TLDR:

Tom Lee’s Bitmine acquired 71,252 ETH last week, its highest single-week buying pace since December 2025. 
Bitmine’s total ETH holdings reached 4,803,334 tokens, representing 3.98% of the entire Ethereum supply. 
With 3,334,637 ETH staked at $7.1B, annualized staking revenues have grown to $196 million as of April 2026.
Bitmine’s combined crypto, cash, and investment holdings reached $11.4B, backed by $864 million in available cash reserves.

Tom Lee’s Bitmine Immersion Technologies (NYSE American: BMNR) acquired an additional 71,252 ETH last week, pushing total holdings to 4,803,334 ETH. 

That figure represents approximately 3.98% of the entire Ethereum supply. Combined crypto, cash, and investment holdings reached $11.4 billion, including $8.64 billion in ETH and $864 million in cash. 

With 3,334,637 ETH currently staked at $7.1 billion, Bitmine remains the largest Ethereum treasury in the world.

Weekly ETH Purchase Marks Highest Acquisition Pace Since December 2025

The 71,252 ETH acquired last week marks Bitmine’s fastest weekly buying pace since December 22, 2025. At $2,123 per ETH, the total ETH stack is now valued at approximately $8.64 billion. 

Chairman Tom Lee has maintained an accelerated buying schedule over each of the past four consecutive weeks.

Lee attributed the increased pace to a broader market view. He described the current period as the final stages of what he calls a “mini-crypto winter.” 

The company sees present prices as an entry opportunity before an anticipated ETH leadership cycle.

Bitmine is now 79% of the way toward its stated target of owning 5% of the total ETH supply. Lee referred to this milestone internally as the “Alchemy of 5%,” a goal the company has been pursuing over the past nine months.

“In the past week, we acquired 71,252 ETH, which is the highest pace of buys since the week of December 22, 2025,” Lee stated. 

The pace of acquisitions shows no sign of slowing, given the company’s cash reserves of $864 million still available for deployment.

$7.1 Billion in Staked ETH Powers Growing Staking Revenue

Of Bitmine’s 4,803,334 ETH, a total of 3,334,637 tokens are currently staked, representing roughly 69% of total holdings. 

At $2,123 per ETH, that staked position carries a current value of $7.1 billion. Annualized staking revenues have reached $196 million, with a seven-day yield of 2.78%.

That yield slightly exceeds the CESR benchmark rate of 2.74%, administered by Quatrefoil. At full deployment through its MAVAN staking platform, Bitmine projects annual staking rewards of $282 million. 

MAVAN, the Made in America Validator Network, was built initially to support Bitmine’s own treasury operations.

The platform is now being opened to institutional investors, custodians, and ecosystem partners. 

Lee noted that Bitmine has staked more ETH than any other entity globally, a position supported by the scale of its treasury.

Beyond ETH, total holdings include 198 Bitcoin, $200 million in Beast Industries, and $92 million in Eightco Holdings (NASDAQ: ORBS). The ORBS position gives Bitmine indirect exposure to OpenAI.

 The company also received approval to uplist from NYSE American to the New York Stock Exchange, effective April 9, 2026, continuing under the ticker “BMNR.”

Key points:

Bitcoin rose above the $70,000 level on Monday, but analysts remain skeptical, expecting a drop below the $60,000 support.

Several major altcoins have bounced off their supports, indicating demand at lower levels.

Buyers pushed Bitcoin (BTC) above the $70,000 level, but failed to sustain the breakout. That suggests the bears have not given up and are trying to retain control. Select analysts believe that BTC is likely to dip below its $60,000 low before bottoming out.

Another negative view came from Glassnode, which said in its recent report that its Long-Term Holder Realized Loss metric, which tracks losses locked in by investors who held coins for more than six months before selling, suggests the selling pressure may not have exhausted. The 30-day simple moving average of the indicator at $200 million per day needs to drop to levels below $25 million for the base formation to begin.  

