Bitcoin stalls at $75K. WLFI threatens to sue Justin Sun

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The mood shifted this week. Prices moved, uncertainty crept back in, and a few stories reminded everyone that crypto rarely stays quiet for long. Here’s what you need to know:

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Bitcoin stalls at $75K as the Nasdaq and S&P 500 hit fresh all-time highs

Bitcoin’s recovery from the February lows has been underwhelming. Every push toward $80K gets knocked back, and Wednesday was no different – the coin made another run at $75K and stalled again at a level that’s been capping gains for months. It was trading around $75,134, up 1.45% over 24 hours. Source: goodcryptoX

Meanwhile, the U.S. stock market continues its run. The Nasdaq posted its 11th consecutive daily gain, up 1.6% and closing above 24,000 at a new all-time high. The S&P 500 added 0.8% and crossed 7,000 for the first time. Stocks have fully reclaimed their losses and pushed into new territory. Bitcoin is still catching up after its sharp drop to $60K in February.Source: goodcryptoX

Exchange inflows spiked to around 11,000 BTC per hour last week, the highest since late December, as prices tested the $75–$76K range, according to CryptoQuant.
Source: X

Average deposit size hit roughly 2.25 BTC, the highest daily reading since mid-2024, and the share of large transfers jumped from below 10% to above 40% of total inflows within days. Historically, that kind of shift has come with distribution pressure.

Strategy added fuel to that demand picture, disclosing Monday that it spent $1B on Bitcoin last week – roughly 14,000 BTC, its largest single purchase in nearly a month. The firm now holds close to 781,000 BTC worth around $55.3B, putting it within striking distance of BlackRock’s spot ETF, which holds an estimated 790,000 BTC. The buy was funded entirely through STRC, its preferred share product paying 11.5% in monthly dividends, meaning no common share dilution.

So the market is two-sided right now. ETF flows and macro tailwinds are pulling demand in one direction. Large holders are quietly using the rally to reduce exposure to the other, feeding supply into the market as prices approach a widely watched breakeven zone.

Whether it holds depends on how sticky the new buyers are compared to the ones walking out. It’s a late-cycle pattern, and it tends to resolve one of two ways. Bitcoin can move higher fast when inflows are strong, but sustaining those gains gets harder as supply builds.

WLFI threatens to sue Justin Sun after he accuses the Trump-linked project of running deceptive DeFi deals

The tensions between WLFI and Justin Sun started coming into the public eye this week, with the most likely clash being continued in court. 

It started when Sun accused the Trump-linked project of treating its community like a personal ATM, after WLFI deposited 5B WLFI tokens as collateral on DeFi lending platform Dolomite to borrow roughly $75M in stablecoins. “Every action taken by the WLFI team to extract fees from users and to treat the crypto community as a personal ATM is illegitimate,” Sun wrote.

WLFI fired back hard: “Does anyone still believe @justinsuntron? We have the contracts. We have the evidence. We have the truth. See you in court pal.”Source: X

Sun, for his part, demanded that whoever is running the account step forward by name. “As the largest investor in this project, I demand that those responsible come forward instead of hiding in the shadows,” he wrote.

The bad blood isn’t new. Back in September, WLFI had Sun’s tokens frozen, alleging he tried to sell early to cash out. Sun denied it, and on-chain data supported his version. What’s new is that the dispute has now moved out of governance and into open legal territory.

Ethereum treasury firm Bitmine posts a $3.8B loss for Q1 in its latest filing

Bitmine Immersion Technologies has done to Ethereum what Strategy did to Bitcoin – doubled its share count in six months, raised over $10B in equity, and used it all to buy ETH. As of April 16, the firm held 4.87M ether at an average cost of $2,206 per token, making it the largest corporate Ethereum treasury in the world and the second-largest corporate crypto treasury overall, behind Strategy. 

The Q1 10-Q filing reported a $3.78B net loss, driven almost entirely by fair-value accounting. Under rules adopted in 2024, mark-to-market swings on crypto holdings flow through the P&L each period regardless of whether anything was sold. ETH dropped sharply during the quarter from elevated levels, producing a large paper loss, even though the position is technically still in profit on a cost basis, with ETH trading near $2,344 against Bitmine’s $2,206 average entry.Source: goodcryptoX

The company’s underlying business tells a starker story. Self-mining revenue collapsed 86% year-over-year to just $219,000. Staking has taken over entirely, generating $10.2M of the firm’s $11M in total quarterly revenue. But G&A expenses hit $75M for the quarter, up from $964,000 a year ago, and $298.6M for the full six-month period against just $13.3M in revenue. The gap is hard to ignore for a company whose entire model now rests on holding and staking a single token.

The filing also surfaced derivatives activity not previously disclosed. Bitmine booked $65.3M in unrealized losses on derivatives and $24.1M in option premium income during the quarter, suggesting its running options strategies on its ETH holdings, likely covered calls to generate additional yield.

As of February 28, the firm held $879.6M in cash, 198 BTC, a $200M stake in Beast Industries, and an $85M position in Eightco Holdings. Chairman Tom Lee said the company has been accelerating its ETH buying over the past four weeks, viewing the pullback as attractive given what he sees as strengthening fundamentals.

Tether launches a crypto wallet bringing stablecoin and Bitcoin payments directly to users

Tether has spent years as the infrastructure behind crypto payments, issuing USDT and powering the rails that exchanges and payment platforms run on. On Tuesday, it stepped out from behind the curtain.

Source: X

The new app, tether.wallet, lets users hold and send USDT, USAT, gold-backed token XAUT, and Bitcoin across multiple blockchains. It’s self-custodial, meaning users control their own private keys and sign transactions on their own devices. A few small but meaningful UX choices stand out: users can pay transaction fees in the asset they’re sending, and wallet addresses are replaced with human-readable handles like “name@tether.me.”

Tether says more than 570M users already touch its technology indirectly through exchanges and payment rails. The wallet brings those functions into a direct interface for the first time. It builds on the firm’s open-source Wallet Development Kit, the same toolkit that powers the Rumble wallet for creator payments and peer-to-peer transfers.

“Tether.wallet is the People’s Wallet,” said CEO Paolo Ardoino, describing it as the natural next step from building financial infrastructure to making it usable by anyone.

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