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Aave’s tokenholders approved a governance proposal to start buying back the decentralized finance (DeFi) protocol’s governance token, AAVE, as part of a broader tokenomics overhaul, Aave said on April 9. 

The proposal — which was approved by more than 99% of AAVE tokenholders — permits the protocol to purchase $4 million in AAVE (AAVE) tokens, enough for one month of buybacks. 

The move is a “first step” toward a broader plan to repurchase $1 million AAVE tokens weekly for six months. It is also the latest instance of DeFi protocols implementing buyback mechanisms in response to tokenholder demands.

“The goal is to sustainably increase AAVE acquisition from the open market and distribute it to the Ecosystem Reserve,” the proposal said. 

The AAVE token’s price rallied more than 13% on April 9, bringing the protocol’s market capitalization to more than $2.1 billion, according to data from CoinGecko.

Related: Aave proposal to peg Ethena’s USDe to USDT sparks community pushback

Buybacks gain popularity

In March, the Aave Chan Initiative (ACI), a governance advisory group, proposed a tokenomics revamp that would include new revenue allocations for AAVE tokenholders, enhanced safety features for users, and the creation of an “Aave Finance Committee.”

Aave is Web3’s most popular DeFi protocol, with total value locked surpassing $17.5 billion as of April 9, according to DefiLlama. 

It is also among DeFi’s biggest fee generators, with an estimated annualized fee income of $350 million, the data shows. 

DeFi protocols are under increasing pressure to provide tokenholders with a share of protocol revenues — partly because US President Donald Trump has fostered a friendlier regulatory environment for DeFi protocols in the United States.

Projects including Ethena, Ether.fi and Maple are piloting value-accrual mechanisms for their native tokens.

In January, Maple Finance’s community floated buying back native SYRUP tokens and distributing them as rewards to stakers.

In December, Ether.fi, a liquid restaking token issuer, tipped plans to direct 5% of protocol revenues toward buying back native ETHFI tokens. 

Similarly, Ethena, a yield-bearing stablecoin issuer, agreed to share some of its approximately $200 million in protocol revenues with tokenholders in November.

Magazine: DeFi will rise again after memecoins die down: Sasha Ivanov, X Hall of Flame

US equities and crypto markets shifted dramatically on April 9 after  US President Donald Trump announced a 90-day pause on his reciprocal tariffs, except for China. Bitcoin (BTC) price responded by surging by 5% in less than an hour, reclaiming the $83,000 level which was last seen on April 6.

While the S&P 500 gained 8%, Bitcoin derivative metrics have yet to turn bullish as traders remain cautious about changes in US long-term government bonds.

The BTC futures premium briefly rose above the neutral 5% threshold but failed to sustain its momentum. Investors were skeptical about whether the US Federal Reserve would lower interest rates throughout the year. However, this indicator has moved away from the 3% level observed on March 31, signaling growing confidence among Bitcoin bulls after several failed attempts to push prices below $76,000.

Bitcoin traders worry after 10-year yield volatility

Traders’ hesitancy can partly be attributed to the April 9 release of minutes from the Federal Reserve Committee (FOMC) meeting held on March 18-19. The minutes highlighted concerns about stagflation. According to CME FEDWatch Tool data, the probability of the Federal Reserve reducing interest rates below 4% by Sept. 17 dropped from 97.6% on April 8 to 69.7% on April 9.

Traders are worried about the implications of a weakened 10-year US Treasury yield. This decline reflects reduced confidence in the government’s ability to manage its growing debt. Economist Peter Boockvar, editor of The Boock Report, explained to Yahoo Finance: “We can draw a line at around the 4.40% level in the 10-year yield.” He added that investors fear “foreigners will continue to reduce their holdings of US Treasurys.”

When bond yields rise, it indicates that buyers are demanding higher returns from the US government. As a result, the cost of rolling over debt increases, potentially creating a negative cycle that weakens the US dollar. This uncertainty in the macroeconomic environment has also been reflected in Bitcoin options markets.

Bitcoin derivatives signal a lack of conviction from bulls

When traders anticipate a market correction, put (sell) options typically trade at a premium, pushing the 25% delta skew (put-call) metric above 6%. On the other hand, during bullish periods, this indicator usually drops below -6%.

On April 9, the Bitcoin options delta skew peaked at 12% after China announced higher tariffs in retaliation. However, this trend reversed completely following President Trump’s announcement of a tariff pause, with the indicator returning to a neutral 3%. This shift suggests that options markets are now pricing equal probabilities for upward and downward price movements, marking the end of a bearish phase that began on March 29.

