24H Hot Coins & Headlines｜Musk v. OpenAI Trial Begins, Pre-Trial Public Escalation Between Both Sides; U.S. Blockade Forces Iran to Take Extreme Measures to Continue Oil Extraction (April 28)
- Core View: 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 macro level, the Musk v. OpenAI trial and the blockade on Iranian oil are in focus, while strong institutional demand for Bitcoin indicates a recovery in market confidence.
- Key Elements:
- Among the top ten coins by CEX trading volume, DOGE saw the smallest decline (-0.99%), with BNB and BTC showing relative resilience. ZKJ led the OKX gainers list with a +50.12% increase.
- Prediction market Polymarket ranked first among crypto application websites with 122 million visits in Q1, surpassing Robinhood and Coinbase.
- DeFi United has raised over $300 million, supported by Circle Ventures, Consensys, and others, aiming to cover bad debt caused by a vulnerability in the Kelp DAO.
- The net institutional demand growth rate for Bitcoin hit a new high since the end of 2025. Data from Bloomberg and Glassnode shows institutional buying significantly outweighs selling pressure.
- The Musk v. OpenAI trial has commenced, centered on a dispute over the transition to a for-profit model. OpenAI calls the lawsuit baseless, with Musk seeking up to $134 billion in damages.
- U.S. Representative Begich plans to rename and reintroduce a Bitcoin Strategic Reserve Bill, aiming to codify Trump's executive order into law, acquiring 1 million BTC over five years.
1. Popular Tokens on CEX
Top 10 CEX Trading Volume & 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 from 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 from 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 from GMGN):
- NICE
- DARK
- EMPLOYEE
- SCAM
- PIX
Headlines
Musk vs. OpenAI Trial Begins, Pre-Trial Public Exchanges Escalate
The trial for Elon Musk's lawsuit against OpenAI began on April 27th in the U.S. District Court in Oakland, California, with jury selection starting. Opening statements are expected to begin on Tuesday. Pre-trial public exchanges escalated on X platform, with OpenAI calling the lawsuit baseless, while Musk posted a series of messages attacking Sam Altman as "Scam Altman."
The core of the case revolves around the controversy over OpenAI's transition to a for-profit model. Musk accuses OpenAI of violating its founding non-profit pledge, seeks up to $134 billion in damages, and demands the reversal 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 oil tankers cannot dock to load cargo, leading to a continuous backlog of oil inventories. To avoid shutting down some oil 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 previously unused methods to conserve storage space. These officials say Iranian authorities are using containers and "makeshift storage facilities," i.e., using dilapidated abandoned storage tanks in the southern oil hubs of Ahvaz and Asaluyeh to store oil.
Industry News
Polymarket Q1 Visits Reach 122 Million, Ranked First Among Crypto App Websites
According to Similarweb data, in Q1 2026, Polymarket led 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 Fundraising Exceeds $300 Million
Circle Ventures, Consensys, and Joseph Lubin have announced support for the DeFi United initiative, aimed at mitigating losses caused by the Kelp DAO vulnerability. 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. Currently, DeFi United has raised over 132,000 ETH, with a total value exceeding $300 million. These funds will be used to cover bad debts resulting from an attacker using the LayerZero bridge to mint unbacked rsETH and borrow assets on Aave. Previously, Aave proposed donating 25,000 ETH, while Lido DAO, Ether.fi, and Kelp respectively proposed or committed to donating 2,500 ETH, 5,000 ETH, and 2,000 ETH.
Bitcoin Institutional Net Demand Growth Rate Hits New High Since Late 2025
According to Omar Faridi's monitoring, the net demand expansion from Bitcoin institutional investors has regained strong momentum, with the growth rate reaching its highest level since the end of 2025. Data from Bloomberg, Glassnode, and Bitwise Europe indicates that buying pressure from professional entities like funds and asset management firms significantly exceeds selling pressure. Industry analysts point out that institutional funds are typically characterized by large transactions and long-term holdings. The renewed acceleration in net demand suggests increased confidence among large players in Bitcoin as a store of value. Currently, the rising institutional participation is driving improved market liquidity and is seen as a signal of Bitcoin's further entrenchment in the global financial system.
