Bitcoin’s price increased 33% since the 2024 halving a year ago; the first staking-enabled spot Solana ETFs launched in Canada; JPMorgan’s Kinexys rolled out GBP blockchain deposit accounts in the UK
US spotbitcoin ETFs had a net inflow of US$395 million in the past five trading days, compared to a net outflow of $708 million the week before. Spot ether ETFs saw a net outflow of $58 million in the same period, the eighth consecutive week of net outflows.
On the macro side, US Fed Chair Powell mentioned last week that he expects US President Trump’s tariffs will bring “higher inflation and slower growth”, but noted that they are well positioned to wait for clarity before making changes to monetary policies. He also mentioned potential “loosening” of crypto rules for banks in the future. The latest CME FedWatch Tool showed a 9% probabilityof a May rate cut in the US (vs 21% last week). China’s GDP grew by 5.4% in Q1, stronger than the 5.1% estimate by economists surveyed by Reuters. European Central Bank cut its deposit facility rate by 0.25% to 2.25% amid trade tensions from Trump’s tariffs, while Bank of Canada kept interest rates unchanged at 2.75%
Notable updates: Vitalik Buterin proposed to replace the current Ethereum Virtual Machine (EVM) smart contract language with RISC-V; the Crypto.com App listed WalletConnect Token (WCT)
Notable events in the coming week: EU HCOB Composite PMI, US S&P Manufacturing & Services PMI
Weekly Market Index
Price index was up slightly last week at +0.26%, while volume and volatility indices were down by -55.41%, and -78.85%, respectively.
Chart of the Week
Bitcoin’s price has increased 33% since the last halving on 20 April 2024, which reduced block rewards from 6.5 BTC to 3.25 BTC. Bitcoin reached an all-time high above $108,000 in January this year, approximately 275 days after the halving, according to data from CoinGecko.
In the past two cycles (the period between two halvings) in 2016 and 2020, bitcoin price peaked in 524 and 546 days, respectively, post-halving. Bitcoin’s price increase since late 2024 was fueled by institutional adoption and optimism around a favourable regulatory landscape, among other factors.
Weekly Performance
BTC increased by +3.6% and ETH decreased by -3.7%, respectively, in the past seven days.
Price increase was led by POL (+9.1%), BCH (+6.7%), and SOL (+6.6%). Polygon is working with Indian telecom giant Reliance Jio to add blockchain capabilities to its JioSphere web browser and other services. Solana’s price increase coincided with the launch of the first staking-enabled spot Solana ETFs in Canada.
All key categories increased in market capitalisation in the past seven days, led by the NFT and AI categories.
Vitalik Buterin proposed to replace the current Ethereum Virtual Machine (EVM) smart contract language with RISC-V to improve the efficiency of the Ethereum execution layer. It aims to solve Ethereum Layer-1 scaling bottlenecks in the long term, including stable data availability sampling, keeping block production competitive, and zkEVM proving.
As of 21 Apr 2025 Sources: Crypto.com Research, Crypto.com Price, CoinGecko, protocols’ websites
WalletConnect Network is an open-source protocol designed to connect cryptocurrency wallets with decentralised applications (dapps). Its relay server infrastructure provides an easy connection method to enable users to interact with blockchain-based services securely. WCT serves as the native and governance token.
As of 21 Apr 2025 Sources: Crypto.com Research, Crypto.com Price, CoinGecko, Protocols’ websites
Florida-based real estate company Vera Capital partnered with Ethereum-based real-world asset tokenisation (RWA) platform Blocksquare to tokenise $1 billion worth of properties in seven US states. The tokenised shares will be available for investors when the marketplace goes live.
Regulation
The US state of Arizona’sHouse Committee of the Whole approved the Strategic Digital Assets Reserve Bill (SB 1373). The bill proposes a fund made up of digital assets seized through criminal proceedings and the treasurer can invest up to 10% of the funds in digital assets. The bill is due for a third reading and final floor vote.
Slovenia’s finance ministry proposed a 25% tax on crypto gains starting 2026. The tax will apply to profits made when crypto is sold for fiat currencies or spent on goods or services. Crypto swaps will remain tax-free and gains before 1 January 2026 will not be taxed.
Investment Vehicles
Canadian investment management firm Purpose Investmentslaunched the Purpose Solana ETF (SOLL), the first spot Solana ETF with native staking, on the Toronto Stock Exchange. In addition, CI Global Asset Management partnered with Galaxy Asset Management to launch the CI Galaxy Solana ETF (SOLX.U and SOLX.B) that invests directly in Solana tokens and offers staking potential.
Canary Capital filed to list an ETF holding Tron blockchain’s native token, TRX. The proposed fund plans to hold spot TRX and requested permission to stake a portion of its crypto holdings for additional yield.
VanEck is planning to launch a crypto-related ETF, NODE, which invests in financial instruments and equities related to crypto exchanges, bitcoin miners, and data centers. It will aim to hold 30 to 60 names related to the digital asset economy, with a target launch date of 14 May.
Bitwise listed four BTC and ETH exchange-traded products on the London Stock Exchange. This includes the Bitwise Core Bitcoin ETP, Bitwise Physical Bitcoin ETP, Bitwise Physical Ethereum ETP, and Bitwise Ethereum Staking ETP. These are available to institutional and qualified investors with an accreditation.
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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📈 Bitcoin’s price increased 33% since the 2024 halving; the first staking-enabled spot Solana ETFs launched in Canada
Bitcoin’s price increased 33% since the 2024 halving; the first staking-enabled spot Solana ETFs launched in Canada; JPMorgan’s Kinexys rolled out GBP blockchain deposit accounts in the UK
