TD Cowen said the political backdrop for the crypto market-structure bill known as the Clarity Act has deteriorated, reducing the odds it becomes law this year. The bank's Washington Research Group cited a run of controversies tied to President Donald Trump that could push Democrats to demand conflict-of-interest provisions before offering support.

An Apr. 5 edition of The Block's "The Funding" newsletter says discounts in crypto token secondary markets have generally increased in recent years, based on OFFX data. Average discounts shifted from about 38% in late 2023 to roughly 45–50% in 2024–2025, while the deal range widened and 90%+ discounts appeared for the first time in late 2025.

JPMorgan analysts estimate total digital asset flows were about $11 billion in Q1 2026, roughly one-third of the same quarter a year earlier. The report said that pace implies around $44 billion annualized, well below 2025's record inflows of nearly $130 billion, with much of Q1 activity tied to corporate treasury bitcoin buying and concentrated crypto VC funding.

Eureka Labs said Tuesday it raised $6.7 million in a seed round structured as a SAFE with token warrants, led by Spark Capital and Collider Ventures. The company is launching “programmable blocks,” a block-building approach that lets builders add logic during construction to enable functions such as intra-block credit, pre-computation, and deterministic transaction ordering.

TD Cowen said a set of U.S. bills introduced this month to restrict prediction markets is unlikely to become law in the current Congress. The bank’s Washington Research team said policy risk remains elevated and pointed to the 2028 presidential election as a key flashpoint as bipartisan concerns grow over event contracts potentially overriding state gaming rules.

Across Protocol has floated a temperature check proposal dated Mar. 22 to move away from a token-and-DAO setup toward an equity-based corporate structure. Investors and analysts cited governance speed, partnership friction, and token designs that often lack direct claims on revenue as reasons more projects may weigh similar restructurings, while noting tokens can still fit some protocols.

JPMorgan said Hyperliquid has seen rising activity as some non-crypto traders use its 24/7 perpetual futures to get oil exposure during weekends and off-hours. The bank highlighted the WTI crude CL-USDC perp, where daily volume peaked near $1.7 billion in mid-March and open interest climbed to about $300 million, alongside leverage up to 20x.

According to CryptoQuant, bitcoin's current rally could encounter technical resistance first around $75,000 and then near $85,000, levels tied to on-chain realized price bands tracked for active traders. The firm noted that perpetual futures positioning has turned decisively bullish, with more long positions, positive funding rates and buy volume outweighing sell volume, even as rising bitcoin transfers to exchanges suggest possible selling pressure ahead. Bitcoin is trading close to $74,500, roughly 1% higher over the past 24 hours.

Onchain analytics firm CryptoQuant, through its head of research Julio Moreno, said Ethereum's price could decline toward $1,500 by late Q3 or early Q4 if the current bear market persists. The firm highlighted an "adoption paradox," where daily active addresses and internal contract calls on Ethereum recently hit all-time highs even as ETH trades more than 50% below its cycle peak and around $2,070. Moreno noted that elevated ETH exchange inflows relative to bitcoin and negative realized capitalization point to selling pressure and capital outflows that must reverse for ETH to escape bear market conditions.