Market braces for Bitcoin whiplash

April 18, 2025

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HashKey launches Asia’s first XRP Tracker Fund with Ripple’s backing

Key points:

  • HashKey Capital has unveiled the first Asia-based XRP Tracker Fund, backed by Ripple as an anchor investor.

  • The fund targets professional investors and may later convert into an exchange-traded fund (ETF).

  • Both firms are also exploring tokenized money market funds and new cross-border DeFi solutions.

News - HashKey Capital has launched the XRP Tracker Fund, the first investment product in Asia designed to track the performance of XRP. Open to professional investors, the fund will offer monthly liquidity and aims to provide easy exposure to XRP without requiring direct token management.

Ripple, the blockchain firm behind the XRP token, is serving as the fund’s anchor investor. The partnership between Ripple and HashKey also signals broader collaboration, with both firms exploring cross-border DeFi solutions, tokenization initiatives, and even a potential money market fund on the XRP Ledger.

According to HashKey Capital partner Vivien Wong, the collaboration will allow Ripple to tap into HashKey’s institutional network and regulatory expertise across Asia.

XRP’s institutional push in Asia gets a boost - This is HashKey’s third tracker fund, following Bitcoin and Ethereum offerings, and may later convert into a full-fledged ETF. It arrives at a time when XRP is gaining attention as a cross-border payments asset, particularly in the Asia-Pacific region.

Hank Huang, CEO of Kronos Research, called the launch a “pivotal moment” for institutional crypto adoption in Asia, noting that XRP’s real-world utility, combined with HashKey’s regulated infrastructure, is poised to attract more capital from financial institutions.

As crypto firms deepen their focus on tokenized finance and real-world asset integration, XRP’s presence in institutional-grade products could mark a significant shift in Asia’s crypto investment landscape.

170K BTC on the move: CryptoQuant hints at market storm

Key points:

  • Over 170,000 BTC from 3–6 month holders have moved on-chain, signaling imminent volatility.

  • CryptoQuant analysts say similar shifts historically preceded sharp BTC price swings.

  • Short-term holders are fueling recent sell pressure, while long-term conviction remains steady.

News - A potential storm is brewing in the Bitcoin market as 170,000 BTC — worth over $14 billion — have shifted from wallets held for three to six months, according to new data from CryptoQuant. The analytics firm flagged this mid-term holder movement as a classic precursor to significant price volatility.

Historically, when this specific cohort becomes active, it signals market turning points. While these holders aren’t as reactionary as short-term traders, they are more sensitive to macro shifts than long-term holders, making their actions especially telling in times of uncertainty.

“This is the largest on-chain movement from the 3–6 month cohort since late 2021,” CryptoQuant contributor Mignolet noted, adding, “volatility is coming.”

Short-term sell pressure meets long-term confidence - The spike in activity follows Bitcoin’s sideways trading between $75,000 and $87,000, with geopolitical tensions and Trump-era tariff policies casting a shadow over broader market sentiment.

Meanwhile, short-term holders — entities that bought BTC within the last six months — have been the primary source of sell pressure, sending around 930 BTC per day to exchanges. Long-term holders, in contrast, are only offloading around 529 BTC daily, showing continued faith in Bitcoin’s long-term trajectory.

CryptoQuant analysts describe the current state as a “cohort-driven shakeout,” not a mass exit by smart money. Whether this shakeout leads to a surge or a correction remains unclear — but one thing’s certain: the calm may not last much longer.

KiloEx hacker returns $7.5M, platform recovers fully

Key points:

  • KiloEx recovered the full $7.5M lost in a sophisticated April 15 exploit.

  • The attacker returned funds after being offered a 10% white hat bounty, which the platform will now honor.

  • The exploit was caused by a price oracle vulnerability, highlighting ongoing DeFi risks.

News - In a rare win for DeFi security, decentralized exchange KiloEx has successfully recovered the full $7.5 million lost during a sophisticated exploit just four days prior. The attacker, now identified as a "white hat" actor, returned all the stolen funds after KiloEx publicly offered a 10% bounty—equivalent to $750,000—if 90% of the stolen assets were returned.

Blockchain security platform PeckShield confirmed that the hacker's wallet, previously tagged as the exploiter, had returned nearly $5.5 million worth of crypto on April 18, with the remainder confirmed shortly after. KiloEx followed up with a statement declaring the incident resolved, confirming that no users were left uncompensated and legal proceedings to formally close the case are underway.

What you should know - The exploit was initially caused by a vulnerability in KiloEx’s price oracle system, allowing the attacker to manipulate asset prices across multiple networks including Base, BNB Chain, and Taiko. Funds were laundered through Tornado Cash and various cross-chain strategies.

Despite the attack, KILO token prices surged over 14% following the recovery announcement—reflecting renewed confidence. KiloEx has pledged to award the full 10% bounty to the white hat and acknowledged contributions from security firms including SlowMist and Sherlock.

According to CertiK, the crypto industry saw over $1.67 billion lost to hacks in Q1 2025 alone, making this recovery a rare but welcome exception. Only 0.38% of funds stolen this year have been recovered so far—down from 42.09% in the previous quarter—underscoring how uncommon this resolution is.

North Korean hackers target Manta co-founder with fake Zoom call

Key points:

  • Manta Network's Kenny Li narrowly avoided a phishing attack involving fake Zoom calls with stolen identities.

  • The tactic matches the Lazarus Group's growing use of live video impersonation, malware prompts, and social engineering.

