Pax Gold and Tether Gold exceeded US$1.5 billion in combined TVL for the first time; US SEC approved options trading for multiple spot Ether ETFs; Teucrium launched the first leveraged XRP ETF
US spotbitcoin ETFs had a net outflow of US$708 million last week, compared to a net outflow of $165 million the week before. Spot ether ETFs saw a net outflow of $83 million last week, the seventh consecutive week of net outflows.
On the macro side, US President Donald Trump reduced the tariff rates on imports from most US trading partners (except China) to 10% for 90 days. Equities markets soared in response to this — S&P 500 saw a 9.5% daily increase while the Nasdaq 100 rose 12%. He also subsequently exempted smartphones, computers, and other electronic devices from the reciprocal tariffs, including China’s import tax. The US producer price index unexpectedly fell 0.4% in March (vs Dow Jones estimates of +0.2%), easing potential concerns on inflation. The latest CME FedWatch Tool showed a 21% probabilityof a May rate cut in the US (vs 54% last week). New Zealand’s RBNZ lowered interest rates by 0.25% to 3.5% as expected.
Notable updates: Cosmos’s (ATOM) IBC Eureka is live, Mantra’s (OM) price collapsed on 13 April
Notable events in the coming week: Bank of Canada and European Central Bank’s interest rate decisions, China’s Q1 GDP, and US Fed Chair Powell’s speech
Weekly Market Index
All three indices were up last week. Price, volume, and volatility indices were up by +1.02%, +67.99%, and +40.69%, respectively. The volume index increase was led by BTC (+73.95%) and ETH (+69.72%), which coincided with US President Donald Trump announcing a pause on tariffs.
Chart of the Week
The two largest tokenised gold players by total value locked (TVL), Pax Gold (PAXG) and Tether Gold (XAUT), exceeded $1.5 billion in combined TVL for the first time last week, increasing7% week on week and 31% year to date. This coincided with recent uncertainties around US import tariffs, which may have caused investors to turn to safe-haven assets.
Weekly Performance
BTC increased by +1.7% while ETH decreased by -9.5%, respectively, in the past seven days.
Price increase was led by AVAX (+14.6%), BCH (+13.5%), and SOL (+12.5%), which coincided with a price rebound after Trump announced a pause on tariffs to most countries. Nasdaq filed to list and trade shares of the VanEck Avalanche Trust. SOL/ETH price ratio reached an all-time high last week.
All key categories increased in market capitalisation in the past seven days, led by the NFT and AI categories.
IBC Eureka is live, which expands the IBC protocol to Ethereum for the first time and utilises Skip:Go to serve as a multichain bridge and decentralised exchange aggregator. This marks the first step that IBC evolves to a universal interoperability protocol.
Hong Kong’s Securities and Futures Commission(SFC)announced new guidelines for crypto exchanges offering staking services. This includes requiring exchanges to obtain written approval and to retain control over staked digital assets and not delegate custody to third parties.
The US SEC approved options trading for multiple spot Ether ETFs, including BlackRock’s iShares Ethereum Trust (ETHA), Bitwise’s Ethereum ETF (ETHW), Grayscale’s Ethereum Trust (ETHE), Grayscale’s Ethereum Mini Trust (ETH). and Fidelity’s Ethereum Fund (FETH).
TeucriumInvestment Advisors launched the first leveraged XRP product, 2x Long Daily XRP ETF (XXRP), in the US. It is designed to deliver twice the daily returns of XRP through swap agreements and trades on the NYSE Arca.
Cboe BZX filed with the US SEC to list Canary Capital’s proposed SUI ETF. If approved, this will be the first US ETF to hold Sui network’s native token.
Cboe plans to launch the FTSE Bitcoin Index futures, based on the VanEck Bitcoin Strategy ETF (XBTF), on 28 April. The product will be cash settled and will represent one-tenth of the value of FTSE Bitcoin Index. It is pending regulatory approval.
BlackRock reported $3 billion in digital asset net inflows in Q1 2025, which represents 2.8% of the total iShares ETF inflows. At end of Q1, the company’s total digital assets under management totalled $50 billion, or 0.5% of the firm’s total assets under management.
Wall Street On-Chain Part 2 – RWA Tokenisation: Real-world asset (RWA) tokenisation is revolutionising traditional finance by bringing liquidity, efficiency, and accessibility. This report explores tokenisation by asset classes, including institutional adoption and regional initiatives, as well as RWAs by chain.
Alpha Navigator: Quest for Alpha [March 2025]: Asset performance was mixed. Crypto, Equities, and Fixed Income decreased, while Real Assets’ performance was mixed. In March, US President Donald Trump signed an Executive Order to establish a US Strategic Bitcoin Reserve and Digital Asset Stockpile.
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📈 Pax Gold and Tether Gold exceeded $1.5 billion in combined TVL for the first time; US SEC approved options trading for multiple spot Ether ETFs
Pax Gold and Tether Gold exceeded $1.5 billion in combined TVL for the first time; US SEC approved options trading for multiple spot Ether ETFs; Teucrium launched the first leveraged XRP ETF