Among all the bearishness, there is a silver lining for the bulls. According to crypto sentiment platform Santiment, social media platforms recorded five bearish BTC comments for every four BTC bullish comments, the most since Feb. 28.

That is a good sign as markets typically move in the opposite direction of the crowd’s expectation, suggesting “things can turn positive sooner rather than later,” Santiment added.  

Could buyers extend the recovery in BTC and the major altcoins? Let’s analyze the charts.

S&P 500 Index price prediction

The S&P 500 Index (SPX) has pulled back to the 20-day exponential moving average (6,601), indicating solid buying at lower levels.

Sellers will attempt to halt the recovery at the 20-day EMA, but if the bulls prevail, the index may rise to the 50-day simple moving average (6,777). Sellers are expected to pose a strong challenge at the 50-day SMA.

On the downside, the bears will have to yank the price below the 6,316 level to signal the resumption of the corrective phase. The next support to watch out for on the downside is the 6,147 level.

US Dollar Index price prediction

The US Dollar Index (DXY) is stuck between the 20-day EMA ($99.59) and the 100.54 overhead resistance.

Sellers are attempting to pull the price below the 20-day EMA. If they can pull it off, the index may decline to the 50-day SMA (98.44). That suggests the index may trade inside the large range between 95.55 and 100.54 for a while longer.

Buyers will have to maintain the price above the 20-day EMA to retain control. If they do that, the possibility of a break above the 100.54 level increases. The index may then start a new up move to the 102 level and subsequently to the 103.54 level.

Bitcoin price prediction

BTC closed above the moving averages on Sunday, indicating that the bulls are attempting a comeback.

The flattish moving averages and the relative strength index (RSI) near the midpoint do not give a clear advantage either to the bulls or the bears. If the price sustains above the moving averages, the bulls will attempt to drive the BTC/USDT pair above the $72,000 resistance. If they succeed, the BTC price may reach the $74,508 to $76,000 resistance zone.

Sellers are likely to have other plans. They will strive to pull the pair below the support line, invalidating the bullish setup. That opens the doors for a decline to the $62,500 to $60,000 support zone.

Ether price prediction

Ether (ETH) closed above the moving averages on Sunday, clearing the path for a rally to the $2,200 resistance.

Sellers will attempt to halt the recovery at the $2,200 level, but if the buyers pierce the resistance, the ETH/USDT pair may march to the $2,400 resistance. The bulls will have to propel the ETH price above the $2,400 level to start a sustained recovery to $2,800 and then to $3,050.

Alternatively, if the ETH price turns down sharply from the $2,200 level and breaks below the moving averages, it suggests that the pair may consolidate for some time. The support of the range is at the $1,916 level.  

BNB price prediction

BNB’s (BNB) bounce off the $570 level has reached the moving averages, where the bears are expected to step in.

If the price turns down sharply from the moving averages, the BNB/USDT pair risks breaking below the $570 level. If that happens, the BNB price may resume the downtrend and plummet to the $500 level.

Instead, if buyers drive the price above the moving averages, it suggests that the pair may extend its stay inside the $570 to $687 range for a few more days. Buyers will be back in the driver’s seat on a close above the $687 level.

XRP price prediction

XRP (XRP) turned up from the crucial $1.27 support on Sunday, indicating that the bulls are aggressively defending the level.

The bulls will have to secure a close above the 50-day SMA ($1.39) to improve the prospects of a rally to the $1.61 level and later to the downtrend line of the descending channel pattern. 

On the contrary, if the XRP price turns down sharply from the moving averages and breaks below $1.27, it suggests that the bears remain in control. The XRP/USDT pair may plunge to the $1.11 level and eventually to the support line near the $1 level.

Solana price prediction

Solana (SOL) has been oscillating inside the $76 to $98 range for several days, indicating a tough battle between the bulls and the bears.

If buyers push the price above the moving averages, the SOL/USDT pair may ascend to the $98 resistance. Sellers are expected to fiercely defend the $98 level in an attempt to keep the SOL price inside the range. 

