Market snapshot (April 28, 2026): Crypto markets are showing signs of accumulation in North America, coordinated recovery efforts in DeFi after a major exploit, and a tightening regulatory backdrop across the U.S. and Canada. BitMine keeps buying ETH even as paper losses widen BitMine Immersion Technologies continued to build its Ethereum position despite growing unrealized losses tied to volatility. The firm bought 101,901 ETH last week, lifting total holdings to about 5.08 million ETH. A week earlier it purchased 101,627 ETH, its largest weekly increase since December 2025. The balance sheet reflects the drawdown: BitMine's combined crypto and cash reserves are roughly $13.3 billion versus total investments of about $17.6 billion, implying unrealized losses above $6.5 billion. The Tom Lee-backed company has also staked nearly 3.7 million ETH, generating recurring yield from network validation to help cushion downturns and support cash flow. DeFi United lines up 30,000 ETH after rsETH bridge breach DeFi participants are moving to shore up rsETH following a major security incident. On April 18, a bridge operated by Kelp DAO was breached, leading to losses of around 116,500 rsETH valued at roughly $290 million. In response, Consensys and Ethereum cofounder Joe Lubin joined to form DeFi United, which has committed up to 30,000 ETH to support recovery and restore confidence. The plan, announced April 23, brings together participants linked to the Aave DAO, alongside contributors including Lido, Ethena, EtherFi, Frax, and Mantle. The effort aims to stabilize liquidity and rebuild rsETH backing, with governance votes across multiple protocols still in progress. Sharplink, a custody firm focused on Ethereum listings, is advising on recovery design and coordination. Tennessee signs law banning crypto ATMs and kiosks Tennessee Governor Bill Lee signed House Bill 2505, banning cryptocurrency ATMs and kiosks starting July 1, 2026. Installing these machines will be treated as a Class A misdemeanor, punishable by up to 11 months and 29 days in jail and fines up to $2,500. The move affects more than 570 self-service terminals in the state, including units run by CoinFlip and Bitcoin Depot. Lawmakers cited fraud prevention, with House Speaker Cameron Sexton saying the machines are increasingly used to target vulnerable groups, particularly older residents. Similar steps have surfaced elsewhere, including local bans in Massachusetts and proposed statewide limits in Minnesota. Canada advances bill to bar crypto political donations Canada is also tightening rules at the intersection of crypto and politics. Bill C25, introduced March 26, 2026, has passed second reading in the House of Commons, signaling early support. The proposal would ban political parties and candidates from accepting cryptocurrency donations, citing traceability concerns and enforcement challenges in campaign finance. Lawmakers framed the measure as part of broader efforts to strengthen election integrity, improve transparency, and reduce foreign-influence risk. The bill now heads to committee review for detailed scrutiny and potential amendments; no timetable has been set for that stage.

DeFi United, the Aave-affiliated group, has published a technical plan to restore rsETH collateral backing after the April 18 exploit of the Kelp crosschain bridge, CoinDesk reported. The attack released 116,500 rsETH worth about $293 million at the time, without a corresponding burn on Unichain. Under the proposal, DeFi United would gradually convert committed Ethereum (ETH) into rsETH and deposit the tokens into the bridge's locked vault. The bridge would be able to return to normal operations once collateral coverage is rebuilt. Aave said LayerZero and Kelp have introduced additional security measures ahead of a full restart. DeFi United also intends to liquidate Aave and Compound positions tied to the attacker to recover collateral and mitigate market impact. It said seven attacker-linked addresses still have active rsETH-backed positions on Aave and Compound totaling roughly 107,000 rsETH, out of the 116,500 rsETH released. The execution sequence would temporarily adjust the rsETH oracle price to enable a controlled liquidation, move recovered collateral to the DeFi United multisig wallet, restore the oracle, redeem rsETH for ETH, and use the proceeds to close shortfalls in affected markets. The plan moves rsETH recovery efforts from commitments and public statements into a coordinated process that depends on governance approvals, temporary oracle changes and execution across multiple DeFi protocols. The outcome remains contingent on DAO votes, final protocol implementation and the attacker not disrupting liquidation steps. Ethereum backers add funding and support The technical proposal follows earlier fundraising and governance efforts. On Monday, ConsenSys and Ethereum cofounder Joe Lubin joined DeFi United, committing up to 30,000 ETH. Sharplink, an Ethereum treasury-listed company, joined as an advisor to help develop the recovery plan. The same day, Aave Labs asked the Arbitrum DAO to release 30,765 ETH that the Arbitrum Security Council froze after the attack and transfer the funds to DeFi United. DeFi United said it has secured more than $300 million in commitments. As of Tuesday, its website showed $302.26 million raised or pledged, equivalent to 132,706.903 ETH, with some pledges still subject to DAO approval and final execution.

