Bitcoin Flips Silver 🤯
OVERVIEW
Bitcoin Flips Silver 🤯
Before we dive in, here’s today’s crypto market heatmap:
Source: Santiment
And here’s a look at crypto’s total market and altcoin market cap charts:
Source: TradingView
NEWS
And Just Like That, Bitcoin Flips Silver 😱
Bitcoin’s pulling a Kool-Aid Man—smashing through walls and knocking down major market-cap assets on its way up. 🧱
Click to enlarge.
After hitting $94,000 and a market cap of $1.86 trillion, it swapped positions with silver ($1.84 trillion) to become the seventh largest asset by market cap in the world.
Here are the top ten:
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Gold $GC_F ( 0.0% ) – $22.2 trillion
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Apple $AAPL ( ▲ 0.44% ) – $3.11 trillion
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Microsoft $MSFT ( ▲ 1.18% ) – $2.81 trillion
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Nvidia $NVDA ( ▲ 4.3% ) – $2.54 trillion
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Amazon $AMZN ( ▲ 1.31% ) – $1.96 trillion
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Google $GOOGL ( ▲ 1.68% ) – $1.92 trillion
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Bitcoin $BTC.X ( ▲ 1.43% ) – $1.87 tillion
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Silver $SI_F ( 0.0% ) – $1.84 trillion
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Vanguard Total Stock Market ETF $VTI ( ▲ 0.61% ) – $1.32 trillion
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Saudi Aramco $ARMCO ( 0.0% ) – $1.66 trillion
NEWS IN THREE SENTENCES
Crypto News 📰
💩 Pump Fun’s Dylan Kerler Exposed as OG Teen Rugpuller from 2017 ICO Mania
Turns out Pump Fun’s co-founder Dylan Kerler got his start at just 16, rugging naive investors out of $75,000 during the 2017 ICO craze. WIRED connected Kerler to two projects – eBitcoinCash and EthereumCash – which collapsed spectacularly, leaving investors holding worthless tokens. Protos.
🚨 SEC Nails Crypto Bro Behind $198M Ponzi Scheme; Dark Web Dealer Also Indicted
The SEC charged dual-citizen scammer Ramil Palafox, accusing him of running a $198 million crypto Ponzi via PGI Global, complete with fake AI trading bots and lavish personal spending sprees totaling $57 million. The DOJ also indicted Iranian national Behrouz Parsarad, operator of dark web marketplace Nemesis. CryptoJournal.
💰 Cantor Fitzgerald Launches $3B Crypto Monster
Expect this to be come a much bigger story on its own – but Cantor Fitzgerald just dropped $3 billion crypto power move, backed by Tether ($USDT.X ( ▲ 0.03% )) ($1.5B), SoftBank ($SFTBY ( ▼ 0.63% )) ($900M), and Bitfinex ($600M), planning to go public under the name “21 Capital.” Some analysts think Softbank is about to throw down $900M on $BTC.X ( ▲ 1.43% ) soon. crypto-economy.
PRESENTED BY STOCKTWITS
Trends With Friends: The U.S. Confidence Crisis 😬
Howard, Michael, Phil, and Tom are joined by special guest Jeff Richards, GP at Notable Capital (a VC with $10B AUM), to break down the chaos of today’s markets and the long-term promise of AI and American innovation. They cover:
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Why VCs are long on AI infrastructure and private innovation
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The real risk behind rising tariffs and policy chaos
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What Warren Buffett’s $300 billion war chest signals
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The degenerate economy and betting on the next Pope
P.S. We’re just one week away from the Stocktwits Cashtag Awards. We’ve reserved a few more tickets for newsletter subscribers in the New York area. If you’d like to attend, reply directly to this email with the word “Ticket,” and we’ll send you one. 🎫
ON-CHAIN ANALYSIS
There’s Oversold And Then There’s Whatever The Hell This Is 🤯
Big bounces for altcoins, and especially for the altcoin of altcoins: Ethereum – which has been in a dumpster fire for the last five months. 🔥
Wait. A dumpster fire is being generous – more like a porta-potty explosion at a taco festival. Here’s the on-chain analytics version of that visual:
Ethereum Percentage of Addresses in Profit – Click to enlarge.