The next trending move is expected to begin on a close above $98 or below $76. If buyers thrust the price above the $98 resistance, the pair may surge to the $117 level. Conversely, a close below the $76 support might sink the pair to the $67 level.

Related: First real bull signal since 2025? Five things to know in Bitcoin this week

Dogecoin price prediction

Dogecoin (DOGE) remains stuck inside a tight range between the 50-day SMA ($0.09) and the $0.09 level, signaling a balance between supply and demand.

Buyers will gain the upper hand on a close above the moving averages. The DOGE/USDT pair may rally to the $0.11 level and subsequently to the $0.12 resistance. If the price turns down from the overhead resistance, the pair may swing between $0.12 and $0.09 for a while.

If the DOGE price turns down from the moving averages and breaks below the $0.09 level, it signals that the bears have seized control. The pair may slump to the $0.08 level and thereafter to the $0.06 level.

Hyperliquid price prediction

Buyers are attempting to maintain the Hyperliquid (HYPE) price above the 20-day EMA ($37.03) but are facing strong resistance from the bears. 

If the HYPE price closes above the 20-day EMA, it suggests that the lower levels continue to attract buyers. The HYPE/USDT pair may then rally to $41.59 and, after that, to the $44 level.

This positive view will be negated in the near term if the price turns down and breaks below the 50-day SMA ($34.48). The pair may then witness a deeper correction to the $30 level.

Cardano price prediction

Cardano (ADA) closed above the $0.25 level on Sunday, signaling that the bears are losing their grip.

There is resistance at the 50-day SMA ($0.26), but if the bulls overcome it, the ADA/USDT pair may reach the downtrend line of the descending channel pattern. Sellers are expected to defend the downtrend line, as a close above it signals a potential short-term trend change.

The $0.22 level is the crucial level to watch out for on the downside. If the support breaks down, the ADA price may start the next leg of the downtrend to the support line near the $0.16 level.

The Ethereum Foundation has accelerated its treasury staking push, deploying $46.2 million in Ether in its largest move to date after the recent BitMine sale.

On Monday, the foundation’s treasury multisignature wallet made 11 deposits into the Ethereum Beacon Deposit Contract, each of roughly 2,047 Ether (ETH), totaling 22,517 tokens worth roughly $46.2 million, according to data from Arkham Intelligence.

The Ethereum Foundation started staking ETH in February, depositing 2,016 ETH and outlining plans to stake up to 70,000 ETH, with rewards reinvested into research, ecosystem development and grants.

The foundation also deposited a smaller 31 ETH tranche earlier this month, bringing the total staked holdings to roughly 24,564 ETH as it shifts to staking to generate yield, rather than relying on periodic ETH sales, which have historically drawn criticism.

Related: Ethereum builders propose ‘economic zone’ to tackle L2 fragmentation

EF sells 5,000 ETH to BitMine in OTC deal

The new staking move comes after the EF completed an over-the-counter (OTC) sale of 5,000 Ether to BitMine Immersion Technologies, valued at about $10.2 million. The foundation said proceeds would support core operations, including protocol research, ecosystem growth and community grants.

The transaction marked the foundation’s second direct OTC sale to a corporate buyer, following a 10,000 ETH sale to SharpLink Gaming in July 2025.

The EF currently holds about $361 million in onchain assets, with the vast majority, roughly $360.8 million, held in Ether on the Ethereum network, alongside small balances across networks like Arbitrum, Optimism and Bitcoin, according to Arkham.

Related: Ethereum risks losing No. 2 spot as stablecoins gain ground

Ether price risks further decline

Ether fell below the $2,000 level over the weekend, raising the risk of a deeper correction. Analysts, including Onur, CryptoWZRD and Ted Pillows, pointed to repeated failures at $2,200 and weakening momentum, with some warning ETH could fall toward the $1,750–$1,850 range.

Demand for Ether has also turned negative, hitting its lowest level in 16 months, according to Capriole Investments.

