TokenInsight

As of @tether Q1 2026 disclosure, it reported approxiately $183 billion of USDT liabilities and a reserve base still dominated by short-duration US Treasury exposure. The company’s direct and indirect Treasury exposure was approximately $141 billion. Alongside that Treasury-heavy reserve structure, Tether has also held meaningful exposure to physical gold and Bitcoin.

Global gold ETF holdings increased by approximately 801 tonnes over the year, reversing roughly three years of net outflows that had previously obscured the strength of the underlying market.

TokenInsight officially releases the rating for solana:megaA5QDK1qLXtjpvg9oCFMvxT9d5BCMrVTBddnM5kV ! MegaETH @megaeth is a high-performance Ethereum Layer 2 designed to deliver real-time, EVM-compatible execution with ultra-low latency. Rating: BBB Outlook: Stable More details on the token page tokeninsight.com/en/coins/megae… #layer2 #blockchain #rating

#TokenInsight Rating Monthly Review: Apr 2026 In April, we issued and updated new ratings for 4 projects, including RWA, Layer-1 and AI projects. The details are as follows: @tethergold ethereum:0x68749665ff8d2d112fa859aa293f07a622782f38 - A Stable @SeiNetwork sei-network:native - A Stable @virtuals_io solana:3iQL8BFS2vE7mww4ehAqQHAsbmRNCrPxizWAT2Zfyr9y - BBB Positive 🚀 @SoSoValueCrypto ethereum:0x76a0e27618462bdac7a29104bdcfff4e6bfcea2d - BBB Stable More details 👇tokeninsight.com/en/news/events… #rating

Polymarket is moving into perps with products around BTC, NVDA and gold; Kalshi is reportedly preparing a “Timeless” perps-style launch; and Hyperliquid is pushing prediction-market primitives via HIP-4. The boundary between event venues and derivatives venues is increasingly blurring, though the regulatory, product, and settlement models still differ.

TokenInsight officially updates the rating for ethereum:0x68749665ff8d2d112fa859aa293f07a622782f38 ! @tethergold Tether Gold (XAU₮) is a digital asset issued by TG Commodities, S.A. de C.V., a Tether Group entity @tether. One full XAUT token represents one fine troy ounce of gold on a London Good Deliver bar. Rating: A Outlook: Stable More details on the token page tokeninsight.com/en/coins/tethe… #gold #RWA #rating

The chart highlights how stablecoins are becoming a bridge between blockchain-native systems and traditional financial services. On and off ramps, treasury tools, card issuance, banks, and payment applications all point to a deeper convergence between crypto infrastructure and real-world financial workflows.

TokenInsight officially updates the rating for $VIRTUAL! @virtuals_io Virtuals Protocol is an onchain infrastructure layer for autonomous AI agents, designed to let tokenized agents create services, coordinate with humans or other agents, and transact as independent economic actors. Rating: BBB Outlook: Positive 🚀 More details on the token page tokeninsight.com/en/coins/virtu… #AI #Agent #rating

TokenInsight officially updates the rating for $SEI! @SeiNetwork is a high-speed Layer-1 EVM blockchain, purpose-built for high-frequency trading and DeFi applications. Rating: A Outlook: Stable More details on the token page 👇 tokeninsight.com/en/coins/sei-n… #layer1 #trading #rating

Insight: 「Turnover Rate Highlights Diverging Exchange Market Structures」 Turnover rate (Vol/OI) measures how frequently open positions are traded through, serving as an indicator of market activity intensity and user behavior composition. OKX, Binance, and BingX sit in the high-turnover group, indicating that outstanding positions are traded, closed, and reallocated more frequently, which is typically associated with shorter holding periods, stronger market-making activity, and more speculative trading. Bybit, Gate, Bitget, MEXC, and KuCoin fall into a middle range, suggesting a structure in which position retention and trading activity coexist. Hyperliquid, HTX, and the “Other” category occupy the low-turnover end, implying that open interest on these venues is turned over more slowly and that their derivatives activity is more position-retentive than flow-driven. Hyperliquid is especially notable in this context. Its market structure differs from that of a typical CEX, and the presence of protocol-native liquidity mechanisms such as HLP may partially contribute to its turnover profile. Taken together, this suggests that derivatives ecosystems are already diverging into distinct liquidity organization models, rather than simply converging toward a single high-turnover equilibrium.

In our Q1 2026 Crypto Exchange Report. Binance held its dominant position at 32.77% (+0.21 pp) of market share, while OKX emerged as the quarter's standout gainer, expanding 1.25 pp to 13.27% — cementing a widening gap over Bybit, which slipped to 9.55% (-0.77 pp). Gate (+0.42 pp to 8.88%) and Bitget (+0.02 pp to 7.70%) both maintained their top 5 positions. The combined top-5 share now stands at 72.17%, reflecting the ongoing concentration of trading activity toward established venues with deeper liquidity and broader product ecosystems during risk-off market conditions.

As HIP-3 OI hits $2B+, the concentration in providers like TradeXYZ highlights both the platform’s efficiency and the broader market’s hunger for uncorrelated, always-on exposure. This milestone isn’t merely a volume record — it’s validation that tokenized equity demand is reshaping how capital flows across borders and time zones.

This indicates strong and sustained demand for dollar liquidity on Solana, supported by its high throughput and low transaction costs. While this trend enhances on-chain activity, the rapid expansion in supply also warrants attention to redemption risks and liquidity management.

TokenInsight Observation: According to @YahooFinance , Foundry Zcash Pool Captures ~30% Hashrate in First Month Foundry Digital officially launched its Zcash mining pool on April 13, 2026. Within its first month of operation, the pool captured approximately 29%–30% of the network’s total hashrate, alongside the launch of its dedicated block explorer, Zcashinfo.com. The mining pool is primarily positioned toward institutional and regulated participants, offering compliance support and technical infrastructure services. Zcash founder Zooko Wilcox publicly expressed support, noting that the initiative could help strengthen the network’s infrastructure. TokenInsight View This development reflects a broader trend of large-scale mining capital expanding into the privacy coin sector, potentially addressing Zcash’s historically weaker infrastructure. However, the concentration of nearly 30% of hashrate within a single pool raises decentralization concerns. The long-term impact will depend on institutional adoption trends and the distribution of network hashrate.

''Post-Leverage Purge: Volume Recalibration Under Macro Headwinds'' The data of trading volume reflects not a temporary pullback but a post-leverage-purge recalibration — capital rotating into stablecoins and defensive positions rather than exiting crypto entirely, awaiting clarity on rates, regulation, and geopolitical resolution before re-risking. Stay tuned for the upcoming Q1 2026 CRYPTO EXCHANGE REPORT!