Justin Sun: Li Lin Once Concealed Due Diligence Materials, I Lent the Company $30 Million to Fill the Gap

April 23rd The Crypto Fear and Greed Index jumped 14 points in a single day to hit 46 on Wednesday, marking its highest level in more than three months—since January 18. The gauge had sunk to a historic low of 5 points on February 23, after Bitcoin dropped to roughly $63,000 following the Trump administration’s tariff hikes. The rally was primarily fueled by Bitcoin’s surge: the token climbed 5.9% to nearly $79,400 over roughly 20 hours before pulling back to around $77,900. CryptoQuant’s research director noted the uptick was entirely driven by demand in the perpetual futures market, while spot demand is shrinking. Should traders begin taking profits, a market pullback could follow. Even with the index’s gain, it remains in the “fear” zone. Since January 18, the gauge has failed to break out of this range. Analysts note retail trader participation is lower than in prior market cycles, and key sentiment indicators rely heavily on retail-driven data like social media activity an

On April 23rd, prominent Bitcoin trader Killa (@KillaXBT) noted that Bitcoin must successfully reclaim and hold above its 111-day Simple Moving Average (SMA) to confirm a trend reversal. Failing this, the asset faces significant retracement risk within the long-term bearish trend visible on weekly and monthly charts—making bullish bets currently inadvisable. A BTC-focused quant trader, Killa accurately called the peak of this bull market in May 2025 and has over 180,000 followers on Platform X. In mid-April, he shorted Bitcoin at $74,688 and is currently underwater on that position.

April 23rd — Tech New Fire (1611.HK) has announced the acquisition of the investment team and trading system from Avenir Group, Li Lin’s family office, for $1.6 million. Following the deal, the company will launch an asset management product named “Alpha BTC” pegged to Bitcoin. The service aims to attract over 10,000 Bitcoin in investments within a year—equivalent to roughly $7.6 billion at current market prices. For its strategy, Alpha BTC will use Bitcoin or the BlackRock iShares Bitcoin Trust (IBIT) ETF as underlying assets, leveraging derivative trading (e.g., options) to generate returns. Its target audience includes crypto-native investors and local Hong Kong firms. Notably, as of the end of 2025, Avenir Group holds 18.3 million shares of the BlackRock iShares Bitcoin Trust, with an estimated value of around $9.08 billion.

April 23: Coinbase’s Bitcoin Premium Index has stayed positive for 14 straight days, currently at 0.0378%, with U.S. market buying sentiment continuing to improve—this comes after 15 consecutive days of negative premiums earlier, per Coinglass data. BlockBeats Note: The Coinbase Bitcoin Premium Index tracks the gap between Bitcoin’s price on Coinbase (a leading U.S. exchange) and the global market average. It’s a key metric to gauge U.S. capital inflows, institutional investor interest, and shifts in market sentiment. A positive premium means Coinbase’s Bitcoin price is higher than the global average—typically signaling strong U.S. buying interest, active entry by institutions or regulated funds, ample USD liquidity, and broadly optimistic investor sentiment. A negative premium, by contrast, means Coinbase’s price is below the global average—usually reflecting heavy U.S. selling pressure, reduced investor risk appetite, rising risk aversion, or capital outflows.

On April 23, Vitalik commented on the hairdryer cheating incident involving Polymarket, noting that for such events, it should essentially be mandatory to use the median of at least three (or more) independent sources. Previously, a user manipulated the outcome of an event to profit $34,000 by artificially altering data from a Paris weather collection terminal with a hairdryer.

On April 23, prediction market platform Kalshi announced it has fined three U.S. state-level candidates and suspended their access for five years for illegally betting on the outcomes of their own election campaigns. Involved candidates: Virginia State Senate candidate Mark Moran, Minnesota State House candidate Matt Klein, and Texas State House candidate Ezekiel Enriquez. Penalty breakdown: Moran was fined $6,229 and ordered to return related trading profits; Klein was fined $540; Enriquez was fined $784. All three face a five-year ban from Kalshi. Post-incident statements: Moran claimed he intentionally violated rules to expose potential corruption on the platform. Klein said he acted out of curiosity and has since cooperated with the penalty. Kalshi emphasized that any candidate transactions capable of influencing market outcomes—regardless of size—count as violations. Recently, both Kalshi and rival Polymarket have strengthened insider trading controls.