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So far, the 2026 cycle has been a bear market. 

Notably, one clear signal is when stablecoin market caps drop alongside crypto prices. In Q1, USDT fell 1.6%, showing that money was leaving crypto instead of sitting on the sidelines like it would in a bull market, where investors hold dry powder for the next risk-on move.

The result? The total crypto market dropped 20.8% over the same period, confirming the bearish trend.

Investors weren’t chasing dips. Instead, they were exiting. TOTAL2 (market cap ex-BTC) fell 19.17%, meaning capital didn’t rotate into altcoins either, which only adds to the bearish picture.

In essence, stablecoins played a central role in defining crypto’s Q1 trend. 

According to AMBCrypto, this is where the recent 10x Research report becomes relevant.

It highlights that USDT issuance on Ethereum [ETH] has recently outpaced Tron [TRX], with a near 2.6% monthly jump in volume on ETH. That closes the gap with TRX, which is now just 1% higher, signaling that liquidity is starting to flow into high-cap networks, consistent with the total crypto market cap rising 1.6% so far in April.

From a technical standpoint, this combination of rising market cap and stablecoin inflows is significant.

When stablecoins move back into major networks, it suggests that investors are redeploying capital. This kind of flow often forms a base for price support, and we’re already seeing it in action.

ETH has rallied 1.87% from its $2.1k open, reinforcing that this setup is gaining traction.

Naturally, the question arises: With stablecoins back in play, could this momentum be laying the foundation for a broader Q2 rally, potentially reversing the bearish trend from Q1?

Stablecoin flows hit major networks, market eyes potential rally base

Apart from serving as a hedge or a bridge, stablecoins often act as an early signal for market activity. 

A striking example is the recent activity around Solana [SOL].

Circle minted $3.25 billion USDC on Solana in just 7 days, the largest weekly issuance of 2026. This sudden influx of liquidity into the network naturally raises questions about investor intent and market positioning.

But it doesn’t stop there.

According to Artemis Terminal, monthly stablecoin supply changes on Ethereum have reached a staggering $10.3 billion, the largest among all L1 networks. This “coordinated” increase in stablecoin supply across major networks suggests that investors are actively redeploying capital.

Consequently, the critical question now becomes: Do these issuers have insight into opportunities or risks that the broader market hasn’t priced in yet?

According to the 10x Research report, Ethereum’s relative undervaluation appears to be driving much of this influx.

From a technical standpoint, Ethereum has dropped 57% from its August 2025 peak, making it look relatively cheap, especially when compared to Bitcoin, which is down roughly 42% over the same period.

This is particularly significant given that BTC dominance continues to face resistance around 60%.

Adding to this, Wall Street’s integration into DeFi is gaining momentum, bringing institutional capital to the market.

Taken together, these factors suggest that Ethereum and other high-cap L1s may be positioning for early Q2 momentum, with stablecoin flows acting as a leading indicator of where capital may move next.

Final Summary

Rising USDT issuance on ETH and large USDC minting on SOL indicate capital is redeploying.
With ETH down 57%, BTC dominance under pressure, and Wall Street entering DeFi, stablecoin inflows may act as a leading indicator for Q2 momentum.

 

Chaos Labs has parted ways with the Aave ecosystem after serving as the crypto lending protocol’s main risk service provider for three years, citing a budget dispute and disagreements over how Aave should manage risk.

“This decision was not made in haste,” Chaos Labs founder Omer Goldberg said in a post to X on Monday. “We worked in good faith with DAO contributors. Aave Labs was professional and supported increasing our budget to $5m to retain us. However, we are leaving because the engagement no longer reflects how we believe risk should be managed.”

Aave Labs CEO Stani Kulechov said that Chaos didn’t depart on bad terms, but claimed that Chaos pitched a proposal seeking to become the sole risk provider and thus force out other partners — a compromise Aave wasn’t willing to accept.

