PresidentQin'sOn-chainNotes

The flow changes of stablecoins often predict market sentiment better than the price itself💡
Latest data shows👇
👉 The circulating supply of USDC has decreased by about 700 million coins in 7 days
👉 Total supply has dropped to 78 billion coins
💡 What does this mean?
Simply put, it means👇
👉 The "cash available to enter the market at any time" has decreased
In the crypto market, stablecoins like USDC are more like👇
• Bullets💰
• Liquidity fuel⛽
• Reserve funds for bottom-fishing/adding positions
📉 Potential bearish interpretation:
• Off-chain funds are retreating (increased cautiousness)

DeFi's latest "rescue operation" is sending a very important signal to the market💡
The chain reaction triggered by the rsETH incident👇
The lending system faces a bad debt gap of approximately 75,081 ETH (about $160 million)⚠️
📊Latest developments:
👉Already 14 ecosystem participants and individual contributors have joined "DeFi United"
👉Total disclosed donations: 69,642 Ethereum (about $161 million)
👉Among them, Aave alone donated: 25,000 ETH (about $57.75 million)
💡This incident essentially highlights three points:
🧩1. DeFi is entering a "crisis coordination stage"@
No longer are indiv

Many people think perpetual contracts are just "trading tools," but fundamentally, they function more like a capital redistribution machine💰
Chief Economist Fu Peng of Xinhuo Group pointed out👇
👉 The funding rate mechanism of Bitcoin perpetual contracts is actually very similar to the "rollover fee/overnight fee" in traditional markets
💡 Breaking it down makes it easier to understand:
In traditional markets (like gold)👇
• Long and short positions are "forced to settle costs" daily
• High leverage long positions held long-term → ongoing payments
While in the crypto market👇
• Perpetual con

The market is now experiencing a very typical "contradictory trend" 📊
On one side is enthusiasm 👇
👉 The S&P 500 hits a new all-time high again
👉 Tech stocks continue to rise, risk asset sentiment is ignited 🚀
On the other side, there is caution 👇
👉 Uncertainty increases in Iran-related negotiations
👉 Oil price volatility intensifies, global macro risks remain ⚠️
💡 What does this indicate?
👉 Capital is entering the market but not daring to go all-in.
In other words:
👉 The market is not a one-sided bull, but "rising while defending."
📈 Positive factors for the crypto market:
• Tech s

The current trend of ETH can be summarized in one sentence:
👉 Stuck at a critical position, the direction is about to be triggered ⚖️
The current market 👇
👉 Ethereum price remains around $2,300
👉 Repeatedly testing resistance above and support below
Why is this position important?
💡 Because it is a typical "bull-bear disagreement zone"
Simply put 👉
• Break upward → Sentiment turns stronger, potentially opening up upside space 👇
• Break downward → Confidence weakens, entering a correction phase 🚀
Signals leaning towards optimism:
• Price has not fallen sharply, ind

⚠️A risk overlooked by many, but truly a “long-term” concern: quantum computing
Latest research reveals 👇
👉 Quantum computers currently cannot break the Bitcoin network itself (mining and the blockchain remain secure)
👉 But they may crack the wallet’s elliptic curve cryptography (ECC) in the future
Simply put:
👉 The chain is secure, but the “keys” may not be 🔑
📊 How big is the risk?
👉 About 6.9 million BTC are at potential exposure risk
👉 This includes roughly 1 million early holdings of Satoshi Nakamoto
👉 And some historical addresses, as well as assets that expose public keys after

Stablecoins, quietly transforming from "supporting roles" into the "underlying system"💰
Andreessen Horowitz (a16z) latest research directly presents a core conclusion👇
👉 Stablecoins are evolving into the global financial infrastructure
And data is more convincing than any opinion📊
📈Key changes overview:
👉 Q1 2026 stablecoin adjusted trading volume: $4.5 trillion
👉 C2B (user→merchant) transactions: soaring 128% year-over-year to 280 million transactions
👉 Stablecoin card collateral scale: from nearly zero → over $300 million
👉 Circulation speed: from 2.6 times → 6 times (significant in

On-chain has once again identified a "dangerous fund flow line" ⚠️
Latest monitoring 👇
👉 Addresses related to the Balancer attack incident
👉 Transferred 5,609 ETH to THORChain in the past 9 hours
👉 Worth approximately $13 million 💰
And this is not an isolated event 👇
👉 The address was involved in a theft of $162.5 million in January 2025
👉 and is suspected to be connected to Lazarus Group
👉 At the same time, it has recently been frequently using Tornado Cash for fund obfuscation
💡 This series of operations essentially boils down to four words:
👉 Money laundering

