📈 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

Quick Take

• 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 spot bitcoin 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% probability of 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. 

Notable Updates

News Highlights

Adoption

• Dubai Land Department announced an agreement with the Virtual Assets Regulatory Authority (VARA) to link Dubai’s real estate registry with property tokenisation. This aims to improve digital infrastructure and market liquidity. 

Regulation

• 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.   
• Thailand’s Securities and Exchange Commission (SEC) approved new measures to combat digital asset mule accounts in banks and restrict foreign peer-to-peer crypto platforms from operating in Thailand. This is part of its efforts to combat online financial crime. The measures are expected to be enforced after being published in the Royal Thai Government Gazette. 
• The US state of New Hampshire’s House of Representatives approved House Bill 302, which allows the state treasurer to allocate up to 10% of state funds into a combination of digital assets and precious metals. In addition, Florida’s Insurance and Banking Subcommittee approved the Strategic Bitcoin Reserve Bill, passing it to the House for further review. 

Investment Vehicles

• 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). 
• Teucrium Investment 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.  
• Nasdaq filed to list and trade shares of the VanEck Avalanche Trust. This followed a previous filing from VanEck to register a spot Avalanche ETF in the US. 

Others

• 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. 

Recent Research Reports

• Crypto Card Consumer Spending Insights 2024: A full breakdown of what our community across the globe likes to spend on in 2024.
• 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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