Coin360 Weekly Dispatch | Crypto Market Updates & Highlights | April 27 - May 3, 2025

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Crypto Weekly Recap

Bitcoin:

• Weekly performance: +1.52%
• US Spot BTC ETFs: +$1.81B
• BTC ended April with a 14.08% gain.
• U.S. GDP fell 0.3% in Q1 2025, the first drop since early 2022, pushing recession odds to 74%. Price briefly dipped to $93,200 but rebounded.
• On May 2, BTC dropped to $93,000 and surged to $97,800 on ETF inflows, macro sentiment, and news of U.S.-China tariff talks.
• Nonfarm payrolls rose by 177,000, beating the 130,000 estimate, easing hiring concerns and lifting U.S. stocks to a 9-day winning streak—the longest since May 2024.
• Commerce Secretary Lutnick said that Bitcoin is a commodity just like gold.
• BTC hit a multi-month high but failed to break above $100,000 due to strong resistance.
• Interestingly, President Trump’s first 100 days in office has caused negative impact on Bitcoin holders.
• Between January 21 and April 30, Bitcoin millionaire addresses (holding $1 million to $9.99 million) fell by 12.61%, dropping from 157,563 to 137,694.

Ethereum:

• Weekly performance: -0.09%
• US Spot ETH ETFs: +$106.75M
• ETH ended April down 1.56%, marking five straight monthly losses.
• Price fluctuated between $1,868 and $1,742, partly mirroring BTC’s moves.
• Price and scalability remained key discussion points, with new upgrades like Fusaka hard fork, and proposals like ERC-7930 and ERC-7828, introduced as ETH stayed below $2,000.
• Vitalik Buterin shared 2025 priorities: single-slot finality, statelessness, privacy upgrades, and decentralized infra.
• Ethereum faced a “narrative crisis” as the community debated revenue vs. store-of-value focus.
• Bloomberg’s Eric Balchunas said staking for ETH ETFs may stay limited without price growth.
• SEC-registered advisor Two Prime dropped ETH in favor of BTC after ETH’s 45% YTD drop, citing memecoin-like volatility that hurt trading and lending strategies.
• Two Prime criticized ETH ETF performance, noting BTC ETF buying outpaced ETH by 24x. Some saw the move as a bottom signal for ETH.

Altcoins:

• Crypto payments went mainstream with adoption by Visa, jewelers, and Trump Tower.
• Global policy shifts tightened control over crypto privacy and fraud.
• Legal developments impacted Celsius, Nike, FTX, and Tornado Cash.
• TradFi-crypto integration advanced with tokenized bonds, FIFA blockchain use, and gaming asset moves.
• Eric Trump said anti-crypto banks would be extinct in 10 years.
• eToro prepared to launch a U.S. IPO as early as next week.
• Google Wallet added zero-knowledge proofs to enhance digital ID privacy.
• Nexo resumed U.S. operations under the pro-crypto Trump administration.
• 1inch launched its integration with the Solana network.
• MEXC Ventures unveiled a $300M fund to support blockchain growth.
• Miden raised $25M for its ZK-rollup L2, spun out of Polygon Labs.
• Re7 Capital launched a $10M SocialFi fund to support crypto startups.
• Soneium and Plume brought tokenized U.S. Treasuries and private credit onchain.
• Sky community debated replacing MKR with SKY for staking and USDS rewards.
• MOVE token hit an all-time low; Movement Labs suspended co-founder Rushi Manche after Coinbase delisting and controversy.

Hilbert Group Launches Syntetika: A Compliant Platform for Bitcoin Yield and Tokenization of Real-World Assets

Hilbert Group AB has launched Syntetika, a hybrid platform that combines Bitcoin yield solutions with tokenization of real-world assets (RWAs), enhancing compliant on-chain financial products. The initial product, hBTC, allows users to earn yields on Bitcoin while maintaining decentralization and regulatory compliance. Syntetika introduces SYNT tokens for trading tokenized RWAs, including pre-IPO shares, fostering market participation and transparency. Revenue will stem from trading fees, yield product cuts, tokenization services, management fees from fund products, and lending/borrowing fees on tokenized assets. The platform integrates Galactica’s Identity Virtual Machine for compliance and user privacy, marking significant advancements in regulated crypto finance.

Stablecoin Market Surges: Tether Re-enters U.S., Ripple Pursues Circle Acquisition, and New Payment Innovations Rise

The stablecoin market is experiencing significant transformation and growth, driven by regulatory efforts and increased adoption across various sectors. Stablecoin market cap is near a new all-time high at $240 billion, while Tether is re-entering the U.S. market with a new stablecoin following a surge in Treasury holdings near $120 billion. Ripple pursues acquiring Circle amidst rising USDC valuations, with offers estimated at $5-$20 billion, fueled by Circle's IPO plans. The Trump-affiliated USD1 stablecoin