Welcome to Kaupr Today

DeFi is fighting back, Bitcoin is at a threshold, and a 170-year-old giant just moved to Solana. Here's what's in today's edition:

🔷 DeFi United - Aave's $160m recovery
🔷 Bitcoin at $80,000 — three signals converging
🔷 Fed on hold, Clarity Act on the clock
🔷 Western Union goes onchain
🔷 MiCA and the Nordic licensing gap
🔷 Kaupr TV recordings now live

Have a good read!

Morten

DeFi's big recovery — Aave fights back

Aave's DeFi United closed in on $160 million — 80% of the target

Aave's coordinated recovery effort has raised $160 million of the $200 million needed to cover bad debt from the KelpDAO exploit, with Mantle and Aave DAO contributing a combined 55,000 ETH ($127 million). Aave founder Stani Kulechov added 5,000 ETH personally. The DeFi United initiative aims to recapitalise rsETH and stabilise lending markets following the $292 million breach.

Why it matters: DeFi's largest lender is closing in on a full bailout through coordinated ecosystem action — a test of whether the sector can self-heal after its worst exploit of the year.

Source: Aave raises nearly 80% of the $200 million it needs to cover bad debt left by Kelp DAO exploit, CoinDesk

Going deeper:
Crypto Attack Leaves Aave With $200 Million in Losses — Kaupr EN/NO/SE/DK
DeFi's forensic expert breaks down the Aave hack — with Torstein Thinn — Kaupr TV — Watch from 41:40

Bitcoin at the threshold - three signals worth watching

Bitcoin climbs above $79,000 as Iran ceasefire extends and Asian equities rise

Bitcoin hit an 11-week high above $79,000 after Trump extended the US-Iran ceasefire indefinitely, removing the immediate threat of renewed conflict near the Strait of Hormuz. Asian equities rose on subdued geopolitical tensions, with crypto stocks following — Strategy up 10%, Coinbase up 6%, Circle up 9%. K33 analysts flagged heavy short positioning as potential fuel for a further squeeze higher.

Why it matters: Bitcoin is now one decisive macro catalyst away from breaking $80,000 — the level that would technically confirm the downtrend from January's highs is over.

Source: Bitcoin climbs above $79,000, The Block

Bitcoin on track for best month in a year — $5 billion USDT surge adds fuel

Bitcoin is up 13.6% in April, its strongest monthly performance since April 2025, ending the longest losing streak in crypto since 2018. Tether's USDT supply has jumped $5 billion in two weeks to nearly $150 billion — fresh liquidity that typically signals capital flowing back into the market. Traders say equities and crypto have stopped reacting to Iran headlines, with strong earnings season now driving sentiment. The Fed meeting is the next test: if ETF inflows hold, $79,000 could flip from resistance to support.

Why it matters: The combination of returning liquidity, fading geopolitical fear and institutional ETF demand is the clearest constructive setup Bitcoin has had since before the October selloff.

Source: Bitcoin is on track for its best month in a year. $5 billion USDT growth fuels the rebound, CoinDesk

Bitcoin whales are aggressively long — and shorts keep paying for it

Hyperliquid whale positioning flipped net long in early March and has grown more aggressive through April, now at its most bullish on record. Meanwhile Bitcoin perpetual funding rates have been negative for 47 consecutive days — shorts paying longs — one of the longest such stretches ever recorded. The combination is a classic short squeeze setup: if spot prices break higher, a rapid unwind of short positions could accelerate the move significantly.

Why it matters: Smart money is leaning hard into Bitcoin near $80,000 while retail sentiment stays bearish — a divergence that historically resolves in a sharp move higher, or a painful flush for longs if the setup fails.

Source: Bitcoin whales build long positions as funding stays deeply negative — CoinDesk

Rates and rules — two decisions that will shape crypto's next move

Fed expected to hold rates again at May meeting — but pressure is building

The next FOMC meeting runs May 6–7, with markets expecting the Fed to hold rates steady at 3.50–3.75% for the third consecutive meeting. The March meeting left the median forecast at one cut in 2026, but the range of views inside the committee is wide — at least one member wants four cuts this year. Powell faces a difficult balancing act: the Iran war oil shock is keeping inflation elevated while the labour market is softening. Jerome Powell's term expires May 15, with Kevin Warsh expected to succeed him.

