Recently, DYDX has seen a simultaneous rise in price and trading volume driven by bullish capital inflows, but significant volatility in contract market sentiment suggests a high probability of short-term oscillation at elevated levels. The suggested price range to watch is $0.129–$0.139. Liquidity divergence within the Perp DEX sector creates a neutral-to-bullish arbitrage window for DYDX, and it is advised to adjust strategies flexibly to seize liquidity migration opportunities across platforms. In the mid- to long-term, favorable policies and institutional inflows are expected to elevate DYDX’s valuation anchor, gradually highlighting its allocation value. It is recommended to accumulate on pullbacks and monitor regulatory progress.

From the daily chart perspective, DYDX saw a significant breakout between April 16 and 17, first rallying rapidly from around $0.094 to $0.129, and then continuing up to $0.139 the following day. Daily trading volume shot up to over 33 million, reflecting concentrated bullish positioning. Previously, large-scale leveraged long positions with 5x leverage were established on DYDX, in addition to ETH and SOL, further amplifying both price volatility and trading volume. Overall, bullish momentum remains strong, and the likelihood of continued short-term consolidation at high levels is considerable.

On April 13, a whale opened 20x leverage long positions totaling 13,000 ETH, worth about $28.67 million, across two wallets. The whale also holds 20x leverage long positions in 286,153 SOL and smaller 5x leverage long positions in DYDX, according to on-chain analyst Onchain Lens.

A whale opened a $28.67 million ETH long position with high leverage and simultaneously holds long positions in SOL and other assets.

As Bitcoin rebounded into the $72,000 to $74,000 range, funding rates for perpetual contracts on major exchanges shifted from deeply bearish to neutral, then back to bearish. Data from April 10 and 14 showed funding rates hitting lows near -0.005%, briefly returning above 0.01% to neutral territory on April 16, before dipping back into bearish territory the next day. This indicates that despite a broad asset rally, both bulls and bears are still actively contesting at high price levels, creating divergent short-term sentiment in DYDX’s contract market and leading to frequent oscillations characterized by selling high and buying high.

On April 10, as Bitcoin surpassed $72,000 again, data from Coinglass showed that funding rates on major centralized and decentralized exchanges indicate a deepening bearish market sentiment. Funding rates, used to balance perpetual contract prices with underlying asset prices, reflect trader sentiment: rates above 0.01% suggest bullishness, while rates below 0.005% indicate bearishness. Current rates point to increased bearishness.

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

According to Coinglass data on April 16, as Bitcoin continues to rise, the funding rates on major centralized and decentralized exchanges indicate a significant weakening of the bearish market sentiment. Funding rates, used to balance perpetual contract prices with underlying asset prices, show that when rates exceed 0.01%, the market is generally bullish, while rates below 0.005% indicate bearish sentiment.

The current mainstream CEX and DEX funding rates indicate a significant weakening of the bearish market sentiment.

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.

According to DefiLlama data, total trading volume on the Perp DEX market surged rapidly in early April driven by TradeXYZ, followed by a pullback on Hyperliquid due to liquidity migration. On April 14, the overall market rebounded but fell back to early spring levels by the 17th. These ebbs and flows among platforms indicate users are repeatedly weighing fees, slippage, and position flexibility. In this context, DYDX, as an autonomous on-chain perpetual protocol, may seize new rounds of arbitrage and trading strategy optimization during liquidity restructuring between platforms, presenting neutral-to-bullish potential.

On April 9, according to DefiLlama data, the HIP-3 ecosystem project TradeXYZ saw its trading volume double yesterday before declining, with Hyperliquid's total trading volume falling below $10 billion. TradeXYZ accounts for 45.7% of Hyperliquid's volume, followed by EdgeX. Current 24-hour trading volumes include Hyperliquid at $9.54 billion, TradeXYZ at $4.36 billion, EdgeX at $2.3 billion, Aster at $1.92 billion, Lighter at $1.82 billion, and Pacifica at $471 million.

Overview of Major Perp DEXs: TradeXYZ's trading volume surged yesterday but has since declined, still accounting for 45.7% of Hyperliquid's total volume.

On April 14, DefiLlama data showed a rebound in overall on-chain Perp DEX market trading volumes. TradeXYZ's trading volume increased but its open interest declined, while Hyperliquid's open interest rose to a near two-month high, driven partly by non-traditional market activity. Key Perp DEX 24-hour trading volumes include Hyperliquid at $7.41 billion, TradeXYZ at $2.47 billion, Aster at $2.62 billion, EdgeX at $2.15 billion, Lighter at $1.83 billion, and Pacifica at $485 million.

Overview of Mainstream Perp DEXs: Trading Volume Mostly Rebounds, Hyperliquid Open Interest Rises to Nearly Two-Month High

The latest comprehensive financial disclosure documents show that a prominent Federal Reserve chair candidate’s investment portfolio covers over 20 crypto-related projects, including DYDX, demonstrating deep industry engagement. If this individual ultimately joins the Fed, regulatory focus and policy transparency for the crypto sector are expected to improve significantly, providing clearer compliance prospects and encouraging long-term institutional capital inflows for protocols like DYDX.

Kevin Warsh, nominated as Federal Reserve Chair by Trump, disclosed in a 69-page financial filing that he and his wife hold at least $192 million in assets, including indirect investments in over 20 crypto-related entities such as Solana, dYdX, Polychain Capital, and Optimism. If confirmed, he would be the first Fed Chair with crypto venture exposure. His holdings span multiple crypto sectors, reflecting a deep engagement with the industry, though many positions are small.

The first Federal Reserve Chair to hold cryptocurrency assets? Kevin Warsh reveals at least 20 crypto investments including Solana and dYdX.

dYdX

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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