Related: US Dollar Index (DXY) falls close to level that was followed by 500%+ Bitcoin price rallies

To determine whether this lack of bullish sentiment is limited to monthly futures and options markets, one can examine leverage demand in perpetual futures (inverse swaps). These contracts closely follow spot prices but rely on an 8-hour funding fee. In neutral markets, this funding rate typically ranges between 0.4% and 1.4% over a 30-day period.

On April 9, the 30-day Bitcoin futures funding rate rose to 0.9%, its highest level in over six weeks. This increase likely reflects retail buyers entering the market but remains within the neutral range. This consistency across BTC derivatives metrics suggests that the tariff pause was insufficient to restore confidence, especially as tensions in the trade war with China persist.

It remains unclear what will drive Bitcoin traders to adopt a bullish stance, but reduced macroeconomic uncertainty—such as a decline in the US 10-year Treasury yield—will likely play a critical role.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

The United States Securities and Exchange Commission (SEC) has approved options trading for multiple spot Ether exchange-traded funds (ETFs), a move that may broaden the investment appeal of Ether among institutional traders.

The SEC issued the approval on April 9 after reviewing a proposed rule change submitted by BlackRock for its iShares Ethereum Trust (ETHA) on July 22, 2024. Similar approvals were granted to Bitwise Ethereum ETF (ETHW), Grayscale Ethereum Trust (ETHE), and Grayscale Ethereum Mini Trust (ETH), as well as Fidelity Ethereum Fund (FETH).

“[T]he Exchange proposes to amend its rules to permit the listing and trading of options on the Trust,” the SEC said in its response to the Nasdaq, adding:

The Exchange states that options on the Trust will provide investors with an additional, relatively lower cost investing tool to gain exposure to spot ether as well as a hedging vehicle to meet their needs in connection with ether products and positions.

Options on ETFs are a portfolio tool that gives investors the ability to hedge against a decline in assets. The strategy’s inclusion is seen as an important step in broadening Ether’s (ETH) investment appeal after regulators approved the spot Ethereum ETFs last July.

So far, net inflows into the spot Ether funds have been fairly muted, with most of the institutional interest flooding into Bitcoin (BTC) funds.

BlackRock’s ETHA currently has $1.8 billion in net assets, down 56% since the start of the year, according to VettaFi.

Related: Ethereum price falls to 2-year low, but pro traders still have hope

Shifting regulatory tides

Since the election of US President Donald Trump, the SEC has signaled its readiness to scale back its enforcement initiatives against the crypto industry. Although this was expected, legal experts with the Harvard Law School Forum on Corporate Governance were surprised by “how quickly the shifting priorities would come to fruition” since Trump took office.

As Cointelegraph recently reported, the securities regulator has closed its investigations into various crypto companies, including exchanges Gemini and Coinbase, decentralized exchange developer Uniswap Labs, and NFT marketplace OpenSea.

On the legislative side, regulators are moving quickly to pass pro-stablecoin legislation. The House Financial Services Committee recently advanced the STABLE Act, which is meant to enshrine the use of stablecoins in the United States, and the Senate Banking Committee pushed through the GENIUS Act, which aims to regulate stablecoin issuers.

Lawmakers have also tipped plans to advance a comprehensive crypto market structure bill, which is expected to be finalized this year.

Related: No crypto project has registered with the SEC and ‘lived to tell the tale’ — House committee hearing

Mounting international trade tensions are rattling cryptocurrency markets — but they could also accelerate institutional crypto adoption, several industry executives told Cointelegraph. 

Since US President Donald Trump announced sweeping tariffs on US imports on April 2, core cryptocurrencies experienced double-digit price swings, worsening an ongoing market rout starting earlier this year. 

However, “[t]he silver lining is that economic uncertainty has historically accelerated institutional interest in digital assets as a diversification strategy,” David Siemer, co-founder and CEO of Wave Digital Assets, told Cointelegraph.

Bitcoin has already shown “signs of resilience” amid the market turbulence, underscoring the cryptocurrency’s potential as a hedge against geopolitical disruption, according to an April 7 Binance report. 

Now, “[a]s traditional banking channels become entangled in geopolitical tensions, we're witnessing increased demand for blockchain-based settlement solutions that operate outside conventional correspondent banking networks,” Siemer said. 

Related: US President Donald Trump issues 90-day pause on reciprocal tariffs

Tariff turmoil

On April 9, Trump paused implementation of a portion of the sweeping tariffs he announced last week on US imports while simultaneously vowing to hike levies on Chinese goods to 125%. 

