on-chain

According to on-chain analysts, smart money that previously accumulated 11,004 ETH at an average price of $3.45 in 2016 and made a profit of $30.38 million has purchased a total of 5,283.61 ETH on-chain in the past two days, worth $11.48 million, with an average cost of $2,172.7, currently facing an unrealized loss of $320,000.

Binance Research released a chart analysis this week indicating that four on-chain signals point to the same conclusion: supply is tightening, and selling pressure has been exhausted.Long-term dormancy: Nearly 60% of BTC supply has not moved for over a year, significantly higher than 27% in 2012. The dormancy rate peaked at 69.5% when the spot Bitcoin ETF was approved in January 2024 and has since remained close to historical highs.SLRV indicator: The short-term to long-term holder value ratio is deeply entrenched in historical bottom territory, indicating a lack of market sentiment. Long-term holders dominate the supply, while short-term speculators have largely exited. Historically, every cycle bottom has been accompanied by this ratio entering the current region.Exchange balances: Since peaking at 17.6% during the pandemic, exchange balances have dropped to 15%, with approximately 500,000 BTC permanently leaving exchanges, and seller supply has fallen to a six-year low.STH MVRV indicator: Since November 2024, the BTC short-term holder MVRV has mostly remained below 1, gradually exhausting selling pressure. Currently, this ratio has rebounded to 1, and short-term holders are beginning to reaccumulate unrealized gains. As profit accumulation is still in its early stages, a new wave of selling pressure is unlikely to emerge immediately; historically, this pattern often appears before a sustained recovery.

According to CoinDesk, blockchain data analysis company Arkham Intelligence has monitored that the wallet holdings of Bhutan's sovereign wealth fund Druk Holding and Investments (DHI) have significantly decreased from about 13,000 BTC in October 2024 to approximately 3,100 BTC currently. Since mid-2025, over $1 billion worth of Bitcoin has flowed out, with funds directed to multiple exchanges and trading companies, including wallets interacting with Galaxy Digital and OKX.In response, DHI CEO Ujjwal Deep Dahal stated, "I don't remember when the last time we sold Bitcoin was." The official denied any selling activity but did not provide details on the specific wallet movements and did not confirm the current holdings.

Hyperliquid co-founder Jeff posted on the X platform, stating that he recently met with several policymakers in Washington, D.C. to discuss the ongoing "Clarity Act" and the cryptocurrency regulatory framework, focusing on promoting the compliance of on-chain derivatives trading markets in the United States.He mentioned that the discussions were divided into two levels: one part was more technical, involving Hyperliquid's on-chain trading architecture, global user demand, and its positioning as a financial innovation infrastructure; the other part was an introduction to the "first principles" of DeFi and on-chain markets, aimed at helping policymakers understand the relevant mechanisms and potential impacts.Jeff expressed that during these discussions, he sensed a "cautious but open" regulatory attitude towards the cryptocurrency industry from both parties in the U.S. and believes that the market is forming a policy window to promote the entry of on-chain derivatives into the U.S. system. He also emphasized that he will continue to advance relevant communications in Washington to strive for U.S. users to access Hyperliquid's on-chain trading market.

According to CoinDesk, on-chain analysis firm Arkham Data shows that over the past year, wallets associated with Bhutan have seen outflows of approximately $1 billion in Bitcoin, with funds flowing to multiple trading platforms and trading institutions, reducing their holdings from about 13,000 BTC to around 3,100 BTC.Arkham speculates that there may be ongoing selling behavior, and if the trend continues, the relevant addresses may be cleared of holdings before October 2026. However, Bhutan's sovereign fund Druk Holding and Investments (DHI) stated that "they do not recall any recent Bitcoin sales," did not respond to specific changes in on-chain addresses, and did not confirm the current holding size, only emphasizing that there are no additional comments.The report points out that some of the fund inflow paths are related to institutions such as Galaxy Digital and OKX, leading the market to interpret this as selling or over-the-counter trading behavior, but there are also possibilities of transfers into custody, collateralization, or structured trading that do not involve selling. Additionally, some trading institution personnel stated that there has been no clear selling recently.Furthermore, Bhutan's previous commitment to a reserve of 10,000 BTC for the "Gelephu Mindfulness City" project has also been questioned due to potential sell-offs. Currently, there is still significant disagreement regarding its actual holdings and mining operations.

