24H Trending Coins & Headlines | Musk v. OpenAI Trial Begins, Pre-Trial Escalation Intensifies; US Sanctions Force Iran to Take Extreme Measures to Continue Oil Production (April 28)
- Key Takeaways: The cryptocurrency market showed an overall weak performance today, with major coins like BTC and ETH declining. However, niche coins such as CHIP and PENGU, as well as ZKJ, saw significant gains. On the macroeconomic front, the start of the Musk v. OpenAI trial and the blockade of Iranian oil became focal points. Meanwhile, strong institutional demand for Bitcoin suggests a recovering market sentiment.
- Key Elements:
- Among the top ten coins by CEX spot trading volume, DOGE saw the smallest decline (-0.99%), while BNB and BTC showed relative resilience. ZKJ led OKX's gainers with a +50.12% surge.
- Polymarket ranked first among crypto application websites with 122 million visits in Q1, surpassing Robinhood and Coinbase.
- DeFi United raised over $300 million, backed by Circle Ventures and Consensys, aiming to cover bad debt caused by a vulnerability in Kelp DAO.
- Bitcoin's net institutional demand growth rate hit a new high since late 2025. Data from Bloomberg and Glassnode indicate that institutional buying significantly outweighs selling pressure.
- The Musk v. OpenAI trial began, centered on the dispute over the transition to a for-profit model. OpenAI claims the lawsuit is baseless, while Musk seeks up to $134 billion in damages.
- US Representative Begich plans to rename and reintroduce the Bitcoin Strategic Reserve Act. The bill aims to codify Trump's executive order into law, proposing the acquisition of 1 million BTC over five years.
1. Popular CEX Tokens
Top 10 CEX Trading Volume and 24-hour Change:
- BTC: -2.65%
- ETH: -3.86%
- SOL: -3.88%
- XRP: -3.25%
- BNB: -1.85%
- DOGE: -0.99%
- CHIP: +6.68%
- TRX: +0.34%
- PENGU: +5.63%
- ZEC: -1.78%
24-hour Gainers (Data source: OKX):
- ZKJ: +50.12%
- ACH: +9.79%
- OL: +8.39%
- VINE: +7.82%
- CHIP: +6.64%
- PENGU: +5.70%
- GODS: +4.07%
- COMP: +4.41%
- PI: +3.99%
- SWFTC: +3.61%
24-hour Equity Token Gainers (Data source: msx.com):
- QNTM: 28.53%
- XE: 27.29%
- LAC: 13.15%
- VVPR: 11.23%
- NVDL: 10.11%
- MNTS: 9.72%
- SNDK: 8.99%
- WULF: 8.1%
- USAR: 7.69%
- ABTS: 7.56%
2. Top 5 On-chain Meme Tokens (Data source: GMGN):
- NICE
- DARK
- EMPLOYEE
- SCAM
- PIX
Headlines
Musk vs. OpenAI Trial Begins; Pre-Trial Public Clashes Intensify
The trial in the lawsuit brought by Elon Musk against OpenAI commenced on April 27th local time at the U.S. District Court in Oakland, California, with jury selection underway. Opening statements are expected to begin on Tuesday. Before the trial, both sides escalated their public confrontations on the X platform, with OpenAI stating the lawsuit is groundless, while Musk posted a series of messages attacking Sam Altman, calling him "Scam Altman."
The core of the case revolves around the controversy over OpenAI's transition to a for-profit entity. Musk accuses OpenAI of betraying its original non-profit founding promise, seeking up to $134 billion in damages, demanding the revocation of the for-profit restructuring, and the removal of relevant executives. The liability determination phase is expected to last until mid-May.
U.S. Blockade Forces Iran to Take Extreme Measures to Continue Oil Extraction
Due to the U.S. blockade of Iranian ports, Iran is unable to ship oil to customers, and empty tankers cannot dock to load cargo, leading to a continuous buildup of its oil inventories. To avoid production halts at some fields, Iran has begun storing oil on floating tankers. However, according to current and former Iranian officials, the country, which heavily relies on oil exports for most of its revenue, is now employing unprecedented methods to conserve storage space. These officials stated that Iranian authorities are using shipping containers and "makeshift storage facilities," which involve using abandoned, dilapidated storage tanks in the southern oil hub cities of Ahvaz and Assaluyeh to hold crude.
Industry News
Polymarket Q1 Visits Hit 122 Million, Ranked First Among Crypto Apps
According to Similarweb data, in Q1 2026, Polymarket topped the list of crypto application websites with 122 million visits, surpassing Robinhood (118 million visits).
Furthermore, Coinbase ranked third (78.8 million visits), Kalshi ranked sixth (34.8 million visits), Kraken ranked eighth (22 million visits), Hyperliquid ranked ninth (12.8 million visits), Pump.fun ranked eleventh (8.2 million visits), and Uniswap ranked twelfth (5 million visits).
DeFi United Raises Over $300 Million
Circle Ventures, Consensys, and Joseph Lubin announced their support for the DeFi United initiative, aimed at mitigating losses from the Kelp DAO exploit. Circle Ventures is supporting the ecosystem by purchasing AAVE tokens. Consensys and Ethereum co-founder Joseph Lubin confirmed providing 30,000 ETH to DeFi United. DeFi United has now raised over 132,000 ETH, with a total value exceeding $300 million. The funds will be used to cover bad debts resulting from an attacker minting unbacked rsETH via the LayerZero bridge and borrowing assets on Aave. Previously, Aave proposed donating 25,000 ETH, and Lido DAO, Ether.fi, and Kelp also proposed or committed to donating 2,500 ETH, 5,000 ETH, and 2,000 ETH, respectively.
