Bitget Daily Digest (April 30) | Trump Media&Technology Group Plans to Launch Truth Social Utility Token, US SEC Delays Approval of Several Cryptocurrency ETFs

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远山洞见2025/04/30 01:41

By:远山洞见

Bitget Daily Digest (April 30) | Trump Media&Technology Group Plans to Launch Truth Social Utility Token, US SEC Delays Approval of Several Cryptocurrency ETFs image 0

Today's Preview

1. The US April ADP employment report (in 10,000 people) will be announced today, with the previous value at 155.

2. The US March Core PCE Price Index year-on-year will be announced today, with the previous value at 2.80%.

3. The US Treasury Department will announce its Quarterly Refunding Statement.

4. Kamino (KMNO) will unlock approximately 229 million tokens at 8 PM on April 30, Beijing time, representing 16.98% of the current circulation, valued at approximately $14.5 million.

5. TOKEN2049 Dubai 2025 will be held from April 30 to May 1, 2025, in Dubai, UAE.

Key market highlights

1. US President Trump signed two orders aimed at easing tariff impacts on the auto industry, yielding to weeks of aggressive lobbying by automakers, parts suppliers, and dealers who warned that excessive tariffs could raise car prices, leading to factory shutdowns and layoffs. According to the executive orders signed on Air Force One, imported vehicles will be exempt from additional separate tariffs on aluminum and steel to avoid the cumulative effects of overlapping tariffs. Although the latest adjustment will partially relieve cost pressures on automakers, parts suppliers, and dealers, it's still hard to determine the actual financial relief. The entire industry continues to face a 25% tariff on imported vehicles.

2. South Korea's conservative party, People Power Party (PPP), unveiled seven initiatives in a parliamentary session on Monday to promote the crypto asset ecosystem, pledging to allow spot cryptocurrency ETF trading within the year and remove the "one exchange, one bank" rule restricting cooperative ties between crypto exchanges and banks. Lawmaker Park Sumin stated that given the strong interest and high trading volume of the US spot bitcoin ETF, South Korea "cannot delay any longer." The party also plans to legalize Security Token Offerings (STO) and introduce a stablecoin regulatory framework according to global standards, while proposing a "Fundamental Act for the Promotion of Digital Assets." These crypto initiatives come as South Korea prepares to elect a new president on June 3. Meanwhile, the Korean Financial Services Commission indicated in January it would gradually lift restrictions on institutional investors in cryptocurrency and is pushing for follow-up legislation focusing on stablecoin regulations, token listings, and disclosure requirements.

3. The ETF Store President, Nate Geraci, disclosed that the US Securities and Exchange Commission (SEC) delayed the approval decision of several cryptocurrency ETF applications today. The involved products include Franklin's SOL and XRP ETFs, Grayscale's HBAR ETF, Bitwise's DOGE ETF, the staking plans for Franklin and Fidelity's Ethereum ETFs, Franklin's cryptocurrency ETF, and Invesco Galaxy Bitcoin and Ethereum ETFs' physical create-redeem mechanism. Nate Geraci commented he still believes these products will be approved this year.

4. Trump Media & Technology Group stated in a letter to shareholders that it is considering launching a utility token and introducing it into its "Truth Digital Wallet" as part of a rewards program. Initially, the token will be used to pay for Truth+ subscription fees, and it may extend to other products and services within the Truth ecosystem in the future. Notably, it had applied for a trademark related to "downloadable digital wallet software" for its fintech project Truth.Fi as early as last November, and officially launched the brand this January, continuing to bolster Web3 financial infrastructure development.

5. El Salvador's Minister of Economy, Maria Luisa Hayem, stated at the Rio de Janeiro Web Summit event that despite signing a loan agreement with the International Monetary Fund (IMF) that requires halting Bitcoin accumulation, El Salvador will continue to purchase Bitcoin. In a live interview, Hayem confirmed: "President Bukele has committed to continue asset accumulation." According to official information from The Bitcoin Office in El Salvador, the country increased its national Bitcoin reserve by 8 Bitcoins over the past 7 days, bringing the total reserve to 6162.18 Bitcoins.

Market Trends

1. $BTC exhibits high volatility on a 4-hour chart, with mixed market directions; smaller coins such as $LOOKS volume spikes, BSC lending protocol $ALPACA, Solana ecosystem $DRIFT, liquid staking $PSTAKE lead the gains on the platform.

2. The US Commerce Secretary discussed some tariff negotiation progress, claiming that some are finalized and awaiting approval, bolstering hopes for trade agreements, expanding the growth of US stocks, with the three major US stock indices hitting daily highs. The S&P posts a six-day winning streak, marking the longest in three years.

3. In Bitget's BTC/USDT liquidation map, with the current point at 94415 USDT, if it falls by a thousand points to around 93415, the accumulated liquidation amount of long contracts exceeds $369 million. If it rises by a thousand points to around 95415, the accumulated liquidation amount of short contracts exceeds $112 million. The liquidation amount for longs is far greater than shorts, suggesting reasonable control of leverage to avoid triggering large-scale liquidation amid market fluctuations.

4. Over the past 24 hours, BTC spot inflows totaled $1.7 billion while outflows reached $2.1 billion, resulting in a net outflow of $400 million.