Aptos Labs announced that the world's first stablecoin pegged to the Korean won, KRW1, will be launched on the Aptos network. This stablecoin was chosen by BDACS Korea to be issued on Aptos, aiming to promote on-chain payments and digital business applications in Korea and the broader market.Aptos stated that the choice of its infrastructure for issuance is based on its full-stack blockchain capabilities oriented towards "market and machine," designed to support cross-border and local on-chain business scenarios.

In response to Bloomberg's report on CME and ICE pressuring the CFTC regarding Hyperliquid, the Hyperliquid Policy Center, a lobbying organization led by prominent crypto lawyer Jake Chervinsky and funded by the Hyper Foundation, tweeted that the concerns lack basis.The organization stated that Hyperliquid publishes complete on-chain transaction records in real-time, with transparency far exceeding that of traditional exchanges, which serves as a strong deterrent against insider trading and price manipulation, and is beneficial for regulatory agencies and law enforcement to conduct monitoring and investigations.Additionally, Hyperliquid offers 24/7 uninterrupted trading, effectively eliminating price gaps between the opening and closing of traditional markets. The organization acknowledged that current U.S. laws have not yet made specific provisions for on-chain derivatives markets and will continue to work with Washington policymakers to promote the implementation of relevant regulatory frameworks.Previously, the Hyperliquid Policy Center was established on February 18 of this year in Washington, with former Blockchain Association and Variant Chief Legal Officer Jake Chervinsky serving as CEO, receiving a donation of 1 million HYPE from the Hyper Foundation, focusing on promoting a compliant regulatory path for DeFi in the United States.

According to on-chain analyst Ai Yi's monitoring, the address 0xB4d...B186a has sold 250 WBTC on-chain in the past 5 hours, worth 20.275 million dollars. This address has frequent interactions with the block builder Titan builder, and currently holds 80.95 million dollars in ETH and 2.088 million dollars in WBTC on-chain.

JPMorgan analysts stated that despite the overall recovery of the cryptocurrency market after the Iran conflict, Ethereum and other altcoins continue to underperform Bitcoin. This trend, which has formed since 2023, may be difficult to reverse in the short term unless there is a significant improvement in network activity, DeFi, and real-world applications.The report pointed out that, based on spot ETF fund flows and institutional futures positions, the recovery of Bitcoin is stronger than that of Ethereum. The spot Bitcoin ETF has recovered about two-thirds of the previous outflows, while the spot Ethereum ETF has only recovered about one-third. At the same time, CME futures data shows that institutional investors are more actively rebuilding their exposure to Bitcoin, with Bitcoin futures positions nearly fully restored, while Ethereum futures positions remain below previous levels.JPMorgan believes that the relative weakness of ETH and altcoins against Bitcoin may continue due to the lack of stronger on-chain fundamentals and real-world application support.

CoinList announced the launch of Passage, positioned as the "access layer" for on-chain capital markets, aimed at providing compliant distribution, capital access, allocation, and infrastructure support for tokenized assets.CoinList stated that as tokenized stocks, funds, yield products, and Pre-IPO assets gradually migrate on-chain, the current market still faces fragmentation issues among issuers, chains, and compliance rules, and that "asset tokenization does not equal effective distribution." Passage will connect issuers, platforms, and investors, helping tokenized assets achieve large-scale on-chain circulation.According to reports, Passage is built on CoinList's existing infrastructure. CoinList claims that since 2017, its platform has covered over 160 countries and has completed more than $1.2 billion in asset distribution.

