📉 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

Quick Take

• 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 spot bitcoin 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 “come down substantially, but [they] won’t be zero”, suggesting potential de-escalation of US-China trade tensions. S&P Global’s 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% probability of 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 Japan’s 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 SUI’s 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. 

Notable Updates

Newly Listed Tokens in Crypto.com App

News Highlights

Crypto.com / Cronos News

• Crypto.com signed a binding agreement with Trump’s 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. 
• The US 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. 
• El Salvador engaged in discussions with the US Securities and Exchange Commission (SEC) to establish a cross-border crypto sandbox. This came as the International Monetary Fund (IMF) confirmed that the country continued to comply with its commitment to not accumulate bitcoin within the fiscal sector. 

Investment Vehicles

• 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 world’s first spot XRP ETF, XRPH11, issued by Hashdex, began trading on 25 April on Brazil’s 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 “clear regulatory rules of the road” and he aims to establish a “rational fit-for-purpose framework” for them. 

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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