GateBlog

GUN weakened again after a short-term rebound in early 2026, entering a volatile downward phase. In March, unlocked additional supply, and in April, negative news weakened confidence. Funds are mainly engaged in short-term trading, and demand has not yet been realized. Off The Grid is launched but still in Early Access, with user base and trading demand remaining unstable. The future trajectory depends on whether user growth can be converted into actual trading, as well as changes in unlocking pace and capital structure.

BEAM is currently in a narrative-driven structural transformation period, shifting from a single privacy asset to AI and computing infrastructure. Collaborations with computing networks and AI infrastructure (such as Aethir) send signals that BEAM is transitioning from on-chain assets to underlying resources like data transfer and computing power collaboration. The market is in the early stages of the narrative, lacking actual usage data, and prices are showing volatility. The key to success or failure lies in whether the expanded narrative can be converted into real demand and sustained usage; otherwise, there is a risk of demand mismatch and excessive concentration of liquidity on the trading side.

BCH is currently in a consolidation phase, but it is highly correlated with BTC, rising or falling in sync with BTC since 2026, with a correlation of about 0.69. The market lacks clear drivers and long-term funds, with capital concentrated in BTC, causing BCH to gradually shift from an independent trend to a follower asset. Only when new narratives, technological upgrades, or capital outflows occur can it potentially regain its pricing power.

On the afternoon of April 21, 2026, U.S. President Trump announced on his personal social media platform that, at the request of the Pakistani Army Chief of Staff and Prime Minister, the U.S. would temporarily suspend military strikes against Iran and extend the ceasefire period. However, this seemingly easing diplomatic signal did not cause significant fluctuations in the crude oil market—by the close of that day, U.S. WTI crude futures were at $89.12, up 2.39% for the day; Brent crude was at $92.87, up 2.72%. The market has shown a clear desensitization to the words "ceasefire."
Fundamentally, the core pain point in the oil market has shifted from "whether geopolitical negotiations will succeed" to "whether the physical supply chain can be restored." Even if the U.S. and Iran shake hands and make peace in the coming weeks, the more than one billion barrels of supply loss accumulated due to the Hormuz Strait disruptions will not automatically be replenished by a declaration alone.
Ceasefire extension and blockade run concurrently
According to the statement released by Trump on April 21 local time

Etherealize has lowered the long-term target price of ETH from $740k to $250k. The core logic is to define ETH as a hybrid asset that combines value storage and productive income, using the total monetary premium of gold and Bitcoin, approximately $31 trillion, as a reference to derive the implied price. This framework emphasizes staking yields and deflationary potential, aiming to provide institutional investors with a unified narrative and valuation method, while viewing competitors as execution-layer competitors.

Bitcoin experienced a market turnaround from extreme fear to gradual recovery in April 2026, and Strategy's latest holdings report coincided with this critical point. According to Gate market data, as of April 22, 2026, Bitcoin was priced at $77,993.1, with a 24-hour increase of 2.67%, a market capitalization of approximately $1.49 trillion, and a market share of 56.37%. Against this backdrop, Strategy announced impressive April performance — achieving a 6.2% Bitcoin return in the first three weeks, adding 47,079 Bitcoin gains, worth about $3.6 billion at current market prices. The company's total holdings also hit a new all-time high of over 815,061 Bitcoin, surpassing BlackRock's iShares Bitcoin Trust to become the world's largest publicly traded corporate Bitcoin holder.

After the crypto market went through a deep correction from late 2025 to early 2026, the debate over whether Bitcoin has already hit bottom has never stopped. On April 22, 2026, the Grayscale research team released its latest analysis report, officially declaring that the bottom of Bitcoin’s bear market has been established. This conclusion is based on the evolution of the on-chain core metric “Realized Price,” which stands in sharp contrast to current market expectations.
According to Gate market data, as of April 22, 2026, Bitcoin’s price was $77,966.6, its 24-hour trading volume was $513 million, its market cap was approximately $14.9 trillion, and its market share was 56.37%. Over the past 30 days, Bitcoin’s price has risen by about 5.76%, but compared with the historical high of 126,0 in October 2025,

As of 4/22/2026, XRP is approximately $1.45, up about 7% for the week, with a daily chart potentially forming a head and shoulders top, neckline at $1.28–$1.31. If the neckline is broken, the target is approximately $1.00; if it breaks above $1.51–$1.55, the pattern will be weakened. The 4-hour chart shows converging accumulation, with key support at $1.38 and resistance at $1.46; the 1-hour at $1.44 is still in contention. ETF approval progress may cause external disturbances to the market.