The S&P 500 — an index of the largest US stocks — jumped more than 8% on the news, partially reversing losses tied to Trump’s original tariff announcement, according to Google Finance.

Bitcoin’s (BTC) spot price, as well as the total cryptocurrency market capitalization, rose by a similar amount, roughly 8%, as of late-day trading on April 9, CoinMarketCap data shows.

Decentralized finance (DeFi) protocols are particularly well-positioned to benefit from trade turmoil, which highlights the segment’s “strategic value,” according to Nicholas Roberts-Huntley, co-founder and CEO of Concrete & Glow Finance.

“DeFi offers a neutral, borderless alternative for accessing credit, earning yield, and moving capital,” Roberts-Huntley said. “For builders, this is an opportunity to double down on interoperability and censorship resistance.”

Still, crypto prices will continue to mirror the broader market for the foreseeable future, Aurelie Barthere, a research analyst at Nansen, told Cointelegraph. If the sell-off continues, expect crypto to behave as “just a higher beta risk asset correlated with risk assets at the moment,” Barthere said.

Magazine: DeFi will rise again after memecoins die down: Sasha Ivanov, X Hall of Flame

Bitcoin (BTC) staged a sharp rebound after US President Donald Trump announced a pause on tariffs for non-retaliating countries, reigniting bullish momentum and raising hopes for a potential surge toward the $100,000 mark.

On April 9, BTC/USD surged by approximately 9%, reversing most of the losses it incurred earlier in the week, to retest $83,000. In doing so, the pair came closer to validating a falling wedge pattern that has been forming on its daily chart since December 2024.

A falling wedge pattern forms when the price trends lower inside a range defined by two converging, descending trendlines.

In a perfect scenario, the setup resolves when the price breaks decisively above the upper trendline and rises by as much as the maximum distance between the upper and lower trendlines.

As of April 9, Bitcoin’s price was confined within the falling wedge range while eyeing a breakout above its upper trendline at around $83,000. If it is confirmed, BTC’s main upside target by June could be around $100,000.

Conversely, a rejection from the upper trendline could raise the likelihood of Bitcoin retreating deeper within the wedge pattern, potentially sliding toward the apex near $71,100.

If a breakout occurs after testing the $71,100 level, the most conservative upside target for BTC could still be as high as $91,500.

Onchain data supports $100,000 Bitcoin outlook

Bitcoin’s rebound appears just before testing a critical onchain support zone between $65,000 and $71,000, reinforcing the cryptocurrency’s bullish outlook toward the 100,000 mark.

Notably, the $65,000-71,000 range is based on two important Bitcoin metrics—active realized price ($71,000) and the true market mean ($65,000).

These metrics estimate the average price at which current, active investors bought their Bitcoin. They filter out coins that haven't moved in a long time or are likely lost, giving a relatively accurate picture of the cost basis for those still participating in the market.

In the past, Bitcoin has spent about half the time trading above this price range and half below, making it a good indicator of whether the market is feeling positive or negative, according to Glassnode analysts.

“We now have confluence across several onchain price models, highlighting the $65k to $71k price range as a critical area of interest for the bulls to establish long-term support,” they wrote in a recent weekly analysis, adding:

“Should price trade meaningfully below this range, a super-majority of active investors would be underwater on their holdings, with likely negative impacts on aggregate sentiment to follow.”

Related: Bitcoin has 'fully decoupled' despite tariff turmoil, says Adam Back

Bitcoin’s worst-case scenario is a decline toward $50,000

Breaking below the $65,000-71,000 range could worsen Bitcoin’s probability of retesting $100,000 anytime soon. Such declines would also lead to the price breaking below its 50-week exponential moving average (50-week EMA; the red wave).

The 50-week EMA—near $77,760 as of April 9—has historically acted as a dynamic support during bull markets and a resistance during bear markets, making it a crucial trend-defining level.

Losing this support could open the door for a steeper pullback toward the 200-week EMA (the blue wave) at around $50,000. Previous breakdowns below the 50-week EMA have resulted in similar declines, namely during the 2021-2022 and 2019-2020 bear cycles.

