Coin360 Weekly Dispatch | Crypto Market Updates & Highlights | April 20 - April 26, 2025

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Crypto Weekly Recap

Bitcoin:

• Weekly performance: +11.52%
• US Spot BTC ETFs: +$3.06B
• Bitcoin weekly performance from April 20 to April 26, 2025: +10.68%.
• Bitcoin opened at ~$85,200, dipped to $84,000 on Sunday but then entered an uptrend for the rest of the week, briefly flipping Google as the fifth most valuable asset globally.
• Key catalyst: Massive US Spot BTC ETF flows (second-highest weekly inflow) and Trump's claim not to fire Fed's Powell reversed market sentiment.
• Institutional demand: Wallets have withdrawn over 425,000 BTC since November 2024; ETF inflows accounted for ~30% of price momentum. Fed also eased some crypto restrictions for state banks on April 24.
• Trade War developments: China—U.S. war is still going on, with China’s representative claiming "no negotiation" was in progress; potential tariff reductions hinted by President Trump did not materialize.
• On-chain data: Exchange reserves down to 2.549M BTC; stablecoin supply expanded by $2.1B.
• BTC vs. traditional assets: Outperformed S&P 500 (+5.67%), gold (-0.39%), and Nasdaq 100 (+7.82%) this week.
• Analyst predictions: QCP Capital suggests $98,211 is a resistance point; ARK Invest raised BTC 2030 price target to $2.4M. 
• Critical levels: Support at $87,000, resistance at $98,211. Potential to test $100,000 if price maintains above $93,000.

Ethereum:

• Weekly performance: +13.40%
• US Spot BTC ETFs: +$157.09M
• ETH price range: Low of $1,558 on Tuesday to high of $1,823 on Friday.
• Price rally driven by macroeconomic optimism, regulatory speculation, and bullish derivatives trading.
• Increased stablecoin supply indicated potential influx of capital into crypto, often precedes price rallies in volatile assets like ETH.
• Analysts identified $1,500 as solid support, confirming institutional accumulation at that level.
• Prediction markets assigned a 70% probability of ETH closing above $1,800 by the end of April, up from 55% at the week's start.
• Meanwhile, debates regarding ETH's price performance continued, with Cardano's Charles Hoskinson saying the netwrok could drain its value in the next 10 to 15 years, while Tron's Justin Sun showed his belief in a surge to $5,000 before July 30.
• Whale exits, such as Galaxy Digital's Mike Novogratz swapping 65,600 ETH for 752,240 SOL, also raised concerns.
• ETH's ability to maintain levels above $1,800 is contingent on Fed policy signals and regulatory updates.
• While competitors (Sui, Solana, XRP, etc.) are expanding to TradFi with more collaborations, products, and listings, Ethereum is focusing on technology developments, i.e., Vitalik Buterin’s RISC-V proposal and EIP 9678.

Altcoins:

• Crypto funding weekly recap saw Tether, RockawayX, Paradigm drive major deals.
• This week in US crypto law showed SEC flip, Fed relief, and mining rejections.
• Crackdowns and courts this week saw SEC drop cases while crypto firms struck back.
• Global crypto rules weekly recorded encryption wins, stablecoin shifts, and global growth.
• This week’s smart money followed Bitcoin giants, Solana strategies, and Tesla holdings.
• TradFi-crypto ties this week sparked bank expansions, Pokemon NFTs, and an XRP push.
• WazirX exchange targeted a mid-May comeback while legal deliberations continued.
• Balance Foundation launched the EPT token economic model on two chains.
• Uniswap protocol's swap volume surpassed Canada’s GDP.
• eXch shut down following allegations of ties to the Lazarus Group.
• Crypto exchange Gate.io pledged '100% compensation' to affected users during an emergency system upgrade.
• A hacker attempted to attack the XRP Ledger using developer access but the security team stopped it.
• KiloEx planned compensation for users hit by a $7.5 million exploit.
• AI tokens surged even after NVIDIA excluded crypto-related projects from its Inception program and scrapped its deal with Arbitrum.

Twenty One Capital Launches as $3B Bitcoin Firm with 42,000 BTC Treasury, Backed by Cantor, Tether, SoftBank, and Bitfinex

Twenty One Capital launched as a $3 billion Bitcoin-native financial firm backed by key players including Cantor Fitzgerald, Tether, SoftBank, and Bitfinex. Led by Jack Mallers, it begins with a treasury of 42,000 BTC, valued at approximately $3.8 billion. The firm aims to change capital allocation using Bitcoin-denominated instruments, while also introducing new metrics like Bitcoin Per Share (BPS). Initial funding includes $1.5 billion from Tether, $900 million from SoftBank, and $600 million from Bitfinex. Twenty One plans to reshape financial infrastructure aligned with Bitcoin’s principles, targeting long-term value over speculation.