In April 2026, Ethereum (ETH) trading price was 2,361.86 US dollars, with a 24-hour increase of 2.28%, a total market capitalization of approximately 275.69 billion US dollars, and a market share of 10.41%. Over the past year, the ETH price has risen by about 41.53%, climbing from approximately 1,691 US dollars to the current level. The approval of ETH spot ETFs and continuous institutional entry have provided fundamental support for the price. In the past 24 hours, trading volume was about 267 million US dollars, with a high of 2,379.03 US dollars and a low of 2,284.54 US dollars.
However, contrasting sharply with the price is a more profound structural change: the Ethereum mainnet is undergoing “de-execution.” By early 2026, more than 95% of transaction execution within the Ethereum ecosystem has migrated to Layer 2 networks, to @E0@

The narrative of integrating artificial intelligence and blockchain has moved from the proof-of-concept stage to the infrastructure layer competition stage in 2026. The market is no longer satisfied with broad classifications like "AI concept tags," but instead asks a more valuable filtering question: which projects truly constitute the underlying protocols of the AI value network, rather than just capturing traffic at the application layer. This article analyzes three representative projects—Bittensor, Render Network, and SkyAI—to build a reusable evaluation framework, focusing on computational power supply models, value capture mechanisms, and network effects to form a structured logical analysis.
Three projects show significant divergence in key data
As of April 22, 2026, AI sector tokens exhibit notable differentiation in the secondary market. Bittensor's token TAO is priced at $247.8, with a market capitalization

On April 18, 2026, an attack that did not touch any smart contract code caused Aave, a leading lending protocol that has never had a security incident, to incur its largest amount of bad debt in its history. The attacker minted 116,500 rsETH out of thin air from KelpDAO’s cross-chain bridge, then deposited this batch of unbacked tokens into Aave as collateral, borrowed a large amount of WETH, and vanished. According to Gate market data, as of April 22, 2026, the AAVE token price was $92.51, down 7.72% cumulatively over the past 7 days, and market sentiment was in a neutral range. However, what the market is concerned about goes far beyond the token price—can Aave’s Umbrella security reserve cover this bad debt, which could be as high as $230.1 million? This event

The native token ZRO of the cross-chain interoperability protocol LayerZero experienced a sharp price correction in April 2026. As of April 22, 2026, Gate market data shows that ZRO was quoted at $1.61, down 17.82% over the past 7 days, down 18.86% over the past 30 days, and down 35.61% over the past year. At the same time, its market capitalization fell back to $405 million, with a fully diluted market cap of approximately $1.6 billion, and the current circulating rate is only about 25.23%.
The direct trigger for this downturn was the KelpDAO rsETH cross-chain bridge attack event. On the evening of April 18, the attacker stole 116,500 rsETH worth about $2 by forging cross-chain messages from KelpDAO’s bridge contract.

On April 20, 2026, Strategy (formerly MicroStrategy) submitted an 8-K filing to the U.S. Securities and Exchange Commission (SEC), disclosing the purchase of 34,164 bitcoins between April 13 and 19, at a total cost of approximately $2.54 billion, with an average price of about $74,395 per bitcoin. This is the company's largest single-week acquisition since November 2024 and the third-largest single purchase in its history by dollar amount.
Following this increase, Strategy's total bitcoin holdings reached 815,061 coins, with a total investment of approximately $61.56 billion, and an average cost basis of about $75,527 per bitcoin. Based on the market price at the time, the holdings' market value was approximately $61.2 billion, nearly breaking even overall.
More symbolically,

