8
Apr, 2025
RedStone targets trading latency with new oracle on MegaETH
Altcoin News, Bitcoin News, Crypto Analytics, Crypto Industries & Currency Updates
RedStone, a blockchain oracle provider, has introduced a push-based oracle on MegaETH to tackle latency issues that challenge the efficiency of onchain trading.
According to a spokesperson for RedStone, the new oracle can push new prices onchain every 2.4 milliseconds. Initially debuting on MegaETH, an Ethereum layer-2 network, the product may be rolled out to additional chains in the future.
RedStone said its oracle sources prices from centralized exchanges and delivers them directly to applications or smart contracts via nodes that operate natively on the MegaETH chain.
This “co-location” strategy minimizes latency by eliminating delays typically caused by the physical distance between servers. In the future, RedStone also plans to include price feeds from decentralized exchanges.
Oracles compatible with the Ethereum Virtual Machine (EVM) are becoming more popular. According to Alchemy, there are currently 12 decentralized oracle networks operating on Ethereum.
Oracles can make money through data usage fees, licenses, staking rewards and node incentives. The current market capitalization for oracle tokens sits at $10.2 billion, according to CoinMarketCap.
Related: Trump’s World Liberty Financial taps Chainlink as oracle provider
DeFi growth spurs further rise of oracles
Decentralized finance’s total value locked onchain nears $88 billion as of April 8, after rising 116% in 2024, according to DefiLlama. Ethereum remains the top blockchain for DeFi applications, with $47.8 billion locked in the network, followed by Solana with $6.1 billion in DeFi TVL.
DeFi TVL over time. Source: DefiLlama
The rise of DeFi has intensified competition in the oracle market — an essential component for the functioning of decentralized applications. Price oracles feed real-time market data into smart contracts, acting as a bridge between blockchains and the real world.
Popular players in the oracle space include Chainlink and Pyth Network. In October 2024, Pyth flipped Chainlink in 30-day volume, reaching $36 billion in transactions. The protocol offers a pull-based model that provides data upon request, thus making it optimized for high-volume activities.
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Learn MoreRedStone targets trading latency with new oracle on MegaETH
8
Apr, 2025
Cboe BZX files to list Canary's SUI ETF
Altcoin News, Bitcoin News, Crypto Analytics, Crypto Industries & Currency Updates
Cboe BZX Exchange has asked United States regulators for clearance to list an exchange-traded fund (ETF) backed by Sui (SUI), the native token of the Sui Network, public filings show.
The request submitted on April 8 must be reviewed and approved by the US Securities and Exchange Commission (SEC) before the exchange can list any shares of the fund.
If approved, the ETF — issued by asset manager Canary Capital — would be the first in the country to hold SUI. The token has a market capitalization of roughly $6.5 billion, according to CoinMarketCap.
Sui is a blockchain network designed to provide users with a more streamlined onboarding experience — similar to traditional Web3 applications. It is built using Move, a smart contract framework based on the Rust programming language. Sui has approximately $1.1 billion in total value locked (TVL), according to DefiLlama.
Sui Network has roughly $1.1 billion in TVL. Source: DeFiLlama
Related: Canary files for PENGU ETF
Canary, which specializes in crypto ETFs, submitted its own S-1 regulatory filing for the SUI fund in March.
Since 2024, Canary has filed for several proposed US crypto ETFs, including funds holding Litecoin (LTC), XRP (XRP), Hedera (HBAR), Axelar (AXL) and Pengu (PENGU).
Cboe BZX has also submitted numerous filings seeking to list crypto ETFs this year. In March, the exchange filed to list Solana (SOL) ETFs issued by Franklin Templeton and Fidelity.
Dozens of altcoin ETFs
Since US President Donald Trump took office on Jan. 20, the SEC has acknowledged dozens of new altcoin ETF filings.
Proposed ETFs include funds holding native layer-1 tokens such as Solana (SOL) and SUI, as well as memecoins such as Dogecoin (DOGE) and Official Trump (TRUMP).
However, investors’ demand for altcoin ETFs may be weaker than for funds holding core cryptocurrencies such as Bitcoin (BTC) and Ether (ETH), according to Katalin Tischhauser, crypto bank Sygnum’s research head.
“[T]here is all this frothy excitement in the market about these ETFs coming, and no one can point to where substantial demand is going to come from,” Tischhauser told Cointelegraph.
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8
Apr, 2025
Bitcoin relief rally fizzles as White House confirms 104% China tariffs — Will BTC fall to new lows?
Altcoin News, Bitcoin News, Crypto Analytics, Crypto Industries & Currency Updates
Bitcoin’s surprise rebound to $81,180 — which was influenced by fake news regarding a pause on US tariffs — has all but evaporated following White House confirmation that 104% tariffs on China will start on April 9.
S&P 500 drops intra-day gains follow White House tariff confirmation. Source: X / Kobeissi Letter
After dropping below the $75,000 level for the first time since Nov. 6, 2024, BTC retested a key demand zone that traders hope will provide a safe haven for the bulls.
The safe haven is a fair value gap located between $77,000 and $73,400, and this zone was created during the November 2024 Trump pump.
BTC/USD daily chart. Source: Cointelegraph/TradingView
MN Capital founder Michael van de Poppe had earlier asserted that Bitcoin needed to retest this zone “before going back upward.”
“Bitcoin attacking $80,000 is a strong sign,” said van de Poppe in another X post on April 8, adding:
“I don’t know whether we’ll be having another drop or whether we’ve seen it all.”
BTC/USD daily chart. Source: Michael van de Poppe
Fellow analyst Jelle shared similar sentiments, saying that Bitcoin’s close above $79,000 on April 7 after dropping as low as $74,400 was impressive compared to how equities performed.
“Waiting for the dust to settle – expecting the price to move higher once that happens.”
Related: Bitcoin may rival gold as inflation hedge over next decade — Adam Back
Bitcoin’s long-term holders’ activity spells doom for BTC price
Data from onchain analytics platform CryptoQuant now shows that the long-term holders (LTHs) — individuals and entities who have held Bitcoin for more than 155 days — could be preparing to sell their coins, particularly after the latest crash.
The Exchange Inflow Coin Days Destroyed (CDD) metric measures the volume of Bitcoin moved to exchanges, weighted by how long those coins were held dormant, indicating potential selling pressure from long-term holders.
There was a massive spike in this metric on April 7, signaling that the old coins are waking up, which is historically a bearish sign.
A chart posted by a CryptoQuant contributor, IT Tech, in one of its “Quicktake” blog posts showed that when the metric spiked on April 2, Bitcoin price dropped from $88,000 to $81,000.
A similar spike was seen on March 27, preceding a 7% drop in price over two days.
Spotting a similar spike on April 7, the analyst wondered if Bitcoin’s long-term holders were “preparing to sell again?”
Bitcoin: Exchange Inflow CDD. Source: CryptoQuant
If history repeats itself, Bitcoin’s sell-off could continue for a few more days, with the March 2024 all-time high near $74,000 presenting the first line of defense.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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