Gate Daily Report (April 20): RAVE’s crash sparks warnings about altcoin manipulation; Charles Schwab Wealth Management considers entering prediction markets

Bitcoin (BTC) gives back some of last week’s gains, trading around $74,240 as of April 20. Charles Schwab and Castle Securities are considering entering the prediction market, but they want to avoid sports prediction products. After RAVE plunged 95%, on-chain investigator ZachXBT warned that there may be insider trading activity, and manipulation warnings have reappeared for multiple altcoins.

Macro Events & Crypto Market Highlights

1. After on-chain investigator ZachXBT attributed RAVE’s crash to concentrated supply and suspicious trading activity, market manipulation issues at major crypto exchanges have once again become the focus. On April 19, he outlined the incident on the social media platform X. The post described how a token that had once ranked in the top 15 by market cap saw a 95% drop within a few hours.

ZachXBT wrote on X: “This is a summary of the RAVE incident, during which it crashed from $26 to $1 within the past 24 hours, a drop of 95%.” He said the sequence of events began on April 18, when he urged multiple exchanges to investigate possible manipulation and offered a $10,000 bounty, later raising it to $25,000. He noted that, besides RAVE, there are broader concerns in the market, commenting: “Other items with highly suspicious recent price action include: SIREN, MYX, COAI, M, PIPPIN, RIVER.”

2. Traditional finance giants Charles Schwab and Castle Securities are both considering entering the prediction market; each is weighing how to participate in this rapidly growing industry. “I think at some point, we’re going to have prediction markets,” Charles Schwab’s CEO Rick Wuster said Thursday in a call with investors.

He added that he recently asked a group of Charles Schwab customers about prediction markets, and they “weren’t very interested,” but it is “a field we would seriously look into, and it would be fairly easy for us to provide this service.”

News Updates

1. A certain whale that previously took profit and closed long positions worth $398 million four days ago has re-entered and opened a long position of 44,000 ETH

2. Ethena extends the LayerZero OFT bridge suspension and releases new reserve proofs related to USDe

3. Aave: Out of caution, rsETH is still frozen on Aave V3 and V4, and the affected market’s WETH reserves are also kept frozen

4. DefiLlama founder outlines three handling paths for the Kelp DAO incident and the corresponding potential bad-debt size

5. Orca: The protocol has rotated the Vercel incident rotation keys and certificates; the protocol and user funds were not affected

6. Analyst: Due to the rsETH incident, Aave has seen capital outflows reaching $10.1 billion

7. Reserve: Has temporarily paused the minting and rebalancing of eUSD and USD3; the redemption function remains normally open

8. SlowMist CISO releases recommended guidance for tracking the Vercel incident

9. EasyDNS admits that a social engineering attack led to the takeover of the eth.limo domain

10. The temporary ceasefire expires on Wednesday; Trump says the US and Iran will resume talks, while Iranian media says it refused to hold talks

Market Performance

1. Latest Bitcoin news: $BTC gives back some of last week’s gains and is temporarily at around $74,240. In the past 24 hours, $124 million has been liquidated, with long positions leading the liquidation;

2. U.S. stocks surged on April 17, with the Dow Jones Industrial Average jumping 868 points. The S&P 500, the Nasdaq Composite, and the Philadelphia Semiconductor Index also hit new highs again. This week, investors have been closely watching changes in the situation in the Middle East, as well as the U.S. stock earnings season, especially the performances of the “Magnificent Seven” led by Tesla (Tesla). The S&P 500 and Nasdaq Composite both closed up more than 1.2%, with both indices setting new highs for three straight trading days. On a weekly basis, they rose 4.5% and 6.8% respectively, and have been up for three straight weeks. The Philadelphia Semiconductor Index surged 2.4%, also rising for 13 straight days like the Nasdaq.

(Source: Gate)

3. In the Gate BTC/USDT liquidation map, using the current 74,331.20 USDT as the reference: if it falls to around $73,277, the cumulative liquidation amount for long positions will exceed $134 million; if it rises to around $76,381, the cumulative liquidation amount for short positions will exceed $616 million. The liquidation amount for the shorts is significantly higher than that for the longs. It is recommended to reasonably control leverage ratios to avoid triggering large-scale liquidations during market fluctuations.

(Source: Coinglass)

4. In the past 24 hours, BTC spot inflows totaled $1.59 billion, outflows totaled $1.7 billion, for net outflows of $110 million.

(Source: Coinglass)

5. In the past 24 hours, net outflows for $ETH, $BTC, $SOL, $XRP, $DOGE contracts have led, presenting trading opportunities.

Selected Opinions from X KOLs

Phyrex Ni (@Phyrex_Ni): “Things can’t be too calm even on Sunday. First, it was rumored that Vance thinks Pakistan is unsafe and doesn’t want to take part in the talks; then Vance overcame difficulties and arrived in Pakistan. Next, Iran thinks the United States is still continuing to blockade the ports, so it refuses to join the talks. That made the oil price, which originally still had a bit of hope, start rebounding again. Although there’s no trading open today, the price of CLUSDT has already risen to around $87. I guess it won’t be too good after the CME opens tomorrow.”

“However, from my personal understanding, the U.S. and Iran are unlikely to easily keep taking action. Even if Iran doesn’t hold talks, there’s still a high probability that the ceasefire between the U.S. and Iran will continue. Up to now, with this war, anti-war sentiment among the American public has already become very high. If Trump still wants to maintain the ‘hell mode,’ it’s very likely that he will end up having bad luck himself.”

“There’s plenty going on in the coming week. Next Monday will be earnings reports for the top U.S. tech stocks. Then there will also be the Federal Reserve meeting minutes, and it’s also the last window for a ceasefire between the U.S. and Iran. Market sentiment may decline as the talks fail this time, but in the long run, the current situation between the U.S. and Iran may not last for very long.”

“Coming back to Bitcoin data: although $BTC continues to show a modest pullback over the weekend, after all it’s the weekend with the lowest liquidity. The current positioning/coin supply structure is still pretty good, and there’s no need to worry about short-term dips. The war between the U.S. and Iran isn’t a short-term issue that can’t be overcome right now; rather, looking at the main contradictions from a long-term perspective, the U.S. stock market and crypto have been heavily influenced by sentiment lately, but the biggest contradiction this week is still going to be monetary policy.”

Today’s Outlook

1. Germany March producer price index (month-over-month), previous value: -0.5%

2. Canada March consumer price index (year-over-year), previous value: 1.8%

3. Canada March core consumer price index — commonly used index (year-over-year), previous value: 2.4%

4. German Chancellor Scholz and ECB President Lagarde deliver remarks