Crypto Market Overview

BTC （+1.64%丨Now at $95,190）

Chart
BTC is consolidating between $94,830 and $95,770. The bottom trend is steadily climbing, supported by an ascending trendline. Several short-term attempts to break above $95,770 have failed to gain traction. Price action is hovering around the 5, 10, and 15-day moving averages, squeezed toward the end of a converging triangle — a breakout could be imminent.

Volume
Trading volume remains around the average, with no notable spikes. Market sentiment leans cautious as traders stay on the sidelines.

MACD
MACD lines are curving upward near the zero axis, and the histogram has shifted from red to green, albeit mildly. Bulls have a slight edge in the short term, but momentum isn’t fully unleashed yet. Watch if volume picks up to support a potential breakout. [1]

ETH （+3.79%丨Now at $1,802.81）

Chart
ETH is trading within a consolidation range of $1,760 to $1,820. After a brief dip to support, it quickly rebounded and is now fluctuating near the 5-day and 10-day moving averages, sitting in the upper half of the range.

Volume
Volume has slightly recovered but remains at moderate levels, with no clear signs of a breakout yet.

MACD
A bullish crossover has formed below the zero line, and the histogram has flipped from green to red, signaling a slight pickup in momentum. Short-term rebound potential looks solid, but further confirmation is needed to break through overhead resistance.

ETF

According to SoSoValue, U.S. spot Bitcoin ETFs recorded a net inflow of $591 million on April 28[3], while U.S. spot Ethereum ETFs saw a net outflow of $3.35 million. Data as of April 29, 10:00 AM (UTC+8)[4].

Altcoins

Privacy coins, Telegram-based apps, and AI Agent Launchpad sectors rose by +11.4%, +10.1%, and +9.4% respectively. Data as of April 29, 10:00 AM (UTC+8)[5].

U.S. Stock Market

On April 28, the S&P 500 edged up by 0.06%, the Dow Jones rose by 0.28%, while the Nasdaq slipped by 0.10%[6].

Spot Gold

Spot gold prices fell by 0.52% to $3,328.27 per ounce. Data as of April 29, 10:00 AM (UTC+8)[7].

Fear & Greed Index

The Fear & Greed Index stands at 60, indicating a market in “Greed” territory[8].

High-Potential Tokens

SIGN EthSign (+173.83% | Circulating Market Cap: $99.8M）

Project Highlights
EthSign is a decentralized infrastructure platform built on blockchain technology, specializing in token distribution, asset management, and smart contract execution. Its core product, TokenTable, is a cross-chain token management solution that supports networks including Ethereum, Base, BNB Chain, and Solana. To date, the platform has distributed over $2 billion in tokens to more than 40 million users.

Market Consensus
This week, EthSign completed its on-chain snapshot and conducted an airdrop of SIGN tokens to the community on April 28[9], drawing significant user interest and trading activity. Following the airdrop, the project introduced a staking incentive program, allowing token holders to earn additional rewards by staking their SIGN tokens, thereby reinforcing the community’s long-term holding sentiment. Meanwhile, SIGN has been listed on several major exchanges, including Gate.io, further improving its liquidity and supporting its recent price surge.[9]

VIRTUAL Virtuals Protocol (+40.83% | Circulating Market Cap: $977M）

Project Highlights
Virtuals Protocol is a decentralized platform that combines blockchain technology with artificial intelligence, aiming to deliver autonomous multimodal AI agents for the gaming and entertainment industries. It ensures transparent and fair revenue sharing through an Immutable Contribution Vault (ICV) and introduces an Initial Agent Offering (IAO) mechanism to enable the tokenization and collective ownership of AI agents. Developers can easily integrate AI characters such as Pikachu, John Wick, or Mikasa using the provided SDK, enhancing game interactivity and personalization.

Market Consensus
During the Genesis Launch, Virtuals Protocol identified that playgameAI had misled users regarding transactions, undermining community trust. The project team responded promptly by fully refunding users’ points and VIRTUAL tokens, while simultaneously announcing a compensation plan. This demonstrated the project’s strong governance capabilities and commitment to user protection, earning widespread market trust. Amid a backdrop of frequent “rug pull” incidents across the industry, VIRTUAL stood out as one of the few projects to immediately launch a refund and remediation plan, which significantly boosted community confidence and contributed to the token’s price rally[10].

MEMEFI MemeFi (+28.95% | Circulating Market Cap: $44.3M）

Project Highlights
MemeFi is an innovative project built on the Sui ecosystem, aiming to combine meme culture with decentralized finance (DeFi) elements. Through a community-driven approach, practical applications, and incentive mechanisms, MemeFi seeks to create an ecosystem that balances entertainment and real-world value. The project emphasizes fair distribution, allocating 90% of its total token supply to the community via airdrops.

Market Consensus
The recent surge in activity across the Sui ecosystem has significantly boosted attention and investment interest in related projects. As part of the Sui network, MemeFi has benefited from this trend, with growing market recognition. Furthermore, MemeFi plans to launch practical application features in June, aiming to enhance user engagement and expand its use cases, which is expected to drive further token demand and support price growth.

