Pre-market Cryptocurrency Stocks in the US down across the board, with Strategy down 1.21%

April 7th – Cryptocurrency analyst Axel posted a report on social media, noting Bitcoin’s current retracement is far smaller than the 64.3% drop in 2017-18 and the same period in 2021-22, aligning more closely with the milder 2013-15 scenario. That said, he emphasized the bottom has not been confirmed yet. Bitcoin is currently trading just above 1.25x its realized price ($67,675), placing it in a critical valuation range. The market structure will remain somewhat neutral if this range holds, or if prices rebound quickly after a brief dip below it. Should the support zone continue to break down, there’s a high likelihood of further declines to the $54,140 range near its realized price (between $54k and $58k).

DL News reported on April 7 that as USDC trading volume continues to surge in South Korea, Circle CEO Jeremy Allaire plans to visit the country next week. He will meet with executives from major commercial banks and top cryptocurrency exchanges to discuss three key areas: USDC’s use cases in South Korea, international payment collaborations, and plans for a Korean won-backed stablecoin. On the banking front, Allaire intends to hold consecutive meetings with key leaders at leading institutions including KB Kookmin Bank, Shinhan Bank, and Hana Bank. Notably, KB Kookmin Bank met with Circle last June and has completed a feasibility concept test using the Circle Mint platform. For cryptocurrency exchanges, Allaire will also meet with Upbit operator Dunamu, plus executives from Bithumb, Coinone, and other exchanges. Discussions will cover expanding USDC adoption, South Korea’s payment ecosystem, and measures to support cross-chain technology.

April 7th — Per DefiLlama data, HIP-3 ecosystem project TradeXYZ has seen its trading volume climb steadily, with total volume topping $24 billion and open interest exceeding $22 billion. Both metrics outpace other platforms, and TradeXYZ now accounts for 38% of Hyperliquid’s total trading volume. Below are the top perpetual DEXs by 24-hour trading volume: - Hyperliquid (including TradeXYZ): 24h trading volume ~$71 billion; open interest ~$76.3 billion - TradeXYZ: 24h trading volume ~$24.18 billion; open interest ~$22.33 billion - EdgeX: 24h trading volume ~$22.15 billion; open interest ~$10.01 billion - Lighter: 24h trading volume ~$18.8 billion; open interest ~$6.61 billion - Aster: 24h trading volume ~$18.29 billion; open interest ~$18.03 billion - Pacifica: 24h trading volume ~$4.31 billion; open interest ~$78.93 million [Hyperliquid](https://app.hyperliquid.xyz/join/NTOD) [Lighter](https://app.lighter.xyz/?referral=70045843) [Aster](https://www.asterdex.com/

On April 7th, per OnchainLens data, a newly minted wallet deposited 3.82 million USDC to HyperLiquid 30 minutes prior, opening a short position on 9,395.67 ETH with 20x leverage and a $19.7M notional value.

Binance released its April Reserve Report on April 7th, with Bitcoin (BTC) reserves at 100.03%, Tether (USDT) at 105.62%, Ethereum (ETH) at 100.00%, and Binance Coin (BNB) at 100.96%. This month’s report marks the first inclusion of PAX Gold (PAXG)—a gold-backed token issued by Paxos—pushing the total number of cryptocurrencies in reserves to 49. Compared to the March Reserve Report, user-held BTC on Binance decreased by 12,193.855 coins in March (valued at approximately $840 million). Ethereum (ETH) holdings fell by 178,067.716 coins, equivalent to roughly $374 million.

Bitget will list Midnight (NIGHT) on April 7. Deposits are now open, and trading will go live on April 9 at 7:00 PM UTC+8.