In conclusion, despite DAI experiencing a credit rating downgrade and phased capital releases in April, expanding short-term volatility, its arbitrage and collateral mechanisms demonstrated robust resilience, with price consistently anchored at $1.00 (±0.2%). Following improvements in the macro environment and digestion of adverse policy impacts, a clear rotation effect in capital occurred, with no substantial increase in hedging demand. In the long run, as the decentralized finance ecosystem expands and compliance progresses, DAI's position in the stablecoin market will remain solid, maintaining the medium- to long-term 'hold–allocation' recommendation. For short-term strategies, closely monitor liquidity changes within the $0.998–$1.002 range and key regulatory signals.

On April 10, a reputable agency downgraded DAI's credit rating to B-, causing a temporary shock to market sentiment. Daily charts show that the lowest point hit $0.9953 that day, deviating nearly 50 basis points from the lower bound of the anchor range, but the closing price quickly rebounded near $1, underscoring market confidence in DAI's arbitrage mechanism and collateral pool. Although the adjustment intensified volatility in the short term, it did not undermine its core attribute of tracking the US dollar.

S&P Global Ratings assigned a B- credit rating to DeFi lender Sky's USDS and DAI stablecoins, equating them with the Democratic Republic of Congo's government bonds, considered junk bonds. To attract institutional investors, Sky and its subDAO Spark plan to repackage debt, isolate high-risk yield sources, and launch a junior capital vault. Improving credit ratings is becoming crucial for DeFi protocols to draw traditional financial capital.

After its transformation, MakerDAO received a B- credit rating, on par with Congo sovereign bonds.

On April 11, the Ethereum Foundation utilized the TWAP tool to exchange 5,000 ETH for approximately 11.1 million DAI, with the newly minted stablecoins mainly earmarked for R&D funding and community incentives. Daily data shows that the price closed slightly lower at $0.9985 with moderate trading volume, reflecting that the new supply exerted mild short-term pressure on stability but was largely absorbed by high-frequency trading and bridging demand.

On April 11, the Ethereum Foundation completed the sale of 5,000 ETH at $2,221 each, converting them into 11.1 million DAI. This transaction, monitored by Onchain Lens, follows the Foundation's April 8 announcement to convert 5,000 ETH into stablecoins using CoWSwap's TWAP function to support funding for research, development, grants, and donations.

Ethereum Foundation completes 5,000 ETH sale plan

The Ethereum Foundation sold 5,000 ETH at an average price of $2,221 each, receiving $11.1 million in DAI. This transaction was monitored by OnchainLens and reported by ChainCatcher, involving the address 0x9fC3dc011b461664c835F2527fffb1169b3C213e.

The Ethereum Foundation sold 5,000 ETH at an average price of $2,221.

In mid-April, as tensions between the US and Iran eased and the Federal Reserve adopted a hawkish tone, mainstream assets collectively rallied. As risk appetite returned, DAI, serving as a counterparty asset, saw its daily trading volume surge to over 1.3 million on April 14, with prices fluctuating between $0.9961 and $0.999. Meanwhile, the market perceived regulatory risks for stablecoins as limited, and bullish sentiment did not significantly translate into greater hedging demand for DAI, with short-term sentiment remaining neutral.

According to SoSoValue data, rising expectations of a US-Iran agreement have boosted market confidence, leading to widespread gains in the crypto market. The DeFi sector led with a 5% increase, including Hyperliquid (7.06%), Lido DAO (9.94%), and Aave (10.75%). Bitcoin rose 4.51% to surpass $74,000, while Ethereum gained 7.56%, breaking above $2,300.

The crypto market is broadly rising, with the DeFi sector leading gains at 5%, and BTC breaking through $74,000.

BitMart Research Weekly highlights easing US-Iran tensions and a hawkish shift in the Federal Reserve, driving a rebound in risk assets including crypto. US stocks, especially AI-related sectors, show strong recovery amid geopolitical risks. Inflation data signals potential upward pressure if oil prices stay high. Crypto markets follow US stocks with BTC and ETH leading, while altcoins remain volatile. Institutional inflows into Bitcoin ETFs and MicroStrategy’s increased BTC holdings indicate long-term confidence.