  • Li warned the crypto community to avoid unexpected downloads, citing mental fatigue and emotional manipulation as key attack vectors.

News - Manta Network co-founder Kenny Li says he was the target of a sophisticated phishing attempt likely orchestrated by North Korea's notorious Lazarus Group. The incident, shared via an April 17 X post, involved a deceptive Zoom call featuring familiar faces and a prompt urging him to download a “script file” under the pretense of fixing audio issues.

“I could see their legit faces. Everything looked very real,” Li noted, adding that the attackers erased messages and blocked him after he refused to download the file or switch to Google Meet.

Li believes the call featured live footage or old recordings of actual team members whose accounts had already been compromised. While he stopped short of definitively naming Lazarus, security researchers confirmed the method matched the group’s modus operandi.

What you should know - This is part of a broader campaign by the Lazarus Group, reportedly responsible for the $1.4 billion Bybit hack and other major breaches. Recent research by Paradigm and Google’s Threat Intelligence Group highlights the DPRK’s expanding use of fake job offers, deepfakes, and video calls to breach Web3 firms.

Security experts have warned that such tactics exploit mental fatigue and emotional familiarity — tricking even experienced founders.

Li's takeaway? “The biggest red flag will always be a downloadable.” His call for vigilance is echoed by fellow execs who’ve faced similar incidents, reinforcing the need for basic cyber hygiene and tools like SEAL 911 in urgent breach scenarios.

Crypto scams uncovered

  • Fake Android phones loaded with crypto-stealing malware surface globally: According to Kaspersky, counterfeit Android devices preloaded with malware targeting cryptocurrency apps have been circulating since 2023. These phones imitate brands like Samsung and come with fake apps that steal seed phrases and wallet credentials upon setup.

  • Europol busts €113M crypto mining fraud across Europe: In June 2024, Europol helped dismantle a fake crypto mining scheme that defrauded thousands by promoting non-existent mining rigs. The scam spanned six countries and led to over €113 million in losses, with arrests made in Germany, Switzerland, Austria, Czechia, Lithuania, and Liechtenstein.

  • AI-powered romance scams fuel crypto fraud surge: In late 2024, law enforcement across Southeast Asia and the U.S. reported a rise in "pig butchering" scams enhanced by AI-generated personas. Victims were emotionally manipulated into transferring crypto into fake investment platforms, with global losses estimated in the billions.

Top 3 coins of the day

Bittensor (TAO)

Key points:

  • TAO traded at $258, up 4.07% over the past 24 hours.

  • The token saw renewed momentum following bullish sentiment and growing on-chain activity.

What you should know:

Bittensor posted a solid daily gain, closing above the $258 mark after a 4% rally. This came amid renewed trader interest, with analysts pointing to a broader bullish breakout pattern. The Bollinger Bands showed price movement pushing toward the upper band, hinting at increasing volatility. The Chaikin Money Flow (CMF) turned positive and hovered near 0.11, indicating strong capital inflow and rising accumulation pressure. Despite recent scam allegations making rounds, several analysts viewed the FUD as short-lived. The token has recovered steadily since mid-April, breaking out of its sideways trend and reclaiming its mid-Bollinger zone. If TAO sustains momentum and closes above $265, it could target the upper resistance near $280. However, failure to maintain current levels might pull the price back toward the $227 support zone. TAO’s fundamentals remain strong, and a clean technical setup could aid its next leg upward.

Artificial Superintelligence Alliance (FET)

Key points:

  • FET traded at $0.51, marking a 2.62% daily increase.

  • The token continued its uptrend, with indicators pointing to building bullish strength.

What you should know:

FET extended its rebound, climbing above the 9-day SMA and closing at $0.51. The price consistently held above the short-term moving average, signaling near-term bullish control. The Awesome Oscillator showed a growing wave of green bars, indicating strengthening positive momentum and the possibility of trend continuation. Volume levels remained moderate but steady, supporting a gradual upward move. This steady recovery came despite broader market uncertainty, with AI-related tokens seeing renewed interest from traders. FET’s recent price structure formed a higher low, adding credibility to a potential trend reversal. If buyers maintain this momentum, FET could aim for the next resistance zone near $0.54. However, any slip below the SMA support around $0.47 might open doors to a retest of the $0.45 region. Momentum traders may want to monitor the AO histogram and SMA interaction for early signs of exhaustion or continuation.

Fartcoin (FARTCOIN)

Key points:

  • FARTCOIN traded at $0.75, down 9.17% in 24 hours.

  • The token slipped below its 9-day SMA after a multi-day consolidation phase.

What you should know:

Fartcoin faced a sharp pullback after failing to maintain its recent high above $0.84, closing at $0.75. The drop below the 9-day Simple Moving Average hinted at weakening short-term momentum. The Relative Strength Index (RSI) slid to 55.81, showing that the coin has moved out of overbought territory but is not yet in oversold conditions. Volume also declined slightly, suggesting profit-taking rather than panic selling. Despite the dip, investor interest remained strong, especially after reports that a crypto whale had recently invested $1.98 million in FARTCOIN. Analysts remain divided on whether the ongoing consolidation is part of a bullish pennant formation that could push prices toward the $1.52 mark. For now, the $0.72–$0.75 zone could act as key support, while a reclaim of $0.84 may rekindle bullish sentiment. Traders should watch for RSI stabilization and renewed buying pressure around the SMA to assess rebound potential.

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