Chaos played a key role in Aave’s back-end infrastructure, from pricing loans and managing risk in the Aave V2 and V3 markets since November 2022, during which Aave’s total value locked rose fivefold to $26 billion.

Risk has been a major talking point in the Aave community after a user lost $50 million in a trade while interacting with Aave’s interface on March 12. The following week, Aave said it would introduce an “Aave Shield” protection feature to deter users from high-risk trades.

As for Chaos’ departure, Goldberg said there became an increasing misalignment over how the parties thought risk should be managed. He noted that some Aave contributors had left, raising its workload, while also arguing that Aave V4’s expanded functionality introduced additional operational and legal risks that fell on Chaos’ shoulders.

“While Aave Labs is optimistic about a swift migration to V4, history suggests these transitions take months and even years,” Goldberg said. “Until V4 fully absorbs V3’s markets and liquidity, both systems need to be operated and managed simultaneously. The workload during the transition doesn’t halve. It doubles.”

Weighing the risk of a protocol failure, Goldberg said, “There is no regulatory framework, no safe harbor, and no settled law that answers the question of what a risk manager or curator owes when a protocol fails. If things work, the work is invisible. If things break, the blame is not.”

As such, “We are walking away from a $5 million engagement,” Goldberg said.

Chaos wanted Aave to boot LlamaRisk, Chainlink: Kulechov

Aave Labs CEO Stani Kulechov told a slightly different story, stating that Chaos wanted to be the sole risk manager and use its price oracles instead of Chainlink’s.

Following that request would have forced Aave to push out its other risk protocol partner, LlamaRisk, and thus abandon its two-layer economic risk model.

Related: DeFi lender Aave launches on OKX’s Ethereum L2, X Layer

Kulechov added Aave was unwilling to integrate Chaos-built price oracles, citing Aave’s “track record” with Chainlink’s services, which its “users are currently more comfortable with at scale.”

He also said Chaos was already “exploring winding down its risk consultancy services,” and that Aave had offered to double its payment to $5 million to retain them.

Cointelegraph reached out to Chaos Labs for comment.

Kulechov noted that Chaos’ departure hasn’t disrupted the Aave protocol, its smart contracts, token listings or network integrations.

Moving forward, Aave said it “will work closely with LlamaRisk to ensure a smooth transition” and maintain its two-layer economic risk model. 

Chaos’ departure comes amid a protocol-wide feud over how much funding and revenue control Aave Labs should receive versus Aave’s decentralized autonomous organization.

Despite the internal issues, Aave crossed the $1 trillion mark in cumulative lending volume in late February, marking a first in the DeFi industry.

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North Korean developers weren’t faking resumes, said Taylor Monahan, who went on to add that they were actively building prominent DeFi platforms and later enabled billions in crypto losses.

Cybersecurity researcher Taylor Monahan has claimed that North Korea-linked IT workers have been operating within the decentralized finance ecosystem for years. Monahan stated that these actors have contributed to many well-known protocols during the “DeFi summer” era of 2020.

According to her latest tweet, the years of blockchain development experience listed on their resumes were often genuine, which was indicative of real technical contributions rather than fabricated credentials.

Years of DeFi Infiltration

When asked for examples, she pointed to several prominent projects, including SushiSwap, THORChain, Yearn, Harmony, Ankr, and Shiba Inu, among many others. Monahan also revealed that some teams, like Yearn, stood out for their strict approach to security, relying heavily on peer review and maintaining a high level of skepticism toward contributors.

This, she implied, helped limit potential exposure compared to other projects. Additionally, Monahan warned that the tactics have evolved, and these groups are now potentially using non-North Korean individuals to carry out parts of their operations, including in-person interactions. According to the security expert’s estimates, these entities may have collectively extracted at least $6.7 billion from the crypto space during this period.

North Korea has continued to dominate crypto-related cybercrime, emerging as the largest state-backed threat in the sector. According to an earlier report by Chainalysis, DPRK hackers stole at least $2.02 billion in digital assets in 2025 alone, which is a 51% increase from 2024 and accounts for 76% of all service-related breaches.

