BTC Slides, ZEC Surges as RAIN Token Unlock Drives Volatility

I. Crypto Market Overview

Key Takeaways

Macro Environment

The US FDIC's new GENIUS Act rules mandate 1:1 reserves and strict redemption for stablecoins, boosting regulatory clarity. Oil prices surged over 2.5% on renewed supply fears, intensifying inflation risks and supporting crypto as a hedge. Thailand's SEC targets hidden crypto funding, tightening AML enforcement and oversight of digital asset capital flows.

Crypto Market

The crypto market saw mixed performance over the past 12 hours. BTC fell 1.34% to $70,521, pressured by ETF outflows and weak spot demand, while ETH dropped 2.95% to $2,166.95. Zcash (ZEC) outperformed, rising 2.33% to $320.89 on privacy coin momentum. Monad (MON) edged up 0.40% to $0.0301, and LayerZero (ZRO) declined 5.68% to $1.95. RAIN gained 3.84% to $0.00786 ahead of a major token unlock, with altcoins showing sector rotation driven by on-chain narratives and upcoming unlock events.

Today's Outlook

Key events today include the FOMC minutes release, which may impact rate expectations and market volatility. A major RAIN token unlock will release 38 billion tokens (3.37% of supply), potentially increasing price volatility. Watch for further regulatory updates and macroeconomic data influencing risk sentiment.

Fear and Greed Index

6.00% Annual Percentile

43 Neutral

Total Crypto Market Cap

$2.41T

1.26%

Total Market Trading Volume

$98.61B

10.61%

Altcoin Season Index

30.77%

Quarterly Percentile

37 / 100

Total Futures Market Open Interest

2.77B

2.23%

Futures

419.41B

4.25%

Perpetuals

II. Industry Updates

Macro-economic Policies

The latest Federal Reserve minutes show growing support for potential rate hikes as persistent inflation and geopolitical tensions keep inflation above the 2% target, increasing volatility in BTC and DeFi markets.

Oil prices surged over 2.5% in the past 24 hours due to renewed supply disruption fears, intensifying inflationary pressures and potentially driving capital flows into crypto assets as a hedge.

The Strait of Hormuz remains closed to oil and gas tankers post-ceasefire, sustaining global energy supply risks and supporting elevated volatility in both forex and crypto markets.

Taiwan's foreign exchange reserves dropped to a 10-month low in March amid capital outflows and central bank intervention, highlighting increased risk aversion and potential liquidity shifts into digital assets.

The Reserve Bank of India held its policy rate steady at 5.25% in response to supply-side shocks from the Strait of Hormuz closure, maintaining a neutral stance that may support continued capital inflows into emerging market crypto sectors.

Cryptocurrency Regulatory Trends

The US FDIC has proposed new rules for stablecoin issuers under the GENIUS Act, requiring 1:1 reserves, strict redemption timelines, and enhanced risk management, increasing regulatory certainty for stablecoin markets.

The US Treasury has introduced a rule mandating stablecoin issuers to implement anti-money laundering and sanctions compliance, aiming to prevent illicit use and strengthen oversight of digital asset transactions.

Thailand's SEC has proposed stricter regulations requiring approval for financial backers of major crypto shareholders, targeting hidden capital flows and boosting anti-money laundering enforcement in the digital asset sector.

Circle launched a managed payments platform enabling banks and fintechs to settle in USDC without holding crypto, addressing compliance and custody concerns and supporting institutional adoption of stablecoins.

Zcash (ZEC): ZEC surged 28.5% in 24h, reaching $337.70 with $988M volume. The rally is driven by renewed privacy coin interest and high trading activity, but no major upgrade or listing was confirmed in the last 24h.

Monad (MON): MON jumped 24.25% in 24h to $0.03214 with $164M volume. The gain is fueled by strong DeFi sector momentum and recent attention to high-throughput EVM-compatible chains, though no specific event was identified in the last 24h.

LayerZero (ZRO): ZRO rose 14.59% in 24h to $2.04 with $105M volume. The price action is supported by ongoing cross-chain interoperability narrative and recent integration news, but no new listing or partnership was confirmed in the last 24h.

Smart Money Movements

The Ethereum Foundation sold 3,750 ETH for $8.3 million at an average price of $2,214 per ETH, reducing its holdings to 1,250 ETH valued at $2.77 million.

A whale sold 441,000 LINK tokens via GSR Markets, incurring a $1.77 million loss as the sale price dropped to $8.69 per LINK from an average acquisition price of $12.70.

USDC whale transactions surged by 1,097%, with significant increases also observed in CRO, 1INCH, and INJ, indicating heightened large-scale activity among major holders.

Michael Saylor's Strategy acquired over 2,007 BTC in a single day through STRC, continuing its aggressive accumulation of Bitcoin.