The Gate Research Institute recently released the "April 2026 Cryptocurrency Market Review" report, which pointed out that the cryptocurrency market in April showed an overall upward trend, with total market capitalization significantly rising compared to March. The trading volume of BTC and ETH ETFs remained high and volatile. The report indicates that the activity levels of major public chain ecosystems continue to diverge. Solana's daily trading volume remained in the range of approximately 90 million to 110 million transactions, continuing to lead.In terms of hot sectors, the report noted that Pokemon TCG RWA has become one of the fastest-growing sub-sectors of on-chain RWA and entered a secondary explosion phase in April. Major trading platforms saw monthly trading volumes exceed 220 million USD, with weekly revenue nearing 6 million USD at one point, setting a new historical high. Meanwhile, Aave experienced the most severe liquidity shock in its history in April, with TVL outflows reaching hundreds of billions of dollars within days, and net outflows for the month exceeding 9 billion USD.Regarding financing and security incidents, the Web3 industry completed a total of 51 financing rounds in April, with a total amount of approximately 834 million USD, with funds further concentrating in leading finance and infrastructure sectors. Among them, Payward topped the monthly financing with 200 million USD. On the security front, Web3 security incidents in April resulted in losses of approximately 306 million USD, a month-on-month increase of about 858%, primarily driven by a single cross-chain infrastructure attack incident involving Kelp DAO, which amounted to about 293 million USD. The report believes that against the backdrop of a market recovery, on-chain activity and capital liquidity are improving simultaneously, but the security risks of cross-chain infrastructure and high-leverage protocols still warrant ongoing attention.

The Gate Research Institute recently released the report "April 2026 Cryptocurrency Market Review," indicating that the cryptocurrency market in April showed an overall upward trend, with total market capitalization significantly higher than in March, and BTC and ETH ETF trading volumes maintaining high volatility. The report shows that the activity levels of major public chain ecosystems continue to diverge. Solana's daily trading volume remains in the range of approximately 90 million to 110 million transactions, continuing to lead.In terms of hot sectors, the report points out that Pokemon TCG RWA has become one of the fastest-growing sub-sectors of on-chain RWA and entered a secondary explosion phase in April. Major trading platforms saw monthly trading volumes exceed 220 million USD, with weekly revenue nearing 6 million USD at one point, setting a new historical high. Meanwhile, Aave experienced the most severe liquidity shock in its history in April, with TVL outflows reaching hundreds of billions of dollars within a few days, and net outflows for the entire month exceeding 9 billion USD.Regarding financing and security incidents, the Web3 industry completed a total of 51 financing rounds in April, with a total amount of approximately 834 million USD, with funds further concentrating in leading finance and infrastructure sectors. Among them, Payward ranked first for the month with 200 million USD in financing.On the security front, Web3 security incidents in April resulted in losses of approximately 306 million USD, a month-on-month increase of about 858%, primarily driven by a cross-chain infrastructure attack incident involving Kelp DAO, which amounted to about 293 million USD. The report believes that against the backdrop of market recovery, on-chain activity and capital liquidity have both increased, but the security risks of cross-chain infrastructure and high-leverage protocols still warrant ongoing attention.

On May 13, BNB Chain announced the launch of an on-chain autonomous agent framework, enabling autonomous agents to obtain decentralized identities through the ERC-8004 standard, conduct peer-to-peer payments, delegate tasks to other agents via ERC-8183, and accumulate verifiable on-chain reputation on 8004scan. The entire system operates fully on-chain, with transactions being transparent and auditable, supporting hierarchical agency relationships.The framework integrates various skill modules, including native BNB Chain smart contract execution, querying on-chain data through natural language, Nodereal's MegaNode API infrastructure (providing access to over 25 blockchain networks), and meme token management capabilities provided by fourdotmemezh Agent Skills. Additionally, the BNB Chain Knowledge Base Model Context Protocol (MCP) allows agents to query blockchain documents and receive instant answers, extending agent functionalities to applications such as DeFi and asset management.