Stripe Launches Stablecoin Payments, Citi Forecasts $3.7 Trillion Market by 2030

Stripe announced a new stablecoin payment product, marking its return to crypto after six years. This initiative follows its $1.1 billion acquisition of Bridge and targets emerging markets with favorable regulations. Concurrently, Citi forecasts the stablecoin market could reach $3.7 trillion by 2030, driven by increasing adoption and regulatory clarity. Stablecoins are seen as pivotal for blockchain's expansion, potentially transforming traditional finance. Analysts suggest that stablecoin issuers might become significant holders of U.S. Treasuries, indicating a convergence between crypto assets and traditional finance, making 2025 a crucial year for blockchain technology.

Ethereum at a Crossroads: Hoskinson Warns of Obsolescence as Sun Predicts $5,000 Surge

Ethereum is at a critical juncture, facing concerns from Cardano's Charles Hoskinson, who warns of potential obsolescence due to its outdated design and waning base-layer activity, as fees and usage hit multi-year lows. Meanwhile, Tron’s Justin Sun predicts ETH could soar to $5,000 by its July 30 anniversary. Key developments include the upcoming Pectra upgrade in May, aimed at reducing gas fees, and a major proposal to raise the gas limit significantly later in 2025. Amid these debates, institutional interest has shifted towards platforms like Solana, exacerbating fears about Ethereum's competitiveness in the evolving landscape.

Surge in Crypto ETFs: 70 Await SEC Approval, Brazil Launches First XRP ETF

In 2025, over 70 crypto ETFs are awaiting SEC approval as institutional interest surges, with Bitcoin ETFs amassing over $100 billion. Trump's administration sees a favorable SEC stance, facilitating new filings, including Bitwise's NEAR ETF. Significant launches include the “Made in America” crypto ETFs by Trump Media, and Brazil's XRPH11, the first spot XRP ETF. Securitize introduces the MI4 crypto index fund with $400 million backing, while ARK Invest adds staked Solana to its ETFs. Analyst projections anticipate altcoin ETF inflows could reach $500 million to $1 billion, indicating a pivotal shift in the crypto asset landscape.

South Korean Exchanges Suspend SNX Deposits as sUSD Depegging Deepens

South Korean exchanges Upbit and Bithumb froze deposits for Synthetix Network Token (SNX) due to instability in the associated stablecoin, sUSD, which has depegged to $0.68. DAXA labeled SNX as "cautionary," reflecting increased investor risks tied to its volatility. SNX's price dropped 26% in 30 days, further fueled by concerns over sUSD's collateral structure. While Upbit is reviewing the situation and may delist SNX by May's end, Korbit and Coinone issued alerts without suspending activity. Analysts compare sUSD's issues to the 2022 Terra collapse but cite a potentially manageable debt model.

ZORA Token Launch: Excitement Turns to Controversy as Market Cap Plunges Amid Airdrop Confusion

On April 23, 2025, Zora launched its native token, ZORA, causing initial excitement as it reached a market cap of $461 million before plummeting 64% to $167 million within two hours. The launch faced significant issues, including a surprise rollout without sufficient notice and infrastructure failures on the Base blockchain, which halted block production for 15 minutes. Controversy arose from accusations of insider trading, as notable figures received large token allocations. Additionally, 45% of the total supply was allocated to team members and contributors, with the token lacking governance rights, leading to community dissatisfaction and skepticism about decentralization.

Bitget Under Fire After VOXEL Trading Surge Raises Concerns Over Market Integrity

Bitget faced significant scrutiny after a trading anomaly on April 20, 2025, where VOXEL/USDT perpetual futures volume surged to $12.72 billion, surpassing Bitcoin's $4.76 billion. The incident, suspected to involve bot misfires or faulty market-making algorithms, led to a 138% price spike before correction. Traders exploited low liquidity for substantial profits. Bitget temporarily suspended relevant accounts and initiated trade reversals, activating a $300 million Protection Fund for affected users. Criticism arose over Bitget's crisis management and lack of transparency regarding institutional counterparties, raising concerns about accountability and potential systemic risks within the exchange's operations.

Trump Memecoin Sees $869M Outflows After Dinner Announcement, Raising Investor Concerns

In the week following Donald Trump's announcement of a dinner and White House tour for top TRUMP memecoin holders, the memecoin experienced significant market movements, with over $869 million in outflows and approximately $96 million in inflows. Despite some interest in attending the event, more investors opted to offload their tokens. The leading holder, a user named "Sun," possesses 1,176,803 TRUMP coins worth about $16 million, potentially linking them to Tron founder Justin Sun. Critics raise concerns over the token's concentration, as the issuing team holds 80% of the total supply, suggesting possible risks for investors.

Top Weekly Altcoin Gainers and Losers

Gainers:

Virtuals Protocol VIRTUAL (+91.27%)

Official Trump TRUMP (+88.43%)

Based Brett BRETT (+87.78%)

dogwifhat WIF (+66.07%)

Sui SUI (+64.54%)

Losers:

DeXe DEXE (-7.76%)

Unus Sed Leo LEO (-2.79%)

Flare FLR (-1.09%)

PAX Gold PAXG (-1.07%)

Four FORM (-0.86%)