In April 2026, the pricing logic of global risk assets is undergoing a profound restructuring. During the tense moment when the US-Iran ceasefire agreement is about to expire, the correlation between crude oil, gold, and Bitcoin has significantly strengthened, sparking widespread market discussion: Is Bitcoin transitioning from a "risk asset" to a "macro hedge tool"? Does geopolitical shock in the crypto market mean systemic risk or structural opportunity?
As of April 22, 2026, Gate market data shows that Bitcoin is quoted at approximately $77,500, with a 24-hour increase of about 2.40%, a market capitalization of around $1.49 trillion, and a market share of 56.37%. Gold (PAXG) is quoted at about $4,744.5, with a year-to-date increase of 37.04%. Meanwhile, U.S. crude oil CL (XTIUSDT) is quoted at approximately $89.58.

In the first quarter of 2026, the Bitcoin market saw a rare divergence in its supply-and-demand structure. On one side, North American publicly listed mining firms collectively sold more than 32,000 BTC, setting the highest quarterly sell-off record on record, surpassing the scale during the 2022 Terra-Luna collapse; on the other side, Bitcoin spot ETFs achieved net inflows for a third consecutive week, pulling in nearly $1 billion in a single week and reaching the highest level since mid-January 2026. Miners are selling, while institutions are buying—during the same period for the same asset, the two core market forces are moving in completely opposite directions.
A simultaneous directional divergence
According to the weekly report data from Miner Weekly, in the first quarter of 2026, listed Bitcoin mining companies sold a total of more than 32,000 BTC. This sell-off volume not only exceeded the full-year of 2025

In the Hong Kong Web3 Carnival speech, Gate founder Han detailed the 13-year evolution from trading platforms to on-chain ecosystems, emphasizing that on-chain is the future of finance; proposed connecting TradFi and on-chain assets through RWA, building an integrated trading system for spot/perpetual/CFD and a global liquidity hub, striving to connect on-chain and off-chain assets, and shaping a global value network.

At 10 a.m. Eastern Time on April 21, a hearing capable of rewriting the global liquidity pricing logic of digital assets took place in Washington. Federal Reserve Chair nominee Kevin Warsh sat for the first time as an acting chair before the Senate Banking Committee, undergoing a systematic inquiry into monetary policy, inflation outlook, and the independence of the central bank. Unlike previous nominees, Warsh arrived at Capitol Hill carrying not only a speech on monetary policy but also a 69-page financial disclosure document—listing investment exposures to over twenty crypto-related projects, including Solana, Compound, and Optimism.
This was not just an ordinary confirmation hearing; it was the first time the U.S. Federal Reserve faced a candidate deeply involved in crypto ecosystem investments to articulate their top-level framework for digital asset governance. When Warsh stated during the questioning that…

In the increasingly complex on-chain interactions and the continuously expanding asset scale in the Web3 world, security has long shifted from "post-incident patching" to the core proposition of "real-time defense." Every contract deployment and cross-chain operation could potentially serve as an entry point for attackers. Forta was born in this context as a decentralized real-time monitoring network — it does not directly manage user assets but provides an around-the-clock early warning line for countless protocols, wallets, and DeFi applications.
As of April 22, 2026, Gate market data shows that Forta's token FORT is priced at $0.01711, with a 24-hour trading volume of $171,330, and a circulating market cap of approximately $10.74 million. Over the past 7 days, FORT's price has increased by 22.37%, with a 30-day increase of 22.5%.

As of April 22, 2026, Gate market data shows that Open Campus (EDU) is trading at $0.05445, with a 24-hour trading volume of $626.18K, a market cap of $40.3M, and a market share of 0.002%. Over the past 24 hours, the price has fallen by 19.09%, but it has recorded a gain of 19.43% over the past 7 days. Over the past year, it has cumulatively declined by 54.87%. The circulating supply is 736.2M EDU, accounting for 73.62% of the total supply of 1B EDU, and the fully diluted market cap is approximately $54.75M. The all-time high price was $1.67, and the all-time low price was $0.04149.
This round of price fluctuations shows a short-term characteristic of a rapid rise followed by a pullback. According to market data, EDU experienced a relatively deeper decline earlier...