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On April 24, Fidelity stated on X that "due to purchases by listed companies, the supply of Bitcoin on the exchange is declining. This situation is expected to accelerate in the near future." Since the U.S. elections, the loose expectations brought to the encryption sector by Trump have undoubtedly boosted the market's potential expectations, and listed companies have purchased nearly 350,000 Bitcoins.
The market game between exchanges, on-chain whales, and listed companies is in full swing. Under the market turmoil, where will Bitcoin head in the future? This article will analyze the Bitcoin data indicators and provide an overview of market dynamics.
The stock of bitcoin exchanges now stands at 2.6 million, the lowest level since November 2018. Since November 2024, more than 425,000 bitcoins have been transferred from the exchange.
In this indicator, an important time point is in the second half of 2024, especially regarding Trump.

After 16 days of dumping pressure due to macroeconomic uncertainty and a sharp decline in on-chain activity, the price of ETH has risen above $1,700. Although there has been a rebound, Ethereum's performance so far this year is still 23% lower than the overall altcoin market.
Some traders claim that by providing a "truly" decentralized and permissionless financial system, ETH will usher in a bull market, but is that really the case?
Unlike competitors such as Solana, TRON, and BNB, Ethereum is one of the few mainstream cryptocurrencies that failed to set a new historical high in 2025.
Some critics believe that abandoning proof-of-work mining will eliminate Ethereum's former competitive advantage over its rivals.
The decrease in Ethereum fees indicates weak Ethereum prices.
Ultimately, even if only for a short period, Ethereum's performance may surpass its competitors, although there is a lack of...

Trump's sharp attacks on Federal Reserve Chairman Powell have raised concerns about the political independence of the Federal Reserve. Powell insists on opposing political interference, stating that the Federal Reserve will make decisions based on what is most beneficial for the American people. Although Trump has attempted to fire Powell, legal and uncertainty constraints limit this possibility. Such a move could disrupt the market and damage the reputation of the Central Bank. Discussions regarding the limitations of the Federal Reserve's powers and economic risks further highlight the impact on the American economic system.

Is U.S. debt still safe?
Last week, many investors in global fixed income products were shocked to see how the gains of two months were wiped out in just one week. It’s important to note that these types of products have always been stable, but making money is not easy. This truly reflects the old saying about fixed income products – "making money is slow, but losing money is fast."
Moreover, this time the culprit is what has always been considered a safe-haven asset - U.S. Treasury bonds.
Even more terrifying, there are many rumors—
The understanding king is at odds with the whole world, and everyone has stopped buying US debt.
We are going to wage a financial war against the ugly country, and the ultimate weapon is the US Treasury bonds in our hands.
Understanding King wants to collect interest taxes from the governments of countries investing in national bonds globally, and now everyone is selling...
It looks quite like that, last week there was a "triple kill of stocks and bonds" in the United States, which used to only appear in emerging markets during the financial crisis, in addition to the sharp drop in long-term Treasury bonds, the dollar index fell 3% last week, and the S&P 500 fell 9% last week.

Trump's "softening" truth: the dual dilemma of inflation and Supply Chain
Trump's statement this time is by no means a spur of the moment; rather, it is a concentrated reflection of internal and external pressures. In March 2025, the core CPI in the United States rose by 2.8% year-on-year, and the price of used cars skyrocketed by 18%. The additional 145% tariffs imposed on China on April 10 further drove up prices, leading to an average annual expenditure increase of about $5,200 for American middle-class families. If tariffs continue to escalate, inflation may exceed the threshold for Federal Reserve interest rate hikes, severely impacting Trump's "Tax Cut 2.0" plan and his prospects for re-election.
A deeper crisis arises from the Supply Chain. On April 11, the United States exempted tariffs on 20 categories of Chinese goods, including smartphones and chips, because 75% of the global chip packaging and testing capacity is concentrated in China, and the U.S. F-35 fighter jet is highly dependent on Chinese rare earths. The Trump team gradually realized that forcibly "decoupling" would not only fail to weaken China but could instead cause the U.S. technology industry to regress by a decade. Amid high inflation pressures.

Abstract:
With the ongoing reorganization of global trade relations, the macroeconomic environment remains full of uncertainty. This uncertainty has intensified the volatility of the U.S. Treasury bond market and the stock market.
Faced with a severe economic situation, Bitcoin has recorded its largest drop in this cycle. Nevertheless, this still falls within the typical range of pullbacks seen during previous bull markets. Furthermore, the median drop in this cycle remains an order of magnitude lower than in the past, highlighting its more resilient demand situation.
The liquidity of the entire digital asset ecosystem continues to tighten, reflected in the decline of capital inflows and the stagnation of stablecoin growth.
Investors are facing immense pressure, currently experiencing the largest unrealized losses in history. However, these losses are primarily concentrated among new market entrants, while long-term holders generally remain profitable.
Macroeconomic uncertainty remains widespread.
The macroeconomic landscape is filled with great uncertainty, and the Trump administration is trying to subvert and reorganize.

News Overview
News 1: On April 10, 2025, U.S. President Trump signed a joint resolution of Congress that overturned a regulation from the Biden administration requiring decentralized finance (DeFi) protocols to report relevant information to the U.S. tax authority - the IRS. Under the original regulation, DeFi platforms, such as decentralized exchanges, were required to submit the total proceeds from their cryptocurrency sales and provide details of the participating traders.
News 2: Eric Trump recently (January 2025) mentioned that American crypto projects such as XRP and HBAR will soon not be subject to capital gains tax. This means that investors in these projects will spend less when cashing out cryptocurrencies for profit. However, crypto projects located outside the United States will face a high capital gains tax of 30%. This move could help bring more crypto innovation to the U.S. and for the country.

Trump's recent foray into the crypto space, with the issuance of NFTs and the launch of the stablecoin USD1, involves huge trading volumes, but also faces regulatory risks. The Trump Organization is profiting from crypto business, but regulatory uncertainty can lead to political conflict. Investors are concerned that its activities will delay the legislative process of crypto regulations in the United States. Trump's crypto operations have attracted attention, and his ability to govern has not yet been assessed, but he has shown his ability to make money.

Since Bitcoin broke through the previous high ($69,000) in 2024 and Ethereum is getting farther and farther away from the previous high ($4,800), doubts about Ethereum have been growing louder and louder.
By 2025, Ethereum will fall below $3,000 in February, $2,000 in March, and even $1,500 in April. Many ancient addresses from the ICO era have also begun to clear Ethereum. The leading institutions that once supported Ethereum have also begun to waver.
What happened to Ethereum? Is there any hope for Ethereum?
This article will focus on these two issues, starting from the following five aspects, and review the rise and fall of Ethereum, as well as look forward to the possible future of Ethereum.
1. Ethereum's glorious years (2017-2022)
In July 2014, Ethereum launched I