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DeFi Analytics 24th April 2026
The weekly addition of the Crypto DeFi Analytics, covering chain fee generation, Beacon Chain Balance, Uniswap V3 and Liquidations.
"It is 'Sealed up Tight,' until such time as Iran is able to make a DEAL!!!"
Risk sentiment weakened as the US-Iran conflict entered its eighth week, with the Strait of Hormuz blockade pushing Brent crude above $107 per barrel, up more than 12% over five days, while BTC slipped back below $78K after reaching an intra-war high of $79.5K. Despite the geopolitical pressure, spot BTC ETFs remain a key source of support, recording $223.3M of net inflows yesterday and extending their buying streak to eight consecutive sessions.
Crypto-native activity also remains robust, with Metaplanet raising roughly $50M for further BTC purchases, Lido proposing up to $5.8M in stETH support for the Kelp recovery, 3F raising $4M for leveraged RWA exposure, and Bitmine staking another $320M of ETH, lifting its staked position to around 3.5M ETH worth more than $8B.
Crypto Risk Appetite Report 23rd April 2026
This week's edition of our Market Sentiment Report.
Uzbekistan Launches Besqala Mining Valley
Risk sentiment strengthened after President Trump's extended ceasefire announcement, helping lift both US equities and Bitcoin, with BTC reaching a near three-month high of $79,500, supported further by strong Spot ETF inflows and solid corporate earnings, even as options positioning remains only less bearish rather than outright bullish.
At the same time, geopolitical tensions remain unresolved as the Strait of Hormuz continues to be contested by both the US and Iran, while several crypto-related policy developments emerged globally, including Uzbekistan launching a state-backed mining zone with tax incentives and renewable energy support, Kalshi penalising congressional candidates for betting on their own races, and major US banking groups pushing regulators to delay stablecoin rulemaking until a clearer framework is in place.
"Discussions are concluded, one way or the other"
BTC moved back above $78K after Trump unexpectedly extended the Iran ceasefire indefinitely, easing immediate geopolitical fears, though $78.5K remains resistance. Markets also weighed Kevin Warsh's Fed testimony, where he stressed independence and suggested a rethink of the inflation framework. In crypto, Justin Sun sued World Liberty Financial over frozen $WLFI tokens, Mastercard joined the Blockchain Security Standards Council, BitMine increased its ETH staking holdings, and Volo Protocol disclosed a $3.5M exploit affecting three isolated vaults.
Strategy Buys $2.54B in Bitcoin, Largest Since Nov 2024
Bitcoin is up 2% over the past 24 hours and back above $76K, supported by Strategy's $2.54B BTC purchase — its largest since November 2024 — and more than $1.5B of spot ETF inflows over the past five trading days, even as Brent crude returned to $95/bbl and the S&P 500 and Nasdaq-100 fell 0.24% and 0.31%, respectively.
More broadly, the newsflow remains constructive for digital asset market structure, with Japan testing blockchain-based JGB collateral, South Korea prioritising CBDCs and deposit tokens, Ripple targeting full XRPL post-quantum readiness by 2028, and RedotPay expanding stablecoin payments to users in 100+ countries, although the US CLARITY bill now looks set to slip from April into May.
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