Alpha Data

Public Blockchain Activity (7-Day Rankings)：Solana leads, Unichain rises

On-Chain Data
Over the past seven days, the top five public blockchains by active addresses were Solana (26.543 million), Unichain (5.805 million), Tron (5.47 million), BNB Chain (5.236 million), and Base (4.752 million). Solana maintained a dominant lead. Unichain and Base, both relatively new Ethereum Layer 2 networks, also delivered strong performances by ranking second and fifth, respectively, highlighting strong user growth momentum.

Market Sentiment
Last week, Bitcoin surpassed the critical $95,000 mark, rapidly shifting market sentiment towards optimism and reigniting capital flows. The surge was further amplified by the outstanding performance of the AI Agent sector, fueling speculative on-chain activity. Although the previous meme coin frenzy had cooled, the recent market rebound reignited investor interest in Solana’s meme sector, driving a significant increase in on-chain activity for Solana.

Rising Star: Unichain
Among public blockchains, Unichain stood out with remarkable growth. Developed by Uniswap Labs as an Ethereum Layer 2 network, Unichain recorded a staggering 95.4x week-on-week increase in active addresses. Built on the OP Stack framework and offering ultra-low transaction fees along with rapid confirmation speeds, Unichain has quickly attracted attention from both users and developers. Its integration with native DeFi applications, notably Uniswap, has accelerated its user adoption.

By comparison, Tron continues to grow steadily, leveraging its stablecoin and cross-border payment ecosystems. Meanwhile, Base and BNB Chain, supported by major exchanges, are steadily expanding their ecosystems[11].

Sui DEX Trading Volume Reaches $3.649 Billion, Setting a New Weekly ATH

On-Chain Data
Over the past week, decentralized exchanges (DEXs) on the Sui network recorded a total trading volume of $3.649 billion, setting a new all-time weekly high. Cetus accounted for 42.8% of the total DEX volume on Sui. Momentum surpassed Bluefin to become the second-largest DEX by trading volume on Sui, achieving a single-day trading record of $91.59 million on April 27, reflecting a sharp increase in platform activity.

Ecosystem Growth
Recently, Sui announced partnerships with xMoney and xPortal to launch a Sui Virtual Mastercard integrated with Apple Pay and Google Pay, expanding into real-world payment scenarios. At the same time, ETF-related narratives have gained traction, with 21Shares registering a “SUI ETF” trust entity, drawing strong market attention. Additionally, Sui continues to expand its presence across GameFi, privacy solutions, and financial infrastructure. Initiatives include the Athens Exchange developing an on-chain fundraising platform and Nautilus launching an off-chain privacy module, all contributing to Sui’s comprehensive ecosystem growth. These multiple positive developments have been key drivers behind the surge in trading volume[12].

Digital Asset Investment Products See $3.4 Billion Inflows, Setting a New Year-to-Date High

On-Chain Data
As of April 2025, digital asset investment products recorded their largest single-week inflows since mid-December 2024, totaling $3.4 billion. This also marks the third-largest weekly inflow on record. Bitcoin investment products were the primary beneficiaries, attracting $3.18 billion. After eight consecutive weeks of outflows, Ethereum investment products saw a net inflow of $183 million for the first time.

Fund Flows
Beyond Bitcoin and Ethereum, SUI and XRP also attracted inflows of $20.7 million and $31.6 million, respectively. In contrast, SOL was the only major token to experience net outflows, with $5.7 million withdrawn. Blockchain-related equity ETFs also performed well, drawing $17.4 million in inflows, mainly into funds focused on Bitcoin mining companies.

Key Drivers
The surge in inflows is largely attributed to investors’ concerns over corporate earnings being impacted by tariffs and the significant depreciation of the U.S. dollar. Bitcoin, regarded as “digital gold,” has increasingly been seen as a safe-haven asset under these conditions. U.S. investors dominated the inflows, contributing $3.3 billion, while investors from Germany and Switzerland added $51.5 million and $41.4 million, respectively[13].

References:

1. Gate.io, https://www.gate.io/trade/BTC_USDT
2. Gate.io, https://www.gate.io/trade/ETH_USDT
3. SoSoValue, https://sosovalue.xyz/assets/etf/us-btc-spot
4. SoSoValue, https://sosovalue.xyz/assets/etf/us-eth-spot
5. CoinGecko, https://www.coingecko.com/categories
6. Investing, https://investing.com/indices/usa-indices
7. Investing, https://investing.com/currencies/xau-usd
8. Gate.io, https://www.gate.io/bigdata
9. X, https://x.com/ethsign/status/1916773208621301854
10. X, https://x.com/virtuals_io/status/1916785338191921544
11. Nansen, https://app.nansen.ai/macro/blockchains?utm_source=twitter&utm_medium=social
12. DefiLlama, https://defillama.com/dexs/chains/sui
13. Blog, https://blog.coinshares.com/volume-231-digital-asset-fund-flows-weekly-report-65dfdf5fe493

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Disclaimer
Investing in the crypto market involves a high level of risk. Users are advised to conduct independent research and fully understand the nature of any assets and products before making investment decisions. Gate.io assumes no responsibility for any losses or damages resulting from such investment activities.