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BlockBeats News, April 17, according to CoinDesk, Glassnode's on-chain BTC indicator RHODL ratio is currently at 4.5, the third highest level on record, and its signal is more consistent with a market bottom rather than a cycle top. The RHODL ratio compares the value share of BTC held by long-term holders (held for 6 months to 3 years) and short-term holders (held for 1 day to 3 months). A rise in the ratio typically reflects that coins are being held for a longer period and speculative activity is decreasing, rather than an influx of new buyers—a dynamic that appeared after the major corrections in 2015, 2019, and 2022. During the 50% decline in BTC over the past six months, a large amount of younger speculative coins have been washed out, and wealth has become concentrated among long-term holders. Historically, there have only been two occasions when the RHODL ratio was higher than the current level: 2015 (ratio at 5) and 2022 (ratio at 7), both of which corresponded to cycle bottoms. This suggests that BTC may still have further downside potential. However, to push the ratio to even higher levels, activity from short-term holders generally needs to dry up almost completely, which is not yet evident under current conditions—BTC has rebounded about 25% from its February low, perpetual contract funding rates remain negative, and the S&P 500 has also reached a record high. Overall, this indicator shows that the current market conditions are closer to an adjustment within the cycle rather than a cycle top, and long-term holders regaining dominance in the market may signal that a phase bottom is approaching.

Foresight News reported, citing NADA NEWS, that Kazuto Hatano, head of the on-chain business for Soneium, Sony's Ethereum Layer 2 network, stated that Sony's blockchain business is moving from the experimental phase to the business development phase. The former "Advanced Infrastructure Business Exploration Department" has been renamed the "On-Chain Business Strategy Department," repositioning blockchain as a core company strategy. This year, Sony will focus on exploring on-chain applications in the IP sector, leveraging Soneium to build on-chain IP infrastructure for core assets such as music, animation, games, film, and sports. Currently, Sony is simultaneously working on designing relevant legal and regulatory frameworks. In addition, Sony is preparing to establish a GP/LP-type investment fund to accelerate investment in Soneium-based applications and the entertainment sector by introducing external capital. At present, its incubation program SPARK has received over 2,000 DApp applications, with 23 projects already receiving investment. The Sony ecosystem also includes the cryptocurrency exchange S.BLOX, which aims to connect fiat currency and digital assets.

Golden Ten Data reported on April 17 that the Indian government issued a notice on Friday regarding the import of gold and silver, following policy confusion that had previously caused these precious metals to be held up at customs. The notice listed banks approved to import the precious metals. Surendra Mehta, National Secretary of the India Bullion and Jewellers Association, said the notice resolved the import issue. India's gold purchases are closely linked to religious festivals and weddings. For instance, the Akshaya Tritiya festival on April 19 typically triggers a surge in demand, as households buy gold jewelry, coins, and bars for cultural and investment purposes. However, in recent months, India's consumption has slowed as high prices have dampened consumer demand. Madhavi Arora, an economist at economic services firm Emkay Global, noted that this situation appears not to be an intentional “or outright gold ban, but rather a temporary glitch and administrative delay.”