A crypto address (0x049) opened $40 million in leveraged long positions on BTC and ETH, with 279.8 BTC ($20.06M) at $71,479 and 8,918 ETH ($19.97M) at $2,242, after a week of inactivity.

Events to Watch

Apr 10 (Fri)

Bank of Korea announces interest rate decision at 1:00 a.m. UTC; US March CPI data releases at 12:30 p.m. UTC, both key for global markets.

Apr 10 (Fri)

RAIN token unlock: Nearly 38 billion RAIN (3.37% of supply) will be released, potentially impacting token price and market volatility.

Apr 13 (Mon)

Goldman Sachs will release Q1 earnings before market open, with results closely watched for investment banking sector performance.

III. Phemex Market Focus

New Listings

Apr 08: (UNITAS/USDT)

Introducing Unitas (UNITAS) to the Phemex Spot Market with the UNITAS/USDT trading pair.

Apr 08: (SNDK/USDT)

Listing of the new futures trading pair SNDKUSDT, supporting hedge mode with up to 10X leverage.

Table of Contents

I. Crypto Market Overview

Key Takeaways

Macro Environment

Crypto Market

Today's Outlook

II. Industry Updates

Macro-economic Policies

The latest Federal Reserve minutes show growing support for potential rate hikes as persistent inflation and geopolitical tensions keep inflation above the 2% target, increasing volatility in BTC and DeFi markets.

Oil prices surged over 2.5% in the past 24 hours due to renewed supply disruption fears, intensifying inflationary pressures and potentially driving capital flows into crypto assets as a hedge.

The Strait of Hormuz remains closed to oil and gas tankers post-ceasefire, sustaining global energy supply risks and supporting elevated volatility in both forex and crypto markets.

Taiwan's foreign exchange reserves dropped to a 10-month low in March amid capital outflows and central bank intervention, highlighting increased risk aversion and potential liquidity shifts into digital assets.

The Reserve Bank of India held its policy rate steady at 5.25% in response to supply-side shocks from the Strait of Hormuz closure, maintaining a neutral stance that may support continued capital inflows into emerging market crypto sectors.

Cryptocurrency Regulatory Trends

The US FDIC has proposed new rules for stablecoin issuers under the GENIUS Act, requiring 1:1 reserves, strict redemption timelines, and enhanced risk management, increasing regulatory certainty for stablecoin markets.

The US Treasury has introduced a rule mandating stablecoin issuers to implement anti-money laundering and sanctions compliance, aiming to prevent illicit use and strengthen oversight of digital asset transactions.

Thailand's SEC has proposed stricter regulations requiring approval for financial backers of major crypto shareholders, targeting hidden capital flows and boosting anti-money laundering enforcement in the digital asset sector.

Circle launched a managed payments platform enabling banks and fintechs to settle in USDC without holding crypto, addressing compliance and custody concerns and supporting institutional adoption of stablecoins.

Trending Tokens

Zcash (ZEC): ZEC surged 28.5% in 24h, reaching $337.70 with $988M volume. The rally is driven by renewed privacy coin interest and high trading activity, but no major upgrade or listing was confirmed in the last 24h.

Monad (MON): MON jumped 24.25% in 24h to $0.03214 with $164M volume. The gain is fueled by strong DeFi sector momentum and recent attention to high-throughput EVM-compatible chains, though no specific event was identified in the last 24h.

LayerZero (ZRO): ZRO rose 14.59% in 24h to $2.04 with $105M volume. The price action is supported by ongoing cross-chain interoperability narrative and recent integration news, but no new listing or partnership was confirmed in the last 24h.

Smart Money Movements

The Ethereum Foundation sold 3,750 ETH for $8.3 million at an average price of $2,214 per ETH, reducing its holdings to 1,250 ETH valued at $2.77 million.

A whale sold 441,000 LINK tokens via GSR Markets, incurring a $1.77 million loss as the sale price dropped to $8.69 per LINK from an average acquisition price of $12.70.

USDC whale transactions surged by 1,097%, with significant increases also observed in CRO, 1INCH, and INJ, indicating heightened large-scale activity among major holders.

Michael Saylor's Strategy acquired over 2,007 BTC in a single day through STRC, continuing its aggressive accumulation of Bitcoin.

A crypto address (0x049) opened $40 million in leveraged long positions on BTC and ETH, with 279.8 BTC ($20.06M) at $71,479 and 8,918 ETH ($19.97M) at $2,242, after a week of inactivity.

Events to Watch

Apr 10 (Fri)

Apr 10 (Fri)

Apr 13 (Mon)

III. Phemex Market Focus

New Listings

Apr 08: (UNITAS/USDT)

Apr 08: (SNDK/USDT)

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