5. Over the past 24 hours, $BTC, $SOL, $XRP, $SUI, $TRUMP, and other contract trades lead in net outflows, suggesting potential trading opportunities.

Institutional Insights

Bernstein: With increased corporate holdings and ETF "supply squeeze" escalating, Bitcoin will reach new highs

Link: https://www.theblock.co

Fidelity: Several Ethereum on-chain indicators suggest ETH is "underpriced"

Link: https://cointelegraph.com/

Cointelegraph: Demand for Ethereum spot ETFs warming up and increasing on-chain activity may help ETH break the $2,000 critical resistance level

Link: https://cointelegraph.com/

1confirmation: There is an inverse relationship between the heat in the seed round phase and project product success

Link: https://x.com/NTmoney/

News Updates

1. El Salvador: Will continue to purchase Bitcoin despite IMF's halt agreement

2. A Texas judge ruled that Tornado Cash cannot be sanctioned

3. Trump: I understand interest rates better than the Fed chair, criticizing Fed officials' performance

4. Italy's central bank warns that crypto assets pose risks to financial stability

Project Updates

1. Trump Media Group Plans to Launch Truth Social Utility Token

2. US SEC Delays Decision on Fidelity's Spot Ethereum ETF Staking Feature

3. Mantra Co-Founder: 150 million OM tokens have been burned

4. DWF Labs Announces Partnership as JST Token Market Maker

5. Yua Mikami Meme Coin May Adopt Presale Model, Set to Announce Official Wallet Address

6. Hyperliquid Announces New Fee Structure and Staking Levels, Set to Launch on May 5

7. Base Achieves Decentralization Phase for Ethereum Rollup, Launching Fault Proving Mechanism and Establishing Security Council

8. Loopscale Announces Stolen Funds Fully Recovered, No User Asset Loss

9. Kakarot, Backed by Vitalik and StarkWare, Launches New Ethereum ZK Solution Based on STARK

10. Nasdaq Submits 21Shares Dogecoin Spot ETF Listing Application to SEC

Highlights on X

1. Sunova: An In-Depth Analysis of the Cognitive and Aesthetic Differences Between Eastern and Western Perspectives on Meme

Compared to Eastern players who view Meme as high-leverage trading, Western players treat it more like an emotionally-driven "esports game"—fast-paced and thrilling, centered on "fun" and "engagement." They prioritize whether the narrative is entertaining and emotionally resonant, with common aesthetic preferences including absurdism, nihilism, black humor, human care, and nostalgia. Understanding these cultural dimensions and viral contexts, especially the aesthetic preferences in TikTok and Western Asian cultural circles, can help better identify which Memes will explode and which are destined to zero.

X post: https://x.com/CryptoSunova/status/1917283679036125587

2. Jason Chen: Will Aptos "Shed Its Gown"? New Leadership + Inflation Reduction + $200 Million Ecosystem Incentive, Potential Starting Point for Wealth Creation on Chain

Facing the strong breakout of the Sui Ecosystem, Aptos has finally begun to "shift gears and accelerate": significantly adjusting its team structure, appointing CTO Avery Ching as the new CEO, and sending more explicit signals for wealth creation on-chain. The recently passed proposal to reduce staking returns shows the official determination to lower inflation and stabilize the coin's price; the $200 million ecosystem incentive program directly initiates projects like "chain casinos," aiming to replicate Solana and Sui's paths. Technically, Aptos boasts very low fees and high-performance advantages, now "gown shed," the key is whether it can drive ecological vitality through the rally to complete a transformation from a strict VC chain to a Crypto Native star.

X post: https://x.com/jason_chen998/status/1916670420784488570

3. cutepanda: Deep Dive into Virtual Points Model: Capture the Next Geneses Presale Dividend

Virtuals’ Geneses Launch Model, fundamentally a distribution mechanism that uses "points proportion" to decide presale investment ratio, encourages real supporters of the ecosystem to participate long-term. Unlike traditional presale models, this "points system + anti-sybil attack" design disperses funds and makes gameplay more equitable. Points earning involves buying coins, holding, staking, tweeting (Yaps), etc., particularly suited for users willing to run long-term. Project parties' quick compensation for allocation bugs and Rug projects also shows its responsibility and execution. Overall, whether from product design, community governance, or user feedback mechanisms, Virtual displays the traits of a "long-termism" team, worth being a main medium-term focus target.

X post: https://x.com/cutepandaweb3/status/1917112052738625979

4. Neko: In the PVP Era, the Rationality and Optimization Space for Board Leaders to Spur Prices

The current Meme market has evolved from a "narrative-driven + dealer-driven" PVE stage to a "attention-driven + leader-arbitrage" PVP era, where leaders have become the main source of on-chain liquidity due to the lack of regular dealers and spot exit mechanisms. Given the rapid rise and fall of hot spots, trading strategies need to be closer to behavioral analysis: for instance, building small leader liquidity models through "leader density + entry timing + profit-taking points" to identify whether liquidity is near exhaustion, thus judging whether to wait or short-term game. The core is dynamically assessing whether attention is gathering and whether there are opportunities for "catch-up building + promotion," rather than static holding.

X post: https://x.com/_MomoNeko/status/1917142207494279383

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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