The Sui network has released a post-mortem report of what caused the $260 million Cetus hack, which shook its ecosystem last week. As part of the report, the network also announced plans to boost security, a move which is bullish for the SUI price. Sui Provides Report On The Cetus Hack In an X post, the network revealed that the root cause of the Cetus incident was a bug in the protocol’s math, rather than a vulnerability in Sui or the Move programming language, which the network adopts for smart contracts. Sui remarked that the impact on users is the same and noted the need to take a holistic perspective to support the ecosystem’s security. As CoinGape reported, the network’s largest decentralized exchange (DEX) and liquidity provider, Cetus Protocol, suffered a $223 million crypto hack last week. The network was able to freeze $162 million while Cetus put out a… Read More at Coingape.com
Cardano has traded within a tight range over the past week as the broader crypto market attempts a recovery. It has faced resistance at $0.75 and found support at $0.69.
Despite the price consolidation, on-chain data reveals a strengthening bullish bias that could pave the way for an upward breakout.
Cardano Stuck in a Range—HODLing Points to a Potential Breakout
Amid ADA’s sideways price movements over the past week, investors have increased their holding times. According to IntoTheBlock, holding time has increased by 77% during the review period.
An asset’s coin holding time is a metric that tracks the average duration of time its tokens are held in wallet addresses before being sold or transferred.
As this time spikes, it signals Cardano holders are opting to hold onto their assets rather than sell. This suggests growing confidence in the asset’s long-term potential. If the trend persists, it could reduce selling pressure and cause ADA to attempt a break above the resistance at $0.75.
Additionally, ADA’s Network Realized Profit/Loss (NPL) remains negative, meaning most Cardano holders would incur losses if they sold now. At press time, this indicator stands at -2.33 million.
This metric measures the total profit or loss realized by investors when they move their coins on-chain, indicating overall market sentiment. When NPL is negative, more investors are at a loss, reducing the incentive to sell.
This would help reduce selling pressure in the ADA market and increase the likelihood of a potential rebound as more investors hold onto their assets instead of realizing losses.
ADA’s Next Move: Break Above $0.75 or Drop to $0.65?
At press time, ADA trades at $0.71. The horizontal trend of its Relative Strength Index (RSI) on the daily chart confirms the coin’s sideways movements.
The RSI indicator measures an asset’s oversold and overbought market conditions. When it is flat, as with ADA, it indicates a balance between buying and selling pressure, meaning there is no clear momentum in either direction. This suggests market consolidation, where the asset trades within a range without strong bullish or bearish dominance.
However, with the steady uptick in ADA accumulation, a break above the resistance at $0.75 could be on the horizon. If successful, ADA could rally toward $0.77.
Defunct cryptocurrency exchange FTX has filed lawsuits against NFT Stars Limited and Kurosemi Inc., the operator of the Delysium platform, as part of its ongoing efforts to recover assets for creditor payouts.
The legal actions announced by FTX and its recovery trust are in response to the companies’ alleged failure to deliver tokens as stipulated in prior contractual agreements.
In addition to the current legal actions, FTX revealed that it is also engaging with several other token issuers to recover assets. The company added that further lawsuits will be filed against those who fail to cooperate.
“We urge token and coin issuers to return assets that rightfully belong to FTX, and are willing to initiate litigation barring adequate engagement. Our team continues to work tirelessly to maximize recoveries for the FTX Estate and return funds to creditors, including by filing two complaints against issuers who have repeatedly ignored our attempts to engage,” The FTX Estate’s statement read.
On February 18, 2025, FTX started its initial distributions of recovered funds. The initial round of payments was made to holders of approved claims in FTX’s Convenience Class. FTX also announced that the next distribution record date will be April 11, with payments expected to begin on May 30.
This second round of payments will include Class 5 Customer Entitlement Claims, Class 6 General Unsecured Claims, and additional Convenience Claims approved since the initial record date. This distribution is part of a broader plan to repay creditors.