Blockchain data show that 73,400 ETH, valued at US$166,417,179, was transferred from an unidentified wallet to Binance.

BlockBeats reports that a two-day Federal Reserve policy meeting will wrap up early Thursday Beijing time, according to Wall Street Journal's Nick Timiraos, often dubbed the Fed's "voice." The gathering is described as the last meeting chaired by Jerome Powell before he steps down. Investors largely expect the Fed to keep interest rates unchanged. The main focus is whether policymakers indicate that rate cuts are no longer on the table or simply postponed. An energy shock tied to the Iran conflict, alongside multiple supply disruptions, has revived stagflation concerns. The Fed is expected to hold its benchmark rate in a 3.5% to 3.75% range, while internal debate intensifies over how to adjust the policy statement and the trajectory for potential easing. Timiraos wrote that the U.S. is facing its fourth supply shock in five years, following the post-pandemic reopening, the Russia-Ukraine war, the "tariff war," and the current Middle East conflict. Fed Governor Christopher Waller, who previously supported three rate cuts last year amid labor-market concerns, has shifted toward a more cautious stance as inflation risks rise. Although fighting involving Iran has ended, the Strait of Hormuz remains effectively blocked, pushing jet fuel prices higher. Fed officials now expect inflation to take at least another year to return to the 2% target. A central issue for the committee is whether to revise the official statement in a way that suggests rate cuts are no longer being considered. Since late last year, the statement has included language implying the next move is more likely a cut than a hike. At the past two meetings, a minority of officials pushed to remove that phrasing to signal more balanced odds between cuts and hikes. Timiraos noted the prevailing view is that changing the language now would be too forceful, as a formal shift could tighten financial conditions—a hawkish move most officials are not yet ready to make. The committee is expected to revisit the wording debate again this week. (Kitco)

U.S. spot bitcoin ETFs recorded $263 million in net outflows on Tuesday, ending a nine-day run of inflows just ahead of this week's Federal Open Market Committee meeting. Bitcoin was trading below $77,000 as ETF demand briefly cooled and traders grew more cautious into the Fed decision. Macro and geopolitical risks remain in focus. The broader rally has held, but market conviction is being tested. Analysts said conditions still look constructive, while noting the timing of the flow reversal could be significant.

Cointelegraph reported that Canton's daily active users (DAU) reached a new all-time high on April 26.

Visa has entered a partnership with WeFi, a blockchain-based banking firm founded by Reeve Collins, the former CEO of Tether, to enable digital-asset payments via WeFi's on-chain banking infrastructure, Odaily Planet Daily reported. WeFi lets users hold assets and control their private keys through self-custody wallets, while allowing those funds to be spent wherever Visa payments are accepted. The rollout will begin in select markets across Europe, Asia and Latin America, with plans to expand to additional regions once regulatory approvals are secured. WeFi CEO Maksym Sakharov said the stablecoin will be embedded directly into the platform's core infrastructure, with settlements handled in the background so users don't need to manually convert currencies.

Visa has signed a partnership with WeFi, a self-described "blockchain bank" founded by Reeve Collins, the former CEO of Tether, The Block reported. The collaboration is designed to let users keep digital assets in self-custody wallets and pay directly across Visa's global merchant network, without parking funds on centralized exchanges. WeFi cofounder and CEO Maksym Sakharov said stablecoins are built into the underlying infrastructure, with settlement processed automatically behind the scenes to mirror the experience of traditional card payments. The rollout will begin in selected markets across Europe, Asia and Latin America. Additional expansion will depend on regulatory approvals.

ChainCatcher, citing Cointelegraph, reported that stablecoin transfer volume over the past 30 days slid 19.18% from the prior period to $8.31 trillion. Over the same window, total stablecoin market capitalization rose 2.06% to $305.29 billion, while the number of holders increased 2.32% to 246.94 million. By net inflows over the past 30 days, Tether's USDT ranked first with $3.6 billion, followed by Circle's USDC at $2 billion and MakerDAO's DAI at $1.2 billion. Ethena's USDe recorded the largest net outflow at $1.1 billion.