Bitcoin (BTC) continues the rebound trend at the start of the week, temporarily around $78,230 as of April 23. Samuel Paparo, commander of the U.S. Pacific Command, said at a congressional hearing that the U.S. government runs a Bitcoin node for cybersecurity testing, but does not participate in mining. Tesla’s first-quarter Bitcoin holdings remain unchanged; its digital-asset impairment loss is $173 million.
Macro Events & Crypto Market Hotspots
1、According to Decrypt, U.S. Pacific Command commander Admiral Samuel Paparo stated at a congressional hearing that the U.S. government is currently operating a Bitcoin network node, used for cybersecurity-related tests, but it does not participate in Bitcoin mining. Paparo said the military views Bitcoin as a cryptographic tool, the blockchain, and a reusable proof-of-work system, used to protect and strengthen cybersecurity, rather than as a financial asset to hoard. He also praised the stablecoin legislation 《GENIUS Act》 as an “important step” to ensure the global dominance of the U.S. dollar.
2、According to a report by CoinDesk, in Q1 2026 Tesla made no adjustments to its Bitcoin holdings, still holding 11,509 BTC; based on the current price of about $78,000, the calculated value is about $880 million. Driven by Bitcoin falling from roughly $90,000 at the beginning of the year to about $68,000 at the end of March, Tesla reported an after-tax impairment loss of $173 million for its digital assets.
Tesla’s first-quarter revenue was $22.39 billion, slightly below the expected $22.71 billion, but earnings per share were $0.41, higher than the expected $0.37. After-hours, the stock price rose 4%. Tesla initially bought about 43,200 Bitcoins in February 2021; after multiple reductions, it increased its holdings to 11,509 BTC in January 2025 and has held that amount since.
News Roundup
1、U.S. military officials: the U.S. government operates a Bitcoin node for cybersecurity testing, but does not participate in mining
2、Circle’s chief economist proposes adjusting Aave V3 USDC interest-rate parameters to address high utilization
3、Aave total deposits fall below $30 billion; after the rsETH event, $16.2 billion flows out
4、Ronin will migrate to Ethereum Layer 2 on May 12; the mainnet will be down for about 10 hours during the transition
5、Believe’s founder is arrested on suspicion of second-degree murder and assault
6、KelpDAO hacker has converted nearly all of 75,700 ETH into BTC within a day and a half
7、MetaMask co-founder Dan Finlay announces he is leaving Consensys
8、Thailand SEC plans to revise rules for digital-asset derivatives businesses, allowing existing operators to apply for licenses directly
9、Ether.fi: The Liquid ETH vault has accepted aWETH deposits, providing an exit route for Aave’s permissioned liquidity
Market Overview
1、Latest Bitcoin news: $BTC continues the rebound trend at the start of the week, temporarily around $78,230. In the past 24 hours, $213 million was liquidated across long and short positions, with the main liquidation in shorts;
2、On April 22, U.S. stocks rose strongly as big tech and chip stocks surged, undaunted by geopolitical shadows. Both the S&P 500 Index and the Nasdaq Composite hit record highs. The Philadelphia Semiconductor Index climbed for 16 straight trading days, marking the longest winning streak since records began in 1994. The Philadelphia Semiconductor Index jumped 2.7%, setting a record for 16 consecutive red sessions, also reaching new highs for 10 consecutive days; in April, it is expected to post the biggest monthly gain since 2000. The Dow Jones Industrial Average rose 340.65 points, up 0.7%, closing at 49,490.03. The S&P 500 Index gained 73.89 points, up 1.1%, closing at a historical high of 7,137.90. The Nasdaq Composite rose 397.60 points, up 1.6%, and also closed at a historical high of 24,657.57.
（Source: Gate）
3、In the Gate BTC/USDT liquidation map, using the current 78,394.10 USDT as the reference: if it falls to around $78,222, the total liquidation amount for long positions would exceed $119 million; if it rises to around $79,763, the total liquidation amount for short positions would exceed $326 million. The short-side liquidation amount is significantly higher than the long side. It is recommended to reasonably control leverage ratios and avoid triggering large-scale liquidations when market conditions change.
（Source: Coinglass）
4、In the past 24 hours, BTC spot inflows were $2.78 billion, outflows were $2.57 billion, resulting in net inflows of $210 million.
5、In the past 24 hours, net outflows led among contract trades of $BTC, $ETH, $SOL, $CHIP, $DOGE , etc., presenting trading opportunities.
Selected Views from X KOLs
Phyrex Ni (@Phyrex_Ni): “Today’s most important news is that Trump’s doing it just like expected—TACO—and they say the pause will last until the peace agreement is fully signed and completed. This shows the U.S. doesn’t have the determination to go head-to-head with Iran all the way. But later, Trump again said the ceasefire period isn’t indefinite; instead, it only gives an additional 3 to 5 days of time. I think that explanation doesn’t really make sense. In the end, it’s likely still going to be TACO.”
“Although risk markets have seen a broad-based rebound, unlike what risk markets expected, Brent and WTI are still moving upward. This is mainly because reports say that even if the Strait of Hormuz is reopened, clearing the mines thoroughly in that area could still take around six months. That suggests oil prices may remain constrained for a long time.”
“In my personal view, if it’s only because clearing the mines is difficult, the market’s price expectations for WTI should be below $90, because the mines essentially affect transportation efficiency, but they aren’t enough on their own to keep WTI staying at a high level long-term. The reason WTI can still hold above $90 is that the market is pricing not just how hard mine-clearing is, but also that the ceasefire could be reversed at any time, that Iran’s ports are still blocked, and that something could happen again at Hormuz at any moment—those expectations.”
“So if, going forward, there isn’t a larger-scale military escalation, and there aren’t new oil-production facilities being hit, or Hormuz isn’t completely sealed again, then I still tend to believe that the persistence of WTI staying above $90 won’t be that strong. Maintain the view of staying short at elevated levels.”
“Coming back to Bitcoin’s data: as the $BTC price rises, the turnover rate has also surged a lot, but trading volume hasn’t changed much. It feels like investors are accelerating their selling. However, the overall positioning/coin-holder structure hasn’t changed noticeably. Today’s rise should be benefiting from the continuation of the U.S.-Iran ceasefire; if there’s no subsequent positive catalyst, it likely won’t be easy to maintain a sustained rally.”
Outlook for Today
1、France April manufacturing PMI (preliminary), previous value was 50.0
2、Germany April manufacturing PMI (preliminary), previous value was 52.2
3、Eurozone April manufacturing PMI (preliminary), previous value was 51.6
4、UK April manufacturing PMI (preliminary), previous value was 51.0
5、UK April CBI industrial orders expectations balance, previous value was -27
6、U.S. February orders for durable goods final value (monthly rate), previous value was 0.0%
7、U.S. weekly initial jobless claims, seasonally adjusted (thousands) (through 0418), previous value was 207