Last month, FTX suffered another setback as Three Arrows Capital’s (3AC) claim was raised from $120 million to $1.5 billion. The amendment followed new findings about 3AC’s extensive dealings with FTX. It was approved despite objections from FTX.
Meanwhile, FTX’s collapse serves as a reminder of the systemic risks in the crypto industry. To avoid similar situations, US Senators have proposed the PROOF Act earlier this month.
The bill mandates that crypto exchanges keep customer funds separate from institutional assets. It also requires exchanges to submit monthly audits, called “Proof of Reserves,” conducted by neutral third-party firms. This aims to ensure transparency, verify asset availability, and enhance consumer protection.
Japan’s government bond market faces its worst liquidity crisis since the 2008 financial meltdown. This has prompted fears of a broader economic contagion that could ripple into global crypto markets.
Analysts are sounding the alarm as bond yields surge and long-standing financial structures unravel.
Japan’s Bond Market Crisis Sparks Global Contagion Fears
In just 45 days, Japan’s 30-year government bond yield has surged 100 basis points (bps) to a record 3.20%. Meanwhile, the 40-year bond, previously seen as a “safe” investment, has shed more than 20% in value, with over $500 billion in market losses.
According to analyst Financelot, liquidity in the bond market has also deteriorated to levels last seen during the Lehman Brothers collapse, suggesting a potential impending financial crisis.
“Japan’s bond market liquidity has dropped to 2008 Lehman crisis levels. Are we about to experience another financial crisis?” wrote Financelot on X (Twitter).
The central bank still holds $4.1 trillion in government bonds, 52% of the total outstanding. With this, its grip on the market has distorted pricing and investor expectations.
Japan’s total debt has ballooned to $7.8 trillion, pushing its debt-to-GDP ratio to a record 260%, more than double that of the US.
The fallout has been swift. Japan’s real GDP contracted 0.7% in Q1 2025, more than double the expected 0.3% drop.
Meanwhile, CPI inflation accelerated to 3.6% in April. Real wages, however, plunged 2.1% year-over-year (YoY), intensifying fears of stagflation.
“Japan needs a major restructuring,” warned The Kobeissi Letter, highlighting the fragility of the nation’s economic model.
Bitcoin Emerges as a Safe Haven Amid Yen Carry Trade Unwind
As global investors digest these warning signs, attention is turning to the crypto markets, specifically Bitcoin. The pioneer crypto is progressively presenting as a potential refuge from bond market volatility.
The yen carry trade, a strategy in which investors borrow low-yielding yen to invest in higher-yielding assets abroad, is now under threat.
According to Wolf Street, surging Japanese yields and a weakening economy are squeezing these highly leveraged positions.
“The huge mess is coming home to roost,” the outlet wrote, noting that the unwind of this trade could trigger a global risk-off event.
That shift is already visible. As yields rise in Japan and the UK, demand for Bitcoin has soared in both regions.
“Is it a coincidence that the UK and Japan are seeing huge demand for bitcoin exposure?” analyst James Van Straten posed.
The analyst referenced the 30-year UK gilt yield nearing a 27-year high.
Meanwhile, Cauê Oliveira, Head of Research at BlockTrendsBR, also noted a growing positive correlation between bond volatility and Bitcoin flows, with Bitwise’s European Head of Research, Andre Dragosche, agreeing.
“A lot of big players [are] rotating from bonds to BTC,” Oliveira noted.
BeInCrypto data shows Bitcoin was trading for $109,632 as of this writing, down 0.17% in the last 24 hours.
Still, Bitcoin’s role comes with its own risk. BeInCrypto reported a recent analysis of the yen carry trade, warning that disorderly unwinds could pressure crypto assets alongside traditional markets. This is especially true if a global flight to safety prompts USD strength and capital outflows from risk assets.
Yet, in the long term, Japan’s debt crisis may strengthen Bitcoin’s case as a hedge against monetary instability. As traditional “safe” assets like long-dated sovereign bonds falter, institutions increasingly consider digital assets viable alternatives.