While there were fewer attacks, the scale was significantly larger. Chainalysis attributed this scale to the state-backed groups’ use of infiltrated IT workers who gain access to crypto firms, including exchanges and custodians, before major exploits take place.

Once funds are stolen, these actors typically move assets in smaller transactions, with more than 60% of transfers under $500,000. Their laundering methods rely heavily on cross-chain tools, mixing services, and Chinese-language financial networks.

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Security Alliance (SEAL) had previously found that cyberattacks using fake Zoom or Microsoft Teams calls were carried out by these groups to infect victims with malware. These operations often begin through compromised Telegram accounts, where attackers pose as known contacts and invite targets to join a video call.

During the meeting, pre-recorded videos are used to appear legitimate before victims are told to install a supposed update, which instead grants attackers access to their devices. Once inside, these actors steal sensitive data and reuse hijacked accounts to spread the attack further.

Expanding Attack Surface

North Korea-linked hackers were also suspected to be behind the March 1 breach of Bitrefill. The attackers reportedly gained entry through a compromised employee device and managed to extract credentials that allowed deeper access into internal systems.

From there, they moved into parts of the database and drained funds from hot wallets while also exploiting gift card supply flows. Indicators such as malware patterns, on-chain behavior, and reused infrastructure matched previous operations tied to the Lazarus and Bluenoroff groups.

TLDR:

ETH open interest has recovered to 6.4 million ETH, approaching the all-time high of 7.8 million ETH set in July 2025.

Binance controls roughly 36% of the ETH derivatives market, holding 2.3 million ETH in total open interest alone.

The spot-to-futures ratio on Binance dropped to 0.13, the lowest annual level ever recorded for Ethereum trading activity.

Heavy leverage across ETH futures markets raises volatility risks, as large position unwinds can trigger rapid liquidation cascades.

ETH futures volumes are running roughly seven times higher than spot trading on Binance. Open interest on Ethereum derivatives has climbed to 6.4 million ETH, approaching the all-time high of 7.8 million ETH set in July 2025.

The spot-to-futures volume ratio has now dropped to 0.13, marking the lowest annual level ever recorded for the asset.

Broader market uncertainty continues to push many investors toward caution, drawing a visible divide between conservative holders and more speculative participants.

Open Interest Nears Previous All-Time High After October Decline

Ethereum’s derivatives market has shown a steady and gradual recovery following a notable dip recorded in October 2024.

Open interest on ETH futures fell as low as 5 million ETH before turning higher once again. Since then, it has climbed steadily back toward levels approaching the prior peak of 7.8 million ETH reached in July 2025.

Crypto analyst Darkfost flagged this trend, noting that speculative traders remain unusually active despite broader market uncertainty.

His observations point to a growing divergence between more cautious mainstream investors and those drawn to derivatives. That divide is becoming clearer as open interest continues to build.

Binance remains the dominant force within the ETH derivatives market. The exchange currently holds 2.3 million ETH in open interest, representing around 36% of the total market share.

That concentration gives Binance considerable influence over Ethereum’s price movements on any given trading day.

Such dominance from a single platform also adds a layer of risk to the overall market structure. Any sharp shift in activity on Binance could quickly spread to the broader Ethereum ecosystem. Analysts and traders tracking ETH futures flows should, therefore, watch Binance’s figures closely.

Record Low Spot-to-Futures Ratio Reflects Heavy Leverage Across ETH Market

The spot-to-futures volume ratio on Binance has reached its lowest annual level ever recorded for ETH. At 0.13, this means that for every $1 traded on the spot market, roughly $7 moves through futures contracts. This figure illustrates the extent to which derivatives now dominate ETH trading activity entirely.

As Darkfost noted, this pattern suggests that speculation is currently the primary driver behind Ethereum’s price action.

When futures volume outpaces spot by this margin, price movements are more likely to reflect trader positioning than actual demand. That makes market direction more difficult to interpret with confidence.

