UAE Dirham Stablecoin Launch, a Signal for Cryptocurrency Adoption
A recent analysis suggests that the plan to launch a UAE fiat currency-based stablecoin, led by the UAE sovereign wealth fund ADQ, is a signal for cryptocurrency adoption. Regarding this, Vugar Usi Zade, COO of Bitget, stated, "The launch of a dirham-based stablecoin by ADQ and local bank FAB is a forward-looking move to promote cryptocurrency adoption in the UAE. Based on regulatory clarity and institutional trust, blockchain payments can take root in the UAE. Especially, this project supported by the central bank can enhance the credibility of digital assets for individual and institutional users and accelerate blockchain adoption in the MENA region."
US Department of Justice Seeks 20-Year Sentence for Former Celsius CEO
According to Cointelegraph, the US Department of Justice has sought a 20-year prison sentence for former Celsius CEO Alex Mashinsky on April 29 (local time). The prosecution noted that "Mashinsky's crimes were not the result of simple negligence, ignorance, or misfortune, but deliberate and calculated lies, deception, and theft for personal gain." Mashinsky was indicted by the SEC, CFTC, and DOJ in July 2023 on market manipulation charges.
Cryptocurrency Market Considering 'Circuit Breaker' Introduction
Money S reported that a stock market-style 'circuit breaker' is being considered for the virtual asset market. This measure aims to prevent market confusion when prices surge after listing. The 'Virtual Asset Committee' led by financial authorities will discuss incorporating the circuit breaker concept into the Digital Asset Exchange Cooperative's 'Trading Support Best Practices' at its 4th meeting on May 1.
Blockstream CEO Predicts BTC at $10 Million
According to Cryptobasic, Blockstream CEO and Bitcoin maximalist Adam Back forecast that Bitcoin could reach a market capitalization of $200 trillion (approximately $10 million per coin). He stated, "Bitcoin has consistently outpaced inflation and interest rate increases in each 4-year halving cycle. Recently, many companies (notably Strategy) have been holding BTC as a strategic asset." Andre Dragosch, Head of European Research at Bitwise, added, "Corporate-held Bitcoin total increased from 656,618 BTC at the end of Q1 2025 to 746,302 BTC in less than a month, showing rapid acceleration of BTC accumulation by corporations."
DeFi.app Raises $4 Million Investment
According to The Block, DeFi trading platform DeFi.app has raised $4 million in investment. The investment was led by Mechanism Capital, with participation from DCF Capital Partners, Coinbase former CTO Balaji Srinivasan, Compy Capital, and George Ball Group.
Bankera Founders Allegedly Misused ICO Funds for Real Estate
Cointelegraph reported that Bankera founders allegedly diverted ICO-raised funds to purchase real estate. According to an OCCRP report, the founders transferred approximately half of the $114 million raised through the BNK token ICO in 2018 to a Vanuatu bank, using loans to purchase properties in France and Lithuania.
Hacked Loopscale Recovers Portion of Stolen Funds
Solana DeFi protocol Loopscale recovered $2.14 million from hackers today. Loopscale announced on X that 14,463 WSOL ($2.14 million) was returned to their wallet, in addition to the 5,000 WSOL ($740,000) returned yesterday. Previously, Loopscale stated they would recover 90% of the stolen funds and pay the remaining 10% as a white hat bounty.
BTC Supply in Profit Ratio Suggests Potential Strong Rally
Cryptoquant contributor Darkfost noted that the Bitcoin Supply in Profit ratio has exceeded 85%, entering the Euphoria zone. He explained, "In past Bitcoin cycles, when the supply in profit ratio dropped to 45-50%, it coincided with the market bottom. Conversely, when the ratio exceeded 90%, the market entered the Euphoria zone. Bitcoin is currently approaching that level."
BTC Spot ETF Sees $848.4 Billion Net Inflow for 7 Consecutive Trading Days
According to Proshare Investor, approximately $590 million (about $848.4 billion) was net inflow into US BTC spot ETFs on April 28. This marks 7 consecutive trading days of net inflow. BlackRock IBIT alone saw $970.9 million in net inflow. Conversely, Fidelity FBTC saw $86.9 million, Bitwise BITB $21.1 million, ARK Invest ARKB $226.3 million, VanEck HODL $2.7 million, and Grayscale GBTC $42.7 million in net outflow.
ETH Spot ETF Receives $92.1 Billion Net Inflow
According to Proshare Investor, US Ethereum (ETH) spot ETFs saw a total net inflow of $64.1 million (about $92.1 billion) on April 28. This marks 3 consecutive trading days of net inflow. BlackRock ETHA alone saw $67.5 million in net inflow.
BTC Perpetual Futures Long/Short Ratio of Top 3 Exchanges
Based on the unsettled contract, the long and short position ratios of BTC perpetual futures in the world's top 3 cryptocurrency futures exchanges in the last 24 hours are as follows.
Overall exchanges: Long 50.04% / Short 49.96%
1. Binance: Long 50.97% / Short 49.03%
2. OKX: Long 46.16% / Short 53.84%
3. Bybit: Long 49.66% / Short 50.34%
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