European Central Bank: Growth of stablecoins will weaken banks' lending capacity and the effectiveness of monetary policy transmission

Bank of Japan Likely to Hold Rates at April 28 Meeting, But Maintains Hawkish Stance

Summary: BoJ is likely to hold at 0.75% on April 28 while signaling future rate hikes if conditions permit; June action remains possible, with some officials leaning toward a near-term move amid inflation risks from geopolitical shocks and a higher forecast. Abstract: The Bank of Japan is expected to keep its policy rate at 0.75% at the April 28 meeting, signaling eventual hikes as conditions permit; discussion centers on timing and a potential June move, in light of geopolitical tensions and an updated inflation outlook.

Bank for International Settlements Warns: Stablecoins Are More Like Securities, Redemption Flaws Could Trigger a Bank Run

International Settlements Bank (BIS) Managing Director Pablo Hernández de Cos warned on Monday at a Bank of Japan conference in Japan that the global stablecoin market has surpassed $315.9 billion, but its operating mechanism is closer to investment products such as ETFs rather than true money. The BIS said that if large-scale redemptions occur, it would trigger a chain-reaction effect similar to the run on Silicon Valley Bank in 2023.

Bank of Korea Governor Outlines CBDC, Deposit Token Expansion and Won Internationalization Strategy

South Korea's central bank Governor Shin Hyun-song aims to promote CBDCs and deposit tokens through Project Hangang Phase 2, emphasizing digital payment innovation and financial stability while signaling a softening stance on stablecoins.

Kevin Warsh 成首位「Tech Bro」Fed 主席提名人：AI 樂觀派、持 SpaceX 與 Polymarket 股份

Kevin Warsh, nominated by Trump, becomes the first “Tech Bro” Fed chair, closely connected with Silicon Valley giants, and argues that AI can reduce inflation and supports an accommodative monetary policy. His Silicon Valley background could influence the Fed’s interest-rate decisions; expectations for the crypto market are positive, but the risk of conflicts of interest also needs to be considered. His appointment process and future policy direction will affect the U.S. Dollar Index and valuations of Taiwan stocks.

BIS calls for globally coordinated stablecoin regulation: warns that Tether and Circle account for 85% of those showing “security-like characteristics”

The Bank for International Settlements (BIS) once again emphasized the importance of global stablecoin regulatory coordination, pointing out three major risks that stablecoins face at this stage, including regulatory challenges related to cross-border flows and issues with market concentration. BIS proposed a unified ledger framework and argued that central banks need to lead the development of digital currencies, which would pose challenges to existing stablecoin issuers such as Tether and Circle. Overall, in the future, stablecoins may face a more stringent regulatory framework.

ETH drops 0.56% in 15 minutes: Institutions’ ETF in-and-out flows and tightened on-chain liquidity dominate the market

From 17:45 to 18:00 (UTC) on 2026-04-19, the ETH price recorded a return of -0.56% within 15 minutes, closing in the 2294.03 - 2311.0 USDT range, with an amplitude of 0.73%. Heightened market volatility triggered increased short-term trading activity and boosted attention, while overall liquidity performance tightened. The main driving force behind this unusual move is institutions’ short-term in-and-out flows of ETF funds and a lull in on-chain stablecoin activity. In early April, after the ETH spot ETF recorded a net inflow of $120.24 million over a short period, it quickly reversed to a net outflow of $64.61 million, indicating that institutional capital became more short-term and there was no signal of sustained accumulation. Meanwhile, on-chain USDT and USDC activity fell in tandem to an annual low; ETH’s short-term buying power was clearly insufficient, putting pressure on liquidity. In addition, high-win-rate whales have been frequently shorting ETH and BTC since April 14, with related position sizes exceeding $25 million, further intensifying downward pressure in the short term. On the macro front, the Federal Reserve maintains high interest rates, the U.S. dollar remains strong, risk appetite has shifted to cautious, and some funds have flowed into traditional assets such as U.S. stocks. On-chain data shows that exchange reserves for ETH have fallen to the lowest level in nearly a decade, suggesting that long-term holders are actively shifting away from self-custody, further reducing market liquidity supply and amplifying price anomalies. Network conditions are stable; gas fees are operating at low levels, and on-chain transactions have not shown extreme spikes. The risk of near-term fluctuations remains high. ETF fund flows, large on-chain transfers, stablecoin activity, and changes in whale positions will be key indicators to watch. If institutions step up selling or stablecoin outflows expand further, ETH price volatility may intensify. Please continue to monitor macro developments and on-chain liquidity changes, stay alert to the risk of sharp short-term volatility, and get more real-time updates.