Bitcoin Institutional Net Demand Growth Hits Highest Since Late 2025
According to monitoring by Omar Faridi, the expansion of net demand from Bitcoin institutional investors is regaining strong momentum, with growth reaching its highest level since the end of 2025. Data from Bloomberg, Glassnode, and Bitwise Europe indicates that buy-side pressure from professional institutions like funds and asset management companies is significantly exceeding selling pressure. Industry analysis points out that institutional capital typically involves large transactions and long-term holding; the re-acceleration of net demand suggests increased confidence among large players in Bitcoin as a store of value. The current rise in institutional participation is improving market liquidity and is seen as a signal of Bitcoin's further entrenchment within the global financial system.
Project News
Kalshi Completes First Custom Block Trade with Liquidity from Jump
Kalshi CEO Tarek Mansour, citing a Bloomberg report, stated that Kalshi has completed its first custom block trade, with Jump Trading providing liquidity support for the transaction. The trade was facilitated this month by Greenlight Commodities on behalf of a Houston-based environmental hedge fund. The fund sought exposure to a contract tracking whether a specific price would be realized in California's carbon allowance auction held in May.
Solana Developers Unveil Quantum-Resistance Plan, to Introduce Falcon Digital Signature Scheme
The Solana Foundation stated that its core development team Anza and Firedancer, under Jump Crypto, have agreed on a potential post-quantum solution, planning to introduce a new digital signature scheme called Falcon. Although the quantum computing threat is not expected materialize for several years, Solana has outlined a phased upgrade roadmap. The plan includes continued research on Falcon and other alternatives, introducing post-quantum schemes for new wallets when necessary, and eventually migrating existing wallets. The quantum-resistant primitive Winternitz Vault, developed by Blueshift, has been running on Solana for over two years. The Solana Foundation indicates that the network's high-speed, low-latency design is compatible with such schemes, and the migration is not expected to have a significant impact on performance.
Microsoft (MSFT.O) Ends Nearly 7-Year Honeymoon with OpenAI, Will No Longer Pay Revenue Share
Microsoft (MSFT.O) will no longer pay revenue share to OpenAI.
OpenAI announced an amendment to its agreement to simplify its partnership with Microsoft (MSFT.O).
The OpenAI licensing rights obtained by Microsoft (MSFT.O) will now be non-exclusive.
Fundraising
Bill Ackman's Pershing Square Aims for ~$5 Billion IPO
Bill Ackman's closed-end fund, Pershing Square USA (PSUS), and alternative asset manager Pershing Square (PS) are conducting their initial public offerings, expected to collectively raise approximately $5 billion. This is at the lower end of the previously stated $10 billion target range. The amount includes a $2.8 billion private placement already disclosed to the SEC. About 85% of this offering has been subscribed by institutional investors. The book-building process is scheduled to close at 4:00 PM New York time on Monday, with pricing on April 28th. Pershing Square USA will charge a 2% management fee and no performance fee, while voting control of Pershing Square will be held by Ackman and senior management.
Regulatory Developments
U.S. Representative Nick Begich announced at the Bitcoin 2026 conference plans to reintroduce his Bitcoin Strategic Reserve bill in the coming weeks, renaming the original "BITCOIN Act" to the "American Reserve Modernization Act." The bill aims to codify President Trump's executive order into law, establishing a permanent Bitcoin reserve. It mandates holding Bitcoin for a "long time" and acquiring 1 million Bitcoins over five years through a "budget-neutral strategy." Begich stated the name change is intended to help Congress and the American people better understand the bill's objective, ensuring Bitcoin is treated as a reserve asset. He also noted that due to uncertainty regarding the next administration's stance on digital assets, now is the opportune moment to lock in progress through congressional action.
Hong Kong SFC's Committee: Prediction Market Transactions or Contracts Are Not Investment Products
The Investment Committee under the Hong Kong Securities and Futures Commission (SFC) published an article titled "Understanding the Nature of Investment Through Prediction Markets," pointing out that prediction markets are speculative markets created for forecasting purposes. The transactions or contracts within prediction markets are not investment products. Key characteristics include: predictable events, trading operations, trading prices, and payouts. Before considering any investment, investors should carefully contemplate the value of the investment, asset allocation, and regulatory protections.
The Hong Kong Investment Committee stated that participants engaging in prediction market transactions do not have the protection of the Securities and Futures Ordinance or any regulations enforced by the Hong Kong Securities and Futures Commission. If problems arise, it may be difficult or even impossible to seek recourse.
Notable Voices
US SEC and CFTC Chairmen Say Domestic Crypto and Asset Tokenization Regulation Will Enter a New Era
SEC Chairman Paul Atkins and CFTC Chairman Mike Selig stated at the Bitcoin 2026 Conference that US digital asset regulation is entering a "new phase." The two agencies are collaboratively advancing a regulatory framework for crypto assets and encouraging related businesses to remain domiciled within the United States.
Both parties mentioned that the jointly published token classification guidelines have differentiated between digital commodities, collectibles, and tokenized securities, paving the way for clearer, forward-looking regulations. Paul Atkins also indicated that the SEC is preparing to launch an "innovation exemption," which could allow businesses to test on-chain tokenization and securitization tools in a regulated environment within the coming weeks.