Heavy reliance on leverage also makes the broader market more vulnerable to sudden swings. When large leveraged positions begin to unwind, a chain of liquidations can follow quickly. These events tend to sharpen volatility in both directions and within a short time frame.

For those actively participating in the ETH market, this setup warrants careful attention to risk management. Monitoring open interest levels and funding rates alongside price action can help traders gauge how stretched positions have become.

Markets driven primarily by futures activity tend to shift direction more sharply and suddenly than those grounded in steady spot demand.

 

Murad Mahmudov, a crypto trader also known as the “Memecoin messiah,” has lost nearly $60 million across his bets in the past nine months. Still, he expects a bullish reversal.

Key takeaways:

Mahmudov thinks SPX6900, which is 96% of his memecoin portfolio, will rise 400,000%.

SPX6900 chart technicals signal another 20% decline in the coming weeks.

SPX6900 will reach $1 trillion market cap, claims Mahmudov

On Wednesday, Mahmudov said the market capitalization of SPX6900 (SPX), a memecoin on a mission to overtake the US benchmark S&P 500 index, will grow to $1 trillion from its current valuation of around $250 million, a nearly 400,000% increase.

For context, Bitcoin (BTC) is the only cryptocurrency that has been able to hit a $1 trillion mark so far, led by growing institutional demand.

Mahmudov’s publicly labeled wallets, tracked under the entity “Muststopmurad” by Arkham Intelligence, currently hold approximately 29.964 million SPX, valued at roughly $7.79 million.

This single position accounts for about 96% of his total tracked portfolio, currently valued at around $8.1 million.

At its peak in July last year, the same portfolio was worth around $67 million.

The drop since then amounts to an unrealized loss of roughly $60 million, as the broader memecoin sector, including SPX, corrected by more than 80% from its highs.

Mahmudov still holds SPX6900 and other memecoins

Mahmudov does not appear to be locking in the memecoin losses.

Portfolio tracker DropsTab shows no meaningful sales of SPX6900 or his other major positions, with realized profits and losses on the tracked holdings still at zero.

Importantly, the trader appears to be holding more than $6.22 million in unrealized gains instead of taking a profit.

Mahmudov’s refusal to sell also stands out because the broader memecoin market has been brutal toward its dedicated holders.

In a January report, CoinGecko said that 53.2% of all cryptocurrencies tracked since 2021 were inactive, with 11.6 million token failures recorded in 2025 alone that particularly “affected the memecoin sector.”

Related: Memecoins and art market share similar economics — Ki Young Ju

Mahmudov’s smaller wallet holdings also reveal the limits of memecoin conviction.

Public DEX data for ticker-level matches, including RETARDMAXX, HONK and CHAD, shows that some of these names are barely functional.

One RETARDMAXX pair had roughly $44,000 in liquidity but just six transactions and $89 in daily volume, while CHAD showed $842 in liquidity with zero trades and zero makers.

One HONK pair, meanwhile, had just $1 in liquidity and no recorded activity. Those tokens may still print a price on screen, but in a selloff, they offer little evidence of dependable exit liquidity.

SPX900 breakdown hints at more losses ahead

On the three-day chart, SPX6900 appears to be breaking down from a rising wedge, a bearish pattern that typically resolves lower after price slips below support.

SPX has already started losing the wedge’s lower trendline near $0.26 and remains below its 20-, 50- and 100-period exponential moving averages, underscoring weak momentum.

If the breakdown confirms, the measured move points to $0.205, about 20% below current levels.

A 20% drop in SPX would cut roughly $1.56 million from Mahmudov’s memecoin portfolio.

The market is recovering, though not strongly, and altcoins are following suit. Notably, CoinMarketCap’s altcoin index stood at 38 at press time, signaling that Bitcoin dominance remains firm.

This was further supported by the Bitcoin Dominance (BTC.D) chart, which was trading at 58.79%, indicating that Bitcoin was still ruling in comparison to altcoins. A closer look at the altcoin index chart shows that by the end of Q1 2026, altcoins appeared poised to shift market dynamics. Instead, weak sentiment led to a pullback.