The chart above shows the percentage of Ethereum addresses in profit. How bad is it right now? Just 35% of Ethereum addresses in profit as of April 21.
That’s lower than Terra’s collapse in May 2022.
That’s lower than FTX’s collapse in November 2022.
On-chain analytics people are basically looking at this chart and thinking, “well, this is stupidly overdone.” 🤦
NEWS
Of Course This Is Now A Thing: Drainers-As-A-Service 🤦
Leave it to crypto’s bottom-feeding scammers to innovate by creating Drainers-as-a-Service. Robbing people blind wasn’t sleazy enough already. 🥷
DaaS Model – Click to enlarge.
Enter Medusa Drainer, a grimy little operation lurking primarily on Telegram, tricking unsuspecting users into authorizing wallet transfers, then scuttling away with people’s hard-earned crypto.
Here are some of the stats from AMLbot’s Medusa Drainer research:
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$494 million: Total losses attributed to drainers in 2024, up 67% from the previous year.
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3.7%: Increase in victim count from previous year.
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$156.2 million: Amount stolen from Ethereum wallets alone in 2024.
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$5.5 million: Total funds stolen by Medusa Drainer throughout its operational lifespan.
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$3,800: Median amount stolen per victim by Medusa Drainer.
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$800k–$900k: Range of the largest individual thefts.
DaaS proves once again that when it comes to crypto scams, the gutter has no bottom. 😡
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Tell Me What You Want 🔊
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E-mail me here: jmorgan@stocktwits.com
ON-CHAIN ANALYSIS
Burnt Bag Briefing 🔥
Want to know whether the bulls or bears are feeling the most pain today? Well, this is the place to look. 👀
24-Hour Liquidation Heat Map – Source: coinglass – Click to enlarge.
In the past 24 hours, 174,665 traders were liquidated, with total liquidations reaching nearly $602.50 million.
The largest single liquidation occurred on Binance, an ETHUSD pair valued at $4.33 million.
Longs lost $150.81 million, while shorts were hit for $451.69 million. 🤕
NEWS IN THREE SENTENCES
Metaverse, NFT, & Gaming News 🎮️
🎮 Ubisoft Betting Might & Magic on Immutable’s Blockchain
Ubisoft is diving deeper into Web3 by teaming up with $IMX.X ( ▼ 0.83% ) for Might & Magic Fates, a blockchain-powered strategy card game. Players can now own, trade, and battle digital cards. Immutable says it’ll deliver “engaging” Web3 gameplay – and you get to own the cards. Digitally. Presser.
🏨 Bit Hotel Checks Into SKALE and Sees 400% Growth, Other Games Quietly Rage Quit
Bit Hotel’s social blockchain game leveraged SKALE Network’s zero gas fees to skyrocket from 10,000 to 50,000 daily users in just six months. By putting everything from fishing results to leaderboard positions onchain without costing a fortune, Bit Hotel became blockchain gaming’s poster child. SKALE Network.
NEWS IN THREE SENTENCES
DeFi, DEX, & Lending Protocol News 🏦
🥞 PancakeSwap Uncooks Its Tokenomics
PancakeSwap is radically overhauling its CAKE tokenomics—retiring veCAKE, ending revenue sharing, and slashing token emissions significantly to boost burns. Users have six months to redeem their locked CAKE tokens as PancakeSwap pivots towards a leaner, burn-focused model. PancakeSwap.
🚀 DeFi: Still Killing Banks One DApp at a Time
DeFi continues rewriting financial rules with lending protocols, yield farming, DEXs, stablecoins, and asset tokenization, all without banks or traditional middlemen. Ripple’s new XRP Ledger lending platform, Curve’s stablecoin swaps, and real-world asset tokenization are just a few examples reshaping global finance. Banks, meanwhile, are pretending to understand what “impermanent loss” means. XRP.
LINKS
Links That Don’t Suck 🔗
💳️ PayPal has a novel plan to capture the $239B stablecoin market
🚀 SpaceX Founding Member Jim Cantrell Joins Sspacecoin to scale decentralized satellite network
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Author Disclosure: The author of this newsletter holds positions in ADA, IMX, COPI, MIN, AGIX, ALGO, ZEC, XLM, and NEAR. 📋
