Global crypto owners reached 700 million in April; Crypto.com obtained the restricted dealer registration in Canada; Dubai Finance signed a Memorandum of Understanding (MoU) with Crypto.com to facilitate government fee payments using crypto
US spotbitcoin ETFs had a net inflow of US$608 million last week, the fifth consecutive week of net inflows. Spot ether ETFs saw a net inflow of $42 million last week, compared to a net outflow of $38 million the week before.
On the macro side, the US consumer price index rose 2.3% year-on-year in April, 0.1% lower than Dow Jones consensus estimates and the lowest since 2021. Producer price index declined 0.5% month-on-month, which came as a surprise compared to the estimated increase of 0.3%. Fed Chair Powell mentioned that longer term interest rates are likely to be higher as the economy and policies change. Moody’s credit rating agency downgraded the credit rating of the US government from Aaa to Aa1, mentioning the rising national debt as the main reason. The latest CME FedWatch Tool showed an 8% probabilityof a June rate cut in the US (compared to 17% last week).
Notable updates: VeChainThor’s (VET) Galactica mainnet hard fork is estimated to take place on 1 July; the Crypto.com App listed Morpho (MORPHO)
Notable events in the coming week: US S&P Global Manufacturing and Services PMI, Australia’s RBA Interest Rate Decision
Weekly Market Index
Price and volume indices were up by +1.72% and +7.68%,respectively, while the volatility index was down by -32.82%.
ETH (+4.43%) and XRP (+4.11%) led the price increase. Chicago Mercantile Group (CME) is expected to launch XRP futures and Micro XRP futures on 19 May. Volatility drop was led by ETH (-51.86%) and APT (-47.30%), which coincided with a weekly adjustment after a spike in volatility the week before ( +112.90% for ETHand +62.65% for APT).
Chart of the Week
According to Crypto.com Research, the total number of global cryptocurrency owners reached 700 million in April, marking a 163% Compound Annual Growth Rate (CAGR) over the past five years.
The total number of global crypto owners was 65 million in May 2020, increasing by nearly 650 million since. The growth indicates a massive shift towards cryptocurrency adoption on a wider scale.
Weekly Performance
BTC and ETH increased by +1.2% and +4.4%, respectively, in the past seven days. Most other large-cap tokens saw a decline in price, which coincided with Fed Chair Powell’s remarks on higher longer term interest rates and Moody downgrading the US government’s credit rating.
All key categories decreased in market capitalisation in the past seven days, led by the Layer-2 category.
VeChainThor’s Galactica mainnet hard fork is estimated to take place on 1 July. The upgrade includes a dynamic fee market, typed transaction support, an Ethereum Virtual Machine (EVM) upgrade, and simplifying contract execution.
As of 18 May 2025 Sources: Crypto.com Research, Crypto.com Price, CoinGecko, protocols’ websites
Morpho is a decentralised lending protocol implemented for the EVM. It enables overcollateralised lending and borrowing of crypto assets in a permissionless way. MORPHO is the governance token, enabling holders to vote on protocol changes and improvements.
As of 18 May 2025 Sources: Crypto.com Research, Crypto.com Price, CoinGecko, Protocols’ websites
News Highlights
Crypto.com / Cronos News
Crypto.com obtained the restricted dealer registration in Canada. It allows the company to continue offering crypto asset products and services in the country while it seeks registration as an investment dealer and membership with the Canadian Investment Regulatory Organization (CIRO).
Dubai Finance (DOF) signed a Memorandum of Understanding (MoU) with Crypto.com to facilitate government service fee payments using cryptocurrencies. The partnership will accelerate the implementation of the Dubai Cashless Strategy through fostering efficient and secure financial transactions through crypto.
Crypto.com announced the integration and launch of its platform in Tawasal SuperApp, as part of its partnership with Tawasal Alkhaleej, a leading sovereign player in the artificial intelligence market in the United Arab Emirates (UAE). This offers nearly 4 million users access to Crypto.com’s products and services.
Kinexys, JP Morgan’sblockchain unit, Ondo Finance,and Chainlink executed a cross-chain Delivery versus Payment (DvP) transaction. It involved the settlement of a tokenised US Treasury asset between Kinexys Digital Payments’s permissioned blockchain network and the Ondo Chain, marking an expansion of Kinexys’s settlement integrations beyond private chains.
Investment Vehicles
VanEcklaunched the VanEck Onchain Economy ETF (NODE) on the Cboe exchange, which invests in companies operating in the blockchain ecosystem, including miners, exchanges, infrastructure providers, and financial technology platforms.
VanEck is expected to launch VBILL, a tokenised real-world asset fund offering exposure to US Treasury bills, together with Securitize. The fund will be available on Ethereum, Solana, and other blockchains.
Thailand’s Ministry of Finance plans to issue ฿5 billion (~$150 million) worth of digital investment tokens to raise funds from the public, and provide investors a chance to earn higher returns than bank deposits. The tokens are expected to launch in the next two months.
Research Roundup Newsletter [April 2025]: We present to you our latest issue of Research Roundup, featuring our deep dives into ‘The Rise of Crypto Treasury’ and ‘Wall Street On-Chain Part 3: Trading & Liquidity’.
Alpha Navigator: Quest for Alpha [April 2025]: All asset classes had mixed performances in April, with BTC and Gold leading price increases. Trump reduced tariff rates on imports from most US trading partners and considered lowering tariffs on China.
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🚀 Global crypto owners reached 700 million in April; Crypto.com obtained the restricted dealer registration in Canada
Global crypto owners reached 700 million in April; Crypto.com obtained the restricted dealer registration in Canada; Dubai Finance signed an MoU with Crypto.com to allow crypto payments for fees