Mixed community reactions on talks around altseason

Yet, the crypto community seemed quite optimistic about the altcoin season, as noted by an analyst who believes that “altcoins will outperform $BTC”.

Echoing similar sentiments, another trader anticipated October to be the month for altcoins. 

However, not everyone shared the same sentiment, as another trader added that the altcoin bottom is still about to happen, anticipating a further drop of 20%-25%.  

Joining the trial was crypto trader James Wynn, who said,

I hope you all understand your altcoins are dead. Very few will see the light of day again. Alts are in a prolonged bear market regardless of Bitcoin.

Are metrics in favour?

Looking at the top 10 coins trending over the past three months, we see that despite some tokens posting triple‑digit gains, lesser‑known altcoins dominated the list rather than the most established names.

This shows that for altcoins to actually outpace Bitcoin, big names in the altcoin space need to step up and outshine accordingly. 

Additionally, the Crypto Fear and Greed Index, which has been weak since mid-January, mostly oscillating between “Fear” and “Extreme Fear” zones, suggests that investors are cautious.

This further adds to the point that in these vigilant market dynamics, investors are choosing Bitcoin over altcoins as a hedge against inflation, turmoil, and more. 

Moreover, the drop in Open Interest and Volume of altcoins further confirms the sentiment that the prediction of an upcoming altseason is a far-fetched dream at the moment.

With shifting market dynamics, nothing is certain. Conditions can change quickly if sentiment turns favorable. As AMBCrypto had  reported, BTC.D has struggled to break past 60%, fueling hopes that an altcoin season may be on the horizon.

Final Summary

Traders and analysts are predicting that an altcoin season may be there by October 2026.
On-chain metrics are showing an entirely different picture, but hope remains. 

A Nevada judge has reportedly extended a ban preventing Kalshi from offering event-based contracts in the state, ruling that the products constitute unlicensed gambling under state law.

Judge Jason Woodbury said at a hearing in Carson City on Friday that he will grant a preliminary injunction requested by the Nevada Gaming Control Board, barring the company from allowing residents to trade on outcomes such as sports, elections and entertainment events without a gaming license, according to Reuters.

The decision extends a temporary restraining order issued on March 20, which will remain in effect through April 17 while the court finalizes longer-term restrictions.

Kalshi, based in New York, has argued that its contracts are financial derivatives, specifically “swaps,” that fall under the exclusive oversight of the Commodity Futures Trading Commission (CFTC).

Related: Appeals court denies Kalshi request to block Nevada enforcement action

Judge says Kalshi contracts mirror sports betting

Woodbury rejected Kalshi’s argument, claiming that there is a direct comparison between traditional sports betting and Kalshi’s platform, according to Reuters. He said that placing a wager through a licensed sportsbook and buying a contract tied to a game outcome are functionally the same, per the report.

“No matter how you slice it, that conduct is indistinguishable,” the judge reportedly said, adding that such activity qualifies as gaming under Nevada law and cannot be offered without proper licensing.

The case marks the first time a state has secured a court-enforced ban currently in effect against the company.

Last month, Utah lawmakers also passed a bill targeting Kalshi and Polymarket that classifies proposition-style bets on in-game events as gambling, aiming to block such offerings in the state.

Related: Kalshi CEO fires back against Arizona criminal charges as ‘total overstep’

CFTC vows court fight over prediction market oversight

The CFTC has asserted authority over prediction markets, with Chairman Michael Selig warning that the agency is prepared to defend its jurisdiction in court against any challenges from states or other regulators.

Speaking at an industry conference last month, Selig said prediction markets can act as “truth machines,” arguing that when participants put money behind their views, these markets can produce more transparent and reliable signals about future events than traditional opinion polling.

Magazine: Bitcoin may take 7 years to upgrade to post-quantum — BIP-360 co-author

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