Bitcoin supply on centralised exchanges reached a three-year low; Crypto.com signed a binding agreement with Trump Media & Technology Group to support Truth.Fi-branded ETFs; Paul Atkins was sworn in as chair of the US SEC
US spotbitcoin ETFs had a net inflow of US$3.1 billion last week, the largest since November 2024. Spot ether ETFs saw a net inflow of $157 million last week after eight consecutive weeks of net outflows.
On the macro side, US President Donald Trump mentioned that the tariffs on Chinese goods will âcome down substantially, but [they] wonât be zeroâ, suggesting potential de-escalation of US-China trade tensions. S&P Globalâs US Composite PMI Output Index dropped to 51.2 in April, the lowest level since December 2023, suggesting a slowdown in business activities. The latest CME FedWatch Tool showed a 10% probabilityof a May rate cut in the US (vs 9% last week).
Notable updates: Ethereum Foundation released information on the client versions that will support the Pectra mainnet upgrade; Solana Foundation updated policies to its Delegation Programme; the Crypto.com App listed Initia (INIT)
Notable events in the coming week: Bank of Japanâs interest rate decision, US core personal consumption expenditure and nonfarm payrolls
Weekly Market Index
All indices were up last week, with price, volume, and volatility indices up by +11.55%, +47.13%, and +147.15%, respectively. This coincided with optimism over potential de-escalation of US-China trade tensions, with the total crypto market cap returning to $3 trillion.
The volatility increase was led by BTC (+162.15%) and STX (+156.52%). Crypto custody and infrastructure provider Bitgo integrated sBTC, a derivative that represents BTC in a 1:1 ratio, on the Stacks blockchain.
Chart of the Week
Bitcoin supply on centralised exchanges reached a three-year low of 2.49 million BTC on 25 April, according to CryptoQuant. This represents a drop of 252,560 BTC year-to-date. A decline in bitcoin exchange reserves can potentially be interpreted as the movement of assets to private wallets, which may suggest long-term holding.
Weekly Performance
BTC and ETH increased by +11.6% and +14.2%, respectively, in the past seven days. SUI (+72.7%) led the increase, which coincided with the launch of the Grayscale SUI Trust and SUIâs partnership with xPortal and xMoney to introduce a virtual SUI mastercard.
All key categories increased in market capitalisation in the past seven days, led by Meme and Layer-2.
Solana Foundation updated policies to its Delegation Programme (SFDP). For every validator added to the SFDB, three validators will be removed if they received foundation delegation for at least 18 months and have less than 1,000 SOL in external stake. This aims to shift support to validators who acquire external stake.
As of 27 Apr 2025 Sources: Crypto.com Research, Crypto.com Price, CoinGecko, protocolsâ websites
Initia is a Layer-1 blockchain built on the Cosmos SDK and offers a modular framework that supports the deployment of interwoven rollups. These rollups are Layer-2 rollups that are tailored to specific applications, enhancing scalability and performance. By removing the complexities of traditional blockchain development, Initia allows developers to focus on building while Initia provides the comprehensive tools, security, and interoperability. INIT serves as the native governance token.
As of 27 Apr 2025 Sources: Crypto.com Research, Crypto.com Price, CoinGecko, Protocolsâ websites
News Highlights
Crypto.com / Cronos News
Crypto.com signed a binding agreement with Trumpâs Trump Media & Technology Group (Nasdaq: DJT) and asset management firm Yorkville America Digital to launch a series of ETFs and products through the Truth.Fi brand. This followed a non-binding agreement signed between the companies in March.
Regulation
The US Federal Reserve announced that it is withdrawing guidance to two supervisory letters issued in 2022 and 2023; the former requested state member banks to provide advance notification of planned or current cryptoasset activities, while the latter impacted how the banks can engage in stablecoin activities.
TheUS state of New Hampshire advanced its House Bill 302, which will allow the state treasurer to invest in cryptocurrencies with a market cap of over $500 billion. The bill will now face a vote by the full Senate.
Adoption
Panama City partnered with a local bank to enable municipal payments using bitcoin, a step towards integrating crypto within the city as well as providing more flexible payment options for residents.
Chicago Mercantile Exchange (CME) Group announced that XRP futures contracts will go live on 19 May. Investors can choose between micro-sized contracts of 2,500 XRP or standard contract sizes of 50,000 XRP. The futures contracts will be cash-settled.
Bitwise filed the Bitwise NEAR ETF as a Delaware trust company, which represents an initial step to launch an ETF.
Real world tokenisation firm Securitize launched a new institutional crypto index fund with a $400 million investment from Mantle. The Mantle Index Four (MI4) fund will provide exposure to cryptoassets including BTC, ETH, SOL, and USD stablecoins.
The worldâs first spot XRP ETF, XRPH11, issued by Hashdex, began trading on 25 April on Brazilâs B3 stock exchange. The ETF tracks the Nasdaq XRP Reference Price Index and is expected to allocate 95% of its net assets to XRP.
Others
Paul Atkins was sworn in as chair of the US SEC. He mentioned last week that the digital asset market deserves âclear regulatory rules of the roadâ and he aims to establish a ârational fit-for-purpose frameworkâ for them.
Wall Street On-Chain Part 2 â 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 Assetsâ performance was mixed. In March, US President Donald Trump signed an Executive Order to establish a US Strategic Bitcoin Reserve and Digital Asset Stockpile.
Your feedback helps make our reporting more insightful. Tell us how we can improve this newsletter by taking the survey below. It will take less than a minute of your time. Thank you!
The information in this report is provided as general market commentary by Crypto.com and its affiliates, and does not constitute any financial, investment, legal, tax, or any other advice. This report is not intended to offer or recommend any access to products and/or services. While we endeavour to publish and maintain accurate information, we do not guarantee the accuracy, completeness, or usefulness of any information in this report nor do we adopt nor endorse, nor are we responsible for, the accuracy or reliability of any information submitted by other parties.
This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of, or located in a jurisdiction, where such distribution or use would be contrary to applicable law or that would subject Crypto.com and/or its affiliates to any registration or licensing requirement.
The brands and the logos appearing in this report are registered trademarks of their respective owners.
đ Bitcoin supply on centralised exchanges reached a 3-year low; Crypto.com signed a binding agreement with Trump Media to support Truth.Fi-branded ETFs
Bitcoin supply on exchanges reached a 3-year low; Crypto.com signed a binding agreement with Trump Media to support Truth.Fi-branded ETFs; Paul Atkins was sworn in as chair of the US SEC