BitMart Research Institute Weekly Hotspot Analysis: US-Iran Easing Combined with Fed's Hawkish Shift, Crypto Market Follows Rebound to Form a Bottom

The White House Economic Advisory Council (CEA) challenged the claim that banning stablecoin interest payments would protect $1.5 trillion in bank loans, estimating the impact at only $2.1 billion. Most stablecoin reserves are invested in U.S. Treasury bonds, circulating within the banking system rather than reducing total deposits. The ban’s cost outweighs benefits, potentially harming stablecoin users and U.S. Treasury demand, with minimal effect on bank lending capacity.

The White House did the math: How much more can banks lend if stablecoin interest is banned?

The Middle East ceasefire and US-Iran nuclear talks progress have eased geopolitical risks, pressuring oil prices and boosting global risk assets. The Nasdaq set a record 12-day winning streak, with tech and AI sectors attracting capital. Bitcoin rebounded above $74,000 amid steady ETF flows and balanced leverage liquidations. However, Democratic opposition delays Fed nominee Wash's hearing, increasing leadership uncertainty and market volatility risks.

Bitget UEX Daily Report | Hopes for Middle East Peace Rise, Nasdaq Hits Record 12 Consecutive Gains, Anthropic Releases New AI Model

On April 17, Coinglass data showed that as Bitcoin maintained a volatile trend, the funding rates on major CEX and DEX platforms indicated a deepening bearish sentiment in the market. Funding rates, used to balance perpetual contract prices with underlying asset prices, reflect trader sentiment: rates above 0.01% signal bullishness, while rates below 0.005% indicate bearishness. Current rates suggest increased market pessimism.

The current mainstream CEX and DEX funding rates indicate a deepening bearish sentiment in the market.

As the total supply of stablecoins exceeds $180 billion, DAI’s role within the decentralized financial ecosystem remains robust. Daily volatility consistently converges within the $1±0.002 range, reflecting the efficiency of its redemption and arbitrage mechanisms. Coupled with network upgrades and evolving regulatory frameworks in places like Hong Kong, DAI's compliance and technological advantages are poised to strengthen further, supporting continued steady growth in its long-term demand and application scenarios.

Gate Ventures reports a phase of market rebound driven by easing macro risks, with major indices and cryptocurrencies like BTC and ETH showing gains alongside net inflows into spot ETFs. Despite this, market sentiment remains extremely fearful, and capital return is cautious. Structural opportunities arise from network upgrades and regulatory progress, such as Hong Kong's issuance of stablecoin licenses. Financing activity increased, focusing on infrastructure and early-stage innovation, indicating ongoing market differentiation and a shift toward fundamentally and regulatorily supported assets.

Gate Ventures: Market Experiences Temporary Rebound but Divergence Continues, Capital Inflows and Structural Repair Proceed in Parallel

In Q1 2026, the Ethereum to Bitcoin price ratio (ETH/BTC) rebounded to 0.0313, a three-month high, indicating a recovery in the crypto market. Ethereum network users grew 82% year-on-year to 284,000, with transaction volume reaching 200.4 million. Stablecoin supply exceeded $180 billion, about 60% of the global market. Analysts suggest that if ETH/BTC closes above 0.035 weekly, it signals continued inflows into Ethereum and high-risk assets. Bitcoin remains above $74,000, supported by over $56 billion inflows into US spot Bitcoin ETFs.

Analysis: Ethereum-Bitcoin price ratio rebounds, overall crypto market recovers

It’s not a given that the European Central Bank’s next move on interest rates will be a hike, according to Governing Council member Martins Kazaks.

Kazaks: Will not oppose bets on two interest rate hikes this year

Waller: Rapid resolution of the Middle East situation may allow for interest rate cuts later this year.

Waller: Overall PCE inflation year-over-year in March may reach 3.5%

The Federal Reserve's Waller expressed caution regarding interest rates, warning of the risks of prolonged warfare.

Fed's Daly: Rates May Remain Unchanged

Daly: The federal funds rate is slightly above the neutral level of 3%.

UBS Expects 50 bps Fed Rate Cuts as Gov Miran Downplays Inflation Risks

Federal Reserve's Daly: On hold regarding interest rates.

Easing tensions in the Middle East combined with rising expectations of interest rate cuts have pushed gold close to $4,900.

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