🔽 Bitcoin funding rates fell to their most negative levels since 2023; High Roller Technologies and Crypto.com to launch a regulated prediction markets offering

Quick Take

• Bitcoin futures funding rates (7-day moving average) fell to -0.008%, their most negative levels since 2023.
• High Roller Technologies and Crypto.com signed a Definitive Agreement to launch a regulated prediction markets offering.
• U.S. spot BTC ETFs saw a net inflow of US$997 million last week, up from the $786 million inflow a week prior. Spot ETH ETFs saw a net inflow of $276 million in the same period, higher than the $187 million inflow the week prior.
• The seasonally adjusted U.S. Producer Price Index (PPI) rose 0.5% in March, far less than the 1.1% expected. Core PPI (excluding food and energy) rose 0.1% compared to a 0.5% forecast. China’s economy grew by 5.0% year-over-year in Q1 2026, exceeding the 4.8% market consensus. Growth was primarily fueled by robust exports despite weak domestic consumption and a deepening real estate slump. The European Central Bank (ECB) held rates steady but hiked its 2026 inflation forecast from 1.9% to 2.6%. While services inflation remains the "stickiest" component, a recent oil price spike has complicated the ECB’s path toward potential summer rate cuts. The Bank of Japan (BOJ) chief avoided signaling an April rate increase, deflating market expectations for a hawkish policy shift. A leading indicator of capital expenditure, Japan’s machinery orders rose 13.6% month-over-month in February, surpassing expectations of a 1.1% decline.
• Notable updates: Uniswap (UNI) launched a Developer Platform with centralized tools and documentation to accelerate dApp creation and ecosystem growth. Japanese e-commerce giant Rakuten integrated XRP for payments. Ripple partnered with South Korean insurer Kyobo Life to pilot tokenized government bond settlements via Ripple Custody. X launched Smart Cashtags for iOS users in the U.S. and Canada to display real-time stock and crypto charts. Circle faces a class-action lawsuit from Drift Protocol investors for allegedly failing to freeze $230 million in stolen USDC as it was moved across chains following a security exploit.

Research Dashboard

According to our research dashboard, the price and volume indices grew +6.70% and +11.06%, respectively, while the volatility index dropped -5.63%, last week.

Most token prices in the index increased. BTC and ETH prices increased by +4.38% and +3.31%, respectively. POL and UNI outperformed in the price, while DOT and DOGE led the volume and volatility growth. TON and ZEC saw the largest price declines, dropping by over 10% each.

Uniswap (UNI) launched a developer platform to centralize tools and docs, aiming to accelerate dApp creation and ecosystem growth. Polkadot (DOT)-based bridge protocol Hyperbridge revised its estimated losses from $237,000 to approximately $2.5 million following an April 13 exploit on its Token Gateway.

Chart of the Week

Bitcoin funding rates, measured on a seven-day moving average, fell to approximately -0.008% on April 18, their most negative levels since 2023. This drop signals significant short positioning in perpetual futures markets. Negative funding occurs when short position holders pay long position holders, indicating bearish market sentiment and a high concentration of short positions. Despite this persistent negative funding throughout March and April, Bitcoin has risen from the $65,000 level to around $75,000. The combination of bearish sentiment, indicated by negative funding, and rising prices suggests a market dynamic known as a "wall of worry." This condition may create short-term upward price pressure, potentially driven by short squeezes.

Weekly Performance

Top-cap tokens mostly had positive growth last week. OP and APT led the surge, while TON led the drop.

All categories saw market capitalization increases, except for AI.

Notable Updates

News Highlights

Company News

• High Roller Technologies (NYSE: ROLR) signed a Definitive Agreement with Crypto.com to launch a regulated prediction markets offering. High Roller will offer event contracts provided by Crypto.com | Derivatives North America (CDNA), a CFTC-registered exchange and clearinghouse, covering finance, sports, and entertainment.

Regulation

• The Division of Trading and Markets of the Securities and Exchange Commission (SEC) issued staff guidance exempting certain DeFi user interfaces from broker-dealer registration. This staff statement permits DeFi interfaces to avoid registration, provided they do not hold user funds, solicit specific trades, or pressure users toward certain transactions. This clarification is a positive step for the crypto industry, offering greater regulatory certainty as permanent rules continue to be developed.
• The State Bank of Pakistan lifted a seven-year ban, now allowing commercial banks to provide services to virtual asset service providers (VASPs). This signals a pivot toward a regulated crypto framework aimed at boosting financial inclusion and monitoring cross-border flows.
• South Korea announced plans to test blockchain-based deposit tokens for government social voucher programs in Q4 2026. This initiative aims to increase transparency and reduce administrative costs in public spending.

Adoption

• Société Générale's digital arm Societe Generale-FORGE brought its MiCA-compliant stablecoin (EURCV) to MetaMask, marking the first time a major bank-issued stablecoin is natively accessible to DeFi users.
• Brokerage company Charles Schwab announced it will roll out spot Bitcoin and Ether trading for retail clients, signaling that mainstream financial firms are no longer content with just offering ETFs, but want direct brokerage volume.
• The Singapore Gulf Bank launched a new platform allowing institutional clients to mint and redeem stablecoins directly from their bank accounts using Solana blockchain for round-the-clock fiat-to-digital asset settlement.
• HSBC successfully piloted the issuance, transfer, and atomic settlement of its Tokenized Deposit Service (TDS) on the Canton Network blockchain. The pilot demonstrates interoperability across settlement rails, enabling 24/7 real-time settlement and programmable payments for liquidity management.
• Fintech company Broadridge launched a digital asset platform for Canadian wealth managers, enabling them to offer clients seamless exposure to cryptocurrencies and tokenized real-world assets (RWA) within a single operating system. 
• The UK-based ClearBank secured MiCA approval in Europe, positioning itself to offer institutional-grade stablecoin services — specifically for Circle's EURC and USDC — to European clients. 

Investment Instruments

• Bitwise launched the Bitwise Avalanche ETF (BAVA) on the NYSE, which uniquely includes a staking feature that passes network rewards directly to the fund's shareholders. 
• Goldman Sachs filed for a Bitcoin Premium Income ETF that utilizes a covered-call strategy to generate monthly yield for investors through Bitcoin-linked instruments.

Catalyst Calendar

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