A rebound, on the other hand, raises the likelihood of a $100,000 retest.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

<img[MiG|IMF|ING] src[SEC|Sec|sec]="https://images.cointelegraph.com/images/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjUtMDQvMDE5NjE4YjMtY2NlYy03MmJkLTk2YmMtODUwOWM1OTUwYTcw.jpg">

<img[MiG|IMF|ING] src[SEC|Sec|sec]="https://images.cointelegraph.com/images/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjUtMDQvMDE5NjE4YjMtY2NlYy03MmJkLTk2YmMtODUwOWM1OTUwYTcw.jpg" alt="US Dollar Index (DXY) falls close to level that was followed by 500%+ Bitcoin price rallies">

The Dollar Index (DXY) dipping below 100 has historically aligned with Bitcoin (BTC[BC|TC|BBC]) bull runs, delivering gains of over 500% during the last two instances. Now, as trade tensions escalate and US Treasurys[Treasury's|Treasury|Treasures] face sell-offs, some analysts believe China may be actively working to weaken the US dollar. This added pressure on the dollar heightens the likelihood that it could once again serve as a catalyst for another major Bitcoin rally.&nbsp[NBS|tbsp|Nb's];

Is China working to weaken the US dollar?

According to an April 9 Reuters report, Chinas[China's|Chins|China] central bank has instructed state-owned lenders to reduce dollar purchases as the yuan faces significant downward pressure. Large banks were reportedly told to step up checks when executing dollar purchase orders for their clients, signaling an effort to curb speculative trades.

Some analysts have speculated whether China might be attempting to weaken the dollar in response to recent US import tariff increases. However, Jim Bianco[Bianca|Bunco|Banjo], president of Bianco[Bianca|Bunco|Banjo] Research, holds a different view.

<figcaption[fig caption|fig-caption|fixation] style=text-align: center;>

Source: X/Jim Bianco[Bianca|Bunco|Banjo]

Bianco[Bianca|Bunco|Banjo] doubts that China is selling US Treasurys[Treasury's|Treasury|Treasures] with the intent of harming the US economy. He points out that the DXY[DY|DIX|DAY] has remained steady around the 102 level. While China could sell bonds without converting the proceeds into other currencies&mdash[MASH|dash|mash];thereby impacting the bond market without destabilizing the dollar&mdash[MASH|dash|mash];this approach seems counterproductive. According to Bianco, it is unlikely that China is a significant seller of Treasurys[Treasury's|Treasury|Treasures], if it is selling them at all.

The DXY Index remains close to the 104 level seen on March 9 and has consistently stayed within the 100-110 range since November 2022. Therefore, claims that its current level reflects widespread distrust in the US dollar or signals an imminent collapse seem unfounded. In reality, stock market performance is not an accurate measure of investors&rsquo[risque|rs quo|rs-quo]; risk perception regarding the economy. 

DXY below 100 is usually followed by Bitcoin bull runs

The last time the DXY Index fell below 100 was in June 2020, a period that coincided with a Bitcoin bull run. During those nine months, Bitcoin surged from $9,450 to $57,490. Similarly, when DXY dropped below 100 in mid-April 2017, Bitcoin&rsquo[risque|rs quo|rs-quo];s price skyrocketed from $1,200 to $17,610 within eight months. Whether coincidental or not, the 100 level has historically aligned with significant Bitcoin price gains.

A weakening DXY indicates that the US dollar has lost value against a basket of major currencies such as the euro, Swiss franc, British pound, and Japanese yen. This decline impacts US-based companies by reducing the amount of dollars they earn from foreign revenues, which in turn lowers tax contributions to the US government. This issue is particularly critical given that the US is running an annual deficit exceeding $1.8 trillion.

Similarly, US imports for individuals and businesses become more expensive in dollar terms when the currency weakens, even if prices remain unchanged in foreign currencies. Despite being the world&rsquo[risque|rs quo|rs-quo];s largest economy, the US imports $160 billion in oil, $215 billion in passenger vehicles, and $255 billion in computers, smartphones, data servers, and similar products annually.

Related: China&rsquo[risque|rs quo|rs-quo];s tariff response may mean more capital flight to crypto[crypt|crypts|crept]: Hayes

A weaker US dollar has a dual negative impact on the economy. It tends to slow consumption as imports become more expensive, and it simultaneously reduces tax revenues from the international earnings of US-based companies. For example, more than 49% of revenues for major corporations like Microsoft, Apple, Tesla, Visa, and Meta come from outside the US. Similarly, companies such as Google and Nvidia[NVIDIA|NVIDIA's|Nevada] derive an estimated 35% or more of their revenues internationally.

Bitcoin’s price could potentially reclaim the $82,000 level regardless of movements in the DXY Index. This could happen as investors grow concerned about potential liquidity injections from the US Federal Reserve to stave off an economic recession. However, if the DXY Index falls below 100, investors may find stronger incentives to turn to alternative hedge instruments like Bitcoin.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author&rsquo[risque|rs quo|rs-quo];s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.