Why it matters: A Fed on hold while Bitcoin approaches $80,000 and equity markets hit records is a benign backdrop for risk assets — but any hawkish surprise from Powell's final meeting could shift that quickly.

Source: What to Expect from the Federal Reserve's Meeting Wednesday, Investopedia

The Clarity Act is running out of time — May is the last real chance

April is effectively lost for the Clarity Act. A Senate markup must happen in May for the bill to reach a full Senate vote by July — the last realistic window before lawmakers leave for campaign season. Galaxy puts odds of passage at 50-50 or lower; Wintermute is at 30%. Over 100 crypto firms signed an open letter urging the Senate Banking Committee to act. Trump backed the bill at a private Mar-a-Lago event, telling the room he won't let banks derail it.

Why it matters: Without the Clarity Act, US crypto market structure remains undefined — and the regulatory uncertainty that keeps institutional capital on the sidelines continues for another election cycle.

Source: Running out of time on Clarity: State of Crypto, CoinDesk

The remittance giant goes onchain

Western Union launches stablecoin next month — and a Stable Card for global consumers

Western Union's Solana-based stablecoin USDPT launches in May, with CEO Devin McGranahan confirming it is in final preparation. Alongside it, Western Union is launching its Digital Asset Network — connecting crypto wallets to its 360,000-agent cash pickup network via a single API — with the first partner going live this week. A USD Stable Card allowing consumers to hold and spend stablecoins globally is planned for later this year. The context: Western Union's core Americas business is under pressure, with adjusted revenue down 1% in Q1.

Why it matters: When a 170-year-old money transfer giant moves its entire settlement strategy to Solana, the stablecoin era for mainstream remittances has arrived — and Western Union's agent network gives USDPT a last-mile advantage that crypto-native rivals have spent years trying to build.

Source: Western Union to launch stablecoin next month, with 'Stable Card' planned for global consumers, The Block

Kaupr TV - recordings from April 24 2026

Watch recordings from Kaupr TV - on YouTube, Kaupr & Linkedin

Kaupr TV Live was back on air Friday 24 April, live from the studio in Stockholm — news, guests and conversations from the Nordic, Baltic and European Web3 and digital finance scene.

▶️ Watch on YouTube 📺 Watch on the KauprTV portal 📅 Watch on LinkedIn Event

Hosted by Morten Myrstad and Leon Aleksander Karlsen Solbakken

Nordic news

MiCA is live — but Nordic crypto licensing is falling behind

Jakob Hansen, CEO of the Nordic Blockchain Association, says Nordic FSAs simply don't have the resources to process MiCA applications. Denmark has one native licensed crypto company; Sweden has one — while 57 foreign firms are already passporting in. The fix, Hansen argues, is regulatory sandboxes and faster dialogue, not more rules.

Why it matters: The Nordics risk becoming a market that consumes crypto innovation rather than produces it.

Source: MiCA in the Nordics: Crypto Regulation, Stablecoins & Blockchain Adoption Explained by Jakob Hansen, CoinsPaid Media

Nordic evergreen insight

Baltic Crypto Adoption Hub

Baltic Crypto Adoption Week 2026 (7–9 April) has wrapped, and all content is now available in an evergreen hub on Kaupr.
Hub: Baltic Crypto Adoption, Kaupr

Nordic Crypto Adoption Week Hub

Nordic Crypto Adoption Week 2026 (23–26 March) has wrapped, and all content is now available in an evergreen hub on Kaupr.
Hub: Nordic Crypto Adoption — Kaupr

Nordic voices on diversity in crypto

On 6 March, Kaupr brought together guests from Norway, Sweden, Denmark, and Finland for a Diversity in Crypto event.
Hub: Diversity in Crypto — Kaupr

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Best regards
Morten Myrstad
Founder & Editor