass_
Increasing funding rates usually suggest that futures traders are bullish, 
expecting future price increases, which may indicate a continuation of the 
uptrend.
BONK&#8217;s social dominance remains high, suggesting high social activity. 
Santiment data shows BONK&#8217;s social dominance spiking from 0.091% to 0.572% 
between April 20 and April 26, driven by BONK&#8217;s ecosystem buzz.
_BONK social dominance and volume. Source: Santiment_
This surge in chatter on social media platforms reflects rising retail and 
institutional interest, amplifying FOMO and driving demand.
## BONK breaks out of a multimonth downtrend
On April 13, BONK price broke out of a descending parallel channel, igniting 
strength that saw it flip the 50-day and 100-day exponential moving averages 
(EMAs) to support.
The bulls will likely continue the rebound toward the significant resistance 
level at $0.00002410 (200-day SMA) in the short term. A daily candlestick 
close above this level, accompanied by high volume, could see BONK rise toward 
the Jan. 19 range high near $0.000040. This would represent a 104% increase 
from the current price.
_BONK/USD daily chart. Source: Cointelegraph/__TradingView_
The sharp rise in the relative strength index and its position at 71 in the 
overbought region reinforces the buyers&#8217; dominance in the market.
However, the overbought conditions could facilitate profit-taking, occasioning 
a slight correction before BONK continues its uptrend.
&#8220;$BONK&#8217;s descending trendline got cleared,&#8221; declared popular analyst World of 
Charts in an April 28 post on X, &#8220;expecting 2x in the coming days.&#8221;
Meanwhile, Crypto Joe spotted BONK breaking out of a bullish pennant in the 
30-minute timeframe targeting $0.00002690.
_Source:__Crypto Joe_
This article does not contain investment advice or recommendations. Every 
investment and trading move involves risk, and readers should conduct their 
own research when making a decision.