Project Updates
Kalshi Completes First Custom Block Trade, Liquidity Provided by Jump
Kalshi CEO Tarek Mansour, citing a Bloomberg report, stated that Kalshi has completed its first customized block trade, with Jump Trading providing liquidity support for the transaction. The trade was brokered by Greenlight Commodities this month on behalf of a Houston-based environmental hedge fund. The fund sought exposure to a contract tracking whether a specific price level would be reached in California's May carbon allowance auction.
Solana Developers Unveil Quantum-Resistant Plan, Will Introduce Falcon Digital Signature Scheme
The Solana Foundation announced 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 named Falcon. Although the quantum computing threat is not expected to materialize for several years, Solana has formulated a phased upgrade roadmap. The plan includes continued research into Falcon and other alternatives, introducing post-quantum solutions for new wallets when necessary, and eventually completing the migration of existing wallets. The quantum-resistant primitive Winternitz Vault, developed by Blueshift, has been operating on Solana for over two years. The Solana Foundation stated that the network's high-speed, low-latency design can accommodate such solutions, and the migration is not expected to significantly impact 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 a revised agreement to simplify its partnership with Microsoft (MSFT.O).
The OpenAI license held by Microsoft (MSFT.O) will now become non-exclusive.
Funding & Investments
Bill Ackman's Pershing Square Aims to Raise ~$5 Billion in IPO
Bill Ackman's closed-end fund Pershing Square USA (PSUS) and alternative asset manager Pershing Square (PS) are proceeding with their initial public offerings, expected to raise a combined total of approximately $5 billion, at the lower end of the previously stated $10 billion target range. This amount includes $2.8 billion in private placements already disclosed to the SEC. Approximately 85% of this issuance has been subscribed by institutional investors. Bookbuilding is scheduled to close at 4 PM New York time on Monday, with pricing on April 28th. Pershing Square USA will charge a 2% management fee but no performance fee, while Pershing Square's voting rights will be controlled by Ackman and core management.
Regulatory Developments
U.S. Representative Nick Begich stated at the Bitcoin 2026 conference that he 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, requiring Bitcoin to be held for a "very long time," and acquiring 1 million Bitcoin 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 given uncertainty about the next administration's stance on digital assets, the opportunity should be seized to lock in progress through Congressional action.
The Investor and Financial Education Council (IFEC) under the Hong Kong Securities and Futures Commission (SFC) published an article titled "Understanding Investment through Prediction Markets." It states that prediction markets are speculative markets created for forecasting purposes. The trading activities or contracts within prediction markets are not investment products. Key features include: forecastable events, trading operations, transaction prices, and payouts. The IFEC advises investors to carefully consider investment value, asset allocation, and regulatory safeguards before making any investments.
The IFEC stated that public participation in prediction market transactions is not covered by the Securities and Futures Ordinance or any regulations enforced by the SFC. If problems arise, it may be difficult or even impossible to seek recourse.
Notable Voices
US SEC and CFTC Chairs Say Domestic Crypto and Asset Tokenization Regulation Entering New Era
SEC Chair Paul Atkins and CFTC Chair Mike Selig stated at the Bitcoin 2026 Conference that U.S. digital asset regulation is entering a "new phase." The two agencies are working collaboratively on a regulatory framework for crypto assets and encourage related businesses to remain and develop within the United States.
They mentioned that the jointly released token classification guidance has distinguished between digital commodities, collectibles, and tokenized securities, and will promote clearer, future-oriented regulatory rules. Paul Atkins also indicated that the SEC is preparing to launch an "Innovation Exemption," which may allow companies to test on-chain tokenization and securitization tools in a regulated environment within the coming weeks.
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