CryptoQuant CEO： The definition of a bull market is that short-term holders keep buying while long-term holders sell

BlockBeats News: On April 2nd, according to Decrypt, cryptocurrency friendly Republican candidates Jimmy Patronis and Randy Fine won the Florida congressional special election on Tuesday night, with strong support from the cryptocurrency industry's super political action committee (PAC), allowing the Republican Party to maintain its slim majority in the House of Representatives. Fine defeated Democrat Josh Weil with 56.7% of the vote in Florida's sixth district, while Patronis defeated Gay Valimont with 57% of the vote in Florida's first district. Both campaigns received strong support from Defend American Jobs, a Republican focused cryptocurrency political action committee affiliated with the broader Fairshake political funding network.

According to Dune data, on April 2nd, the circulating supply of Coinbase Wrapped BTC (cbBTC), a packaged Bitcoin launched by Coinbase, reached 33038 units, with an increase of over 4500 units in the past month. The current market value of cbBTC is about 2.815 billion US dollars, ranking second in the market share of packaged Bitcoin with a market share of 18.8%, second only to wBTC.

According to Decrypt, Republican candidates Jimmy Patronis and Randy Fine won the Florida congressional special election on Tuesday night, with strong support from the cryptocurrency industry's super political action committee (PAC), allowing the Republican Party to maintain its weak majority in the House of Representatives. Fine defeated Democrat Josh Weil with 56.7% of the vote in Florida's sixth district, while Patronis defeated Gay Valimont with 57% of the vote in Florida's first district. Both campaigns received strong support from "Defend American Jobs," a Republican focused cryptocurrency political action committee affiliated with the broader Fairshake political funding network. The media stated that these victories once again represent a victory for the interests of the cryptocurrency industry.

Scroll co-founder Ye Zhang pointed out in an article on X platform that taxing Ethereum Layer 2 is a major cancer for the future development of Ethereum. This short-sighted behavior sacrifices long-term scalability and ecosystem growth in exchange for short-term income, which is the approach of centralized enterprises and the choice of non neutral platforms. Measuring the value of ETH solely based on Ethereum revenue is a reversal of priorities. The true value of ETH lies in its becoming the core of thousands of rollup ecosystems, which is the future path forward. Solana takes a vertical integration route, and although SOL dominates its system, it has strict control and limited scalability. ETH has emerged on platforms such as Base, Arbitrarum, Optimism, zkSync, Scroll, and remains the main trading pair for DEX even on non gas token chains. More rollups mean higher adoption of ETH, and ETH as a store of value (SoV) will gain more trust and usage. Each Layer 2 aligned with Ethereum is expanding its territory and enhancing social consensus, with thousands of scalable rollups centered around ETH having much greater potential than any monolithic chain. Ethereum does not require extraction, but should empower: 1. Accelerate deployment, expand data block size by 1000 times, and enhance execution layer scalability; 2. Make Ethereum's Data Availability (DA) more attractive, providing added value beyond security such as interoperability, shared components, and liquidity bridging; 3. Empower more participants who align with the Ethereum philosophy. The victory of ETH lies in becoming a center of gravity, not a toll station

Binance BNB/USDT is currently trading at $600.22, a decrease of 1.55% in 24 hours. Please pay attention to market fluctuations.