• Token Metrics Research
  • Posts
  • The Crypto Roller Coaster: $104K Bitcoin, Ethereum's Biggest Gain, and Industry Shifts

The Crypto Roller Coaster: $104K Bitcoin, Ethereum's Biggest Gain, and Industry Shifts

Exploring Market Dynamics, Coinbase's Deribit Deal, and Celsius' Fallout

Happy Friday, TM Family!

Welcome to the Token Metrics Daily newsletter, where we cover key market movements, regulatory updates, and early alpha for our readers and investors. 

Let’s dive in! 

In Today’s Edition

  1. Bitcoin Reaches $104K, Ethereum Surges 20%

  2. Coinbase Acquires Deribit for $2.9B

  3. Celsius Founder Sentenced to 12 Years for Fraud 

  4. $750M in Shorts Liquidations Amid Bull Rally 

Breakfast that’s actually F-A-S-T

No more sad granola bars or sprinting out the door with just coffee.

Huel Black Edition is a ready-in-seconds shake packed with: 40g protein, 6g+ fiber, 0 prep. Just shake, sip, go.

Get 15% off your first order + a free t-shirt and shaker with code HUELSPRING, for orders over $75.

1. Bitcoin Reaches $104K, Ethereum Surges 20%

Bitcoin achieved a new milestone, climbing to $104k, its highest level since January 31, 2025. This rally is driven by consistent ETF inflows, stable Fed rates, and easing trade deals.

The total market capitalization of all coins, excluding Bitcoin, rose 10% to $1.14T, the highest since March 6, 2025. Since the trading signal on Token Metrics turned bullish for Bitcoin, the price is up 21%, from $85.13k to $103.3k today. 

Ethereum experienced a remarkable 21% price increase, trading above $2300, marking its largest single-day gain since May 2021. This surge followed the activation of the Pectra upgrade on Tuesday, which enhanced staking efficiency, validator operations, and Layer 2 scalability. 

Ethereum had been underperforming Bitcoin, with the ETH/BTC ratio down nearly 40% year-to-date at 0.02. However, the recent rally, fueled by renewed risk-on sentiment and the U.S.-China trade negotiations, suggests a potential shift in market dynamics. 

2. Coinbase Acquires Deribit for $2.9B

Coinbase announced its acquisition of Deribit, a Panama-based crypto options platform, for $2.9B, comprising $700M in cash and 11M shares of Coinbase Class A common stock. The deal, announced via an X post by Coinbase, aims to create the most comprehensive global crypto derivatives platform by integrating spot, futures, and options trading. 

Deribit’s 2024 trading volume reached $1.2T, a 95% increase year over year, and it brings approximately $30B in open interest, positioning Coinbase as the leading platform for crypto derivatives by open interest and options volume. 

The acquisition is a strategic move in Coinbase’s global expansion strategy. It combines Deribit’s strong international presence with Coinbase’s regulated operations in the U.S. and abroad.

It follows a bidding contest with Kraken, which opted to acquire NinjaTrader for $1.5B to enter the U.S. crypto futures market. The deal, subject to regulatory approvals, is expected to enhance Coinbase’s offerings in the high-growth derivatives space, driven by anticipated institutional adoption. Coinbase’s institutional trading volume in 2024 was $941B, up 139% year-over-year, reflecting growing institutional demand.

3. Celsius Founder Sentenced to 12 Years for Fraud 

Alex Mashinsky, founder of Celsius Network, was sentenced to 12 years in prison for securities and commodities fraud. Mashinsky pleaded guilty, admitting to misleading investors about regulatory approvals, falsely claiming no uncollateralized loans, and manipulating CEL token prices for personal profit exceeding $48M.

Celsius Network’s collapse left a $1.2B hole, estimated at $7B at today’s prices. Over 100,000 creditors suffered a collective loss of $4.7B.

The sentencing highlights the crypto industry’s ongoing regulatory challenges. Mashinsky’s case is a cautionary tale about the risks of mismanagement and deceptive practices in crypto platforms.

4. $750M in Shorts Liquidations Amid Bull Rally 

Over the past 24 hours, the crypto market saw over $750M in short liquidations, the highest single-day total since 2023. Ethereum led with over $310M in short liquidations following its 20% surge past $2,000.

ADA and DOGE, each rising over 10%, also contributed significantly, with 84% of liquidations coming from short positions. Binance and OKX accounted for over $500M in liquidations, while Bitcoin-tracked futures saw $375M.

The massive liquidations show the high volatility and risk in crypto trading, particularly during bull rallies. These short liquidations suggest that bearish bets were heavily leveraged, amplifying losses as prices surged. This event highlights the importance of risk management for traders in the crypto market.

Dogecoin has been up 12% in the last 24 hours. The Token Metrics trading signal for Dogecoin turned bullish on 25 April 2025, and since then, the price has been up 21%. 

Meme of The Day

References 

That’s all for today, folks. Happy weekend.

Your Friends at Token Metrics  

Reply

or to participate.