The on-chain trading platform TurboFlow announced a strategic partnership with the proprietary trading firm Susquehanna Crypto (SIG Crypto). SIG Crypto will serve as a core liquidity provider, offering institutional-level market-making support for TurboFlow's entire product line and bringing in professional pricing and risk management expertise.It is reported that through an exclusive PFOF (Payment for Order Flow) framework, both parties will jointly optimize the execution experience and slippage control for TurboFlow's high-leverage perpetual contracts and ultra-fast event contracts. Additionally, with the support of SIG Crypto, TurboFlow is iterating its prediction market pricing mechanism from fixed odds to dynamic odds (adjusting with real-time liquidity and volatility) and plans to expand its trading targets from crypto assets to traditional assets such as crude oil and gold.In the future, TurboFlow also plans to launch a Telegram Mini App to further support prediction market trading for major events such as the World Cup in June.

The working group led by the Ethereum Foundation has released a new open standard called "Clear Signing," aimed at addressing the long-standing issue of "blind signing." This new standard is built on the ERC-7730 specification and aims to promote the "WYSIWYS (What You See Is What You Sign)" concept, allowing users to understand the actual execution content of transactions in a unified, readable, and structured manner before signing. This replaces the current common practice of displaying machine-readable but difficult-to-understand low-level transaction information. By using a unified description format, a registry system, and independent verification and auditing mechanisms, the intent of transactions can be clearly expressed and standardized for presentation on wallets.Clear Signing will not change the on-chain transaction structure but will enhance interpretability through off-chain standardized descriptions, thereby improving security without affecting the compatibility of existing protocols.

The Graph officially announced that its Graph Gateway now officially supports x402 Payments. Developers and AI Agents can now access on-chain data via USDC on a pay-per-request basis, without the need for an API Key, account, or backend panel.The Graph stated that its network is responsible for indexing data from multiple blockchains, including token information, DEX trading pairs, governance updates, NFT metadata, and protocol activities. Previously, accessing related Subgraph data required registering for Subgraph Studio and applying for an API Key, while x402 has changed this access model.According to the introduction, after the Agent or program accesses the interface, it will receive an HTTP 402 response containing price information. It can then complete a signed payment using USDC on the Base network, and upon re-requesting, it can obtain the data, "the payment itself serves as authentication."This update includes: the addition of the /api/x402/ interface; a new payment process SDK; support for any tools compatible with x402; support for USDC payments on the Base mainnet and Base Sepolia testnet; and the original API Key model remains unchanged.The Graph stated that Subgraph data is now directly accessible by any program or Agent that supports HTTP and holds USDC.

ZKsync's official announcement stated that following several ZK token governance proposals, the governance service provider ScopeLift has now launched the "ZK Fee Flow System" proposal on the forum. This system is a set of smart contract mechanisms that allow ZKsync Governance to route and allocate protocol revenue and fees through its controllable on-chain mechanisms. ZKsync indicated that the relevant forum post has detailed the contract architecture, operational mechanisms, security measures, and deployment addresses of the system.

The Stellar Development Foundation and the Government of Bermuda jointly announced that Bermuda will migrate key payment and financial services to the Stellar network, officially advancing the construction of a "fully on-chain national economy."The plan relies on Bermuda's 2018 Digital Asset Business Act regulatory framework, aiming to significantly reduce local merchants' payment processing costs from 3% - 5% or even higher.According to the plan, Bermuda residents will be able to receive salaries, merchant payments, pay government fees, and hold digital assets through digital wallets on the Stellar network in the future.The government will pilot stablecoin payments, and financial institutions will have access to tokenized tools, with related assets also being used for government payment scenarios such as social service disbursements.