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On April 6, AAVE’s price went on a mini-vacation to $83.92, a drop that wasn’t exactly subtle, falling more than 11% from the previous session’s close at $94.15. This dramatic dive? Blame it on DeFi sector selling and the broader “let’s all be cautious” macro risk mood. That brief trip below $100? It flipped the psychological support into a hefty resistance, leaving the charts looking more bearish than a grizzly bear with a headache.

As if on cue, the trader whose life has been best described as a series of dramatic highs and lower lows reappears, once more crushed by the merciless upward movement. In a recent post on X, the data from the Hyperliquid wallet cemented the latest forced settlement in the vicinity of $68k.

Three Weeks of Agony

Key Takeaways:

As another week kicks off, Ethereum-the crown jewel of altcoins-is showing us all how to hustle in the market. Even with global markets doing their best impression of a roller coaster, Ethereum’s derivatives game is firing on all cylinders, gobbling up volumes like there’s no tomorrow.

The thirteenth article in the 15 part “Deconstructing DeFi” Series.

On Monday, Chaos Labs announced it would relinquish its role as Aave’s main risk overseer. The firm cited a stubborn divergence in risk philosophy, a mounting operational burden after the departure of fellow contributors, and the fact that the protocol’s finances could no longer survive the V4 upgrade.

Key Observations, Pray Attend:

In a dramatic Sunday post (that you should probably read with a glass of something strong), CryptoQuant’s very own Maartunn pointed out that XRP’s Open Interest has surged faster than your internet browser when you’re googling “what is a short squeeze?” So, what’s this “Open Interest” nonsense? Well, it’s the amount of positions currently open in the market across all centralized exchanges-both the good and the bad (short and long positions).

A federal appeals court just handed Kalshi a massive win, saying that New Jersey doesn’t have the power to stop Kalshi from offering sports-related contracts. Why? Because, according to the ruling, Kalshi’s event contracts are firmly in the hands of federal law, specifically the Commodity Exchange Act. This means New Jersey’s attempt to regulate Kalshi as a traditional sportsbook is, well, not happening. And the 3rd U.S. Circuit Court of Appeals, based in Philadelphia, couldn’t be clearer: Kalshi’s sports contracts are not bets-they’re swaps. You know, like those things that rich people use to hedge against the uncertainty of their yachts sinking.