On-chain whales are starting to "increase their bets" again🐋
Monitoring data shows👇
👉 Address 0x2D2D has spent 200 ETH (about $463.5k) in the past 7 hours👉
Buying up 1.72 billion ASTEROID tokens in one go 👉
Current holdings🚀
👇 Total holding 8.38 billion ASTEROID tokens👉
Currently valued at about $2.27 million👉
💡 This action sends a very straightforward signal:
👉 Large funds are continuously increasing their positions, not retreating
📈 From a positive perspective:
• Whales buying continuously = market expectations📊
• Increasing holdings may boost market sentiment
• Small-cap token

The ETF funds for SOL are starting to show "divergence signals"⚠️
Latest data (Eastern Time, April 24)👇
👉 SOL spot ETF experienced a net outflow of about $1.17 million in one day📉
But internally, there is "hedging"👇
• Fidelity Solana Fund ETF: slight net inflow of $255.7k
• VanEck Solana ETF: net outflow of $1.43M
📊Looking at the overall structure:
👉 Total ETF assets are about $883 million
👉 Net asset ratio is 1.77%
👉 Cumulative net inflow historically remains at $255.7k
💡The core of this data is not "outflow," but👇
👉 Funds are beginning to diverge, rather than

AI + Capital Markets, once again "pumping up" the sentiment 🚀
Latest situation 👇
👉 NVIDIA's stock price surged over 4%
👉 Market capitalization once again surpasses $5 trillion (returning to the peak after nearly 6 months) 💰
Meanwhile, a Stanford University report indicates 👇
👉 The penetration rate of generative AI has reached 53%
👉 The adoption speed has surpassed that of the PC and internet era 📊
On the other hand, variables are also emerging 👇
👉 DeepSeek-V4 released, supporting millions of levels of context
👉 And deeply integrated with Huawei Ascend computing po

A strong supply-control signal has appeared, and PUMP is reshaping the supply-demand structure through continuous buybacks.
Latest data shows that yesterday, funds used 8,754.98 SOL (about $812,000) to buy back 421.5 million PUMP tokens again.
Since the repurchase started on July 15, 2025, the cumulative buyback volume has reached 125.866 billion PUMP tokens, with a total value of approximately $367 million, directly cutting circulating supply by about 35.56%.
At its core, this kind of operation is doing one thing:
Proactively shrinking the circulating float to strengthen price elastic

The market has once again staged a "cliff-like decline"⚠️
The latest data shows👇
👉 TRADOOR plunged over 80% in a short time👉 The current price is only $1.32📉
💡 Such a level of decline is usually not a simple correction, but:
👉 Liquidity collapse + emotional panic
📉 Let's first talk about the most realistic risks:
• An 80% crash in a short period indicates that the funding support has almost disappeared
• There may be large investors dumping or concentrated selling
• Small-cap / low-liquidity assets are extremely easy to manipulate⚠️
• The risk of bottom-fishing is very

An easily overlooked but deeply impactful piece of news ⚠️
Recently, U.S. authorities seized about $700 million in cryptocurrency assets 💰
👉 These funds are related to Southeast Asian scam centers
👉 The main target is overseas victims
💡 Many people's first reaction to this is "bad news," but it should be viewed separately 👇
📉 The negative impacts are quite direct:
• Reinforces the stereotype that "cryptocurrency = scam tool" ⚠️
• Regulations may tighten further
• The pace of institutional entry could be affected
• Retail investor confidence may be easily shaken
📈 But

An interesting signal comes from the most "established" player in traditional finance 👀
Ben Slavin, an executive at Bank of New York Mellon, said 👇
👉 This year, Bitcoin spot ETFs have re-entered net inflows 👉
and overall have regained positive returns 📈
It’s important to note that this institution manages assets totaling up to $59 trillion 💰
💡 What does this mean?
👉 Even the most traditional funds are beginning to recognize BTC ETFs as a viable path
👉 Investors are entering the crypto market in a more "familiar" way
Simply put:
👉 Not directly buying coins, but parti

Market sentiment is "quietly warming up" 📈
Latest market update 👇
👉 NASDAQ-100 Index futures rose by more than +1%
Don't underestimate this 1%, the signal behind it is very important 👇
💡 This usually indicates:
👉 Technology stocks are expected to strengthen
👉 Risk appetite is rebounding
👉 Capital is starting to be willing to "re-engage"
📈 Potential positive signals for the crypto market:
• US tech stocks rising → increased correlation with risk assets 🚀
• Market sentiment improving, beneficial for BTC and ETH rebounds
• Marginal improvement in liquidity environment
• Funds may shift

The stablecoin track has once again seen an example of "self-reinforcing expansion" 📊
Saturn announced:
👉 This week, an additional $18 million worth of STRC was purchased
👉 The total holdings have now reached $33 million 💰
And this structure is even more interesting 👇
👉 Saturn itself is an on-chain yield-generating stablecoin issuer
👉 Supported by the Strategy's STRC system behind the scenes
💡 To put this model simply:
👉 Buy STRC → Generate yield → Support the stablecoin value
Essentially:
👉 Using "asset yield" to support "stablecoin issuance"
📈 The positive side:
• Backed by real a