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Defi Development Corporation, previously known as Janover Incorporated, submitted Form S-3 registration statement to the U.S. Securities and Exchange Commission (SEC) on April 25. The company intends to offer and sell securities with the maximum cap of $1 billion. All this comes after the company focused on buying Solana (SOL) tokens as the new treasury management plan. The company plans to offer a variety of securities, such as common stocks, preferred stocks, debt instruments, and more. Defi Development Corp. stated: “We intend to use the net proceeds from the sale of any securities offered under this prospectus primarily for general corporate purposes, including the acquisition of Solana, unless otherwise indicated in the applicable prospectus supplement.” However, no exact timeline was mentioned for when these offerings would commence, leaving it subject to regulatory approval. In addition to raising fresh capital, Defi Development Corporation’s filing allows for the possible resale of up to 1,244,471 shares of common stock by existing shareholders. These shares are linked to an earlier financing agreement where the company raised $41.95 million through convertible notes. The firm made it clear that it does not intend to allocate a fixed amount of the net proceeds to any particular use. The crypto-centric pivot began in April 2025 when the company’s board underwent a major reshuffle, welcoming former Kraken executives into key leadership roles. As part of the transition, the company rebranded from Janover Incorporated to Defi Development Corporation on April 22. Alongside its rebranding, the firm introduced Solana into its treasury, a move that had an immediate impact on its market performance. At present, the firm holds approximately $48.2 million in Solana assets, including returns from staking rewards. The decision to invest in Solana has paid off quickly. After purchasing an additional $11.5 million worth of Solana tokens on April 22, Defi Development Corporation’s share price rose by more than 12%. Chris Chung, founder of Solana-based swap platform Titan, shared his optimism, saying: “The decision by commercial property platform Janover to add SOL to its treasury is truly groundbreaking. I’m confident we will see many other businesses follow suit before long as crypto becomes increasingly adopted by traditional finance.” While the company’s focus on Solana shows strong growth potential , the risks involved cannot be overlooked. Defi Development Corporation expressed concerns about uncertain regulatory developments in the crypto sector. The company warned that new rules around digital assets could “adversely affect our business, financial condition, and results of operations.” A specific concern for the company is the potential reclassification of Solana as a security. Such a development could force Defi Development Corporation to register as an investment company under the Investment Company Act of 1940, a move that would bring heavier regulatory burdens. The firm admitted that regulatory changes might negatively impact the price of Solana and, consequently, the market value of its common stock.

QCP: The options market shows optimistic market sentiment, and this week's macroeconomic data and corporate earnings reports will affect Bitcoin's trend QCP Capital said in a statement, "Last week, we emphasized the importance of monitoring the correlation between Bitcoin and gold and the stock market. Initially, as the stock market fell, Bitcoin rose with gold, showing that a strong stock market is not a necessary condition for Bitcoin to rise. In the middle of this week, Bitcoin turned and began to deviate from the trend of gold. Instead, it rose in tandem with the stock market, mainly due to the news related to "21 Capital". This swing between safe-haven assets and risky assets shows that the traditional correlation analysis framework is no longer fully applicable. Market participants are now more concerned about the durability of Bitcoin's "only rise but not fall" trend. The options market seems to recognize this optimistic attitude. The purchase volume of call options remains high, with more than 500 $104,000 call options expiring on May 30, 2025 and 800 $135,000 call options expiring on June 27, 2025 traded on Friday. This round of Bitcoin's rise is fundamentally healthier than in previous cycles. This rebound is not driven by speculative leverage, but by the adoption of traditional financial institutions. The funding rate of perpetual contracts remains stable or slightly negative, while the Bitcoin spot ETF Net inflows for six consecutive days totaled $3.1 billion. However, the sustainability of Bitcoin's gains will face several key tests this week. Important macroeconomic data and corporate earnings reports may be key factors in determining whether Bitcoin's "only up but not down" trend will continue. "

Analyst: The correlation between Bitcoin and gold is as high as 0.7. Compared with US technology stocks, Bitcoin's performance is closer to gold CoinDesk analyst James Van Straten said that as of now, Bitcoin has fallen about 1.5% since December 31 last year, performing between gold, which has risen 24%, and the Nasdaq 100 index, which has fallen more than 7%. Therefore, the argument that Bitcoin is positioned as a leveraged technology stock or digital gold is slightly biased towards the view of digital gold, but that's all. By analyzing the correlation coefficient of Bitcoin's 30-day moving average, the current correlation with gold is strong, reaching 0.70, while the correlation with the Nasdaq 100 index is weaker, at 0.53. This shows that Bitcoin's performance is closer to the trend of gold than that of technology stocks. The correlation coefficient ranges from 1 (strong positive correlation) to -1 (strong negative correlation). Last week, Bitcoin prices rose 10%, the strongest performance since the sharp rise in prices after Trump's presidential election victory on November 17 last year. At the same time, Trump's tariff policy continues to exacerbate economic uncertainty. (CoinDesk)

ZachXBT: 3,520 BTC were suspected to have been stolen from a certain address. After the funds were converted into Monero, XMR rose by more than 50%. Chain detective ZachXBT wrote, “Nine hours ago, a suspicious transfer of 3,520 bitcoins (about $330.7 million) occurred at a certain address. Subsequently, these funds began to be laundered through more than 6 instant trading platforms and converted into Monero (XMR), causing the price of XMR to soar by 50%.”

Key takeaways: Heavy liquidations played a role in Bitcoin’s return to $95,000. Bitcoin’s weakening correlation with stocks highlights its growing independence as an asset. Bullish institutional investor positioning contrasts with retail traders’ caution, supporting a rally above $100,000. Bitcoin (BTC) gained 11% between April 20 and April 26, demonstrating resilience by holding near its two-month high around $94,000. This relief rally followed signals from the Trump administration about easing import tariffs, as well as strong corporate earnings reports. Investor confidence in Bitcoin was further boosted by a record $3.1 billion in net inflows to spot Bitcoin exchange-traded funds (ETFs) over five days. However, a key BTC derivatives indicator showed signs of bearish momentum, raising questions about whether the $100,000 target is still realistic. Perpetual Bitcoin futures contracts are favored by retail traders because their prices closely track the spot market. A positive funding rate means that buyers pay to maintain their positions, so a reversal in this rate is typically linked to bearish trends. The sharp negative funding rates recorded on April 26 are highly unusual during bull markets, as they indicate stronger demand from sellers. This metric has been volatile since April 14, but sellers were caught off guard as Bitcoin’s price climbed above $94,000. Since April 21, over $450 million in BTC short positions have been liquidated. Some of the renewed confidence and Bitcoin’s price strength can be attributed to the S&P 500’s 7.1% weekly gain. However, despite this optimism, US President Donald Trump reportedly said on April 25 that negotiations would depend on China making concessions, causing traders to question the sustainability of recent gains. Companies are now reporting first-quarter earnings from before the escalation of the trade war, so the factors driving the stock market and Bitcoin are different. In fact, Bitcoin’s price is no longer closely correlated with the S&P 500. Currently, the 30-day correlation between the S&P 500 and Bitcoin stands at 29%, well below the 60% level seen from March to mid-April. While this lower correlation does not mean a complete decoupling, since investor sentiment is still influenced by macroeconomic factors, it does show that Bitcoin is not simply a proxy for technology stocks. Bitcoin’s status as an independent asset has strengthened Gold’s inability to maintain its bullish momentum after reaching an all-time high of $3,500 on April 22 was also seen as significant for Bitcoin’s status as an independent asset class. Some traders had questioned the “digital gold” narrative, but the longer BTC remains above $90,000, the more confidence investors may have, potentially paving the way for further gains. The increased demand for bearish leverage in perpetual BTC futures does not align with the sentiment of professional traders. Monthly Bitcoin futures contracts avoid fluctuating funding rates, so traders know their leverage costs in advance. On April 26, the two-month Bitcoin futures premium (basis rate) rose to its highest level in seven weeks, indicating greater interest in bullish positions. At 6.5%, this metric remains within the neutral 5% to 10% range, but is moving away from bearish territory. The disconnect between leverage demand in perpetual futures and monthly BTC contracts is not unusual. Even if retail traders remain cautious, substantial accumulation by institutions could be enough to push Bitcoin’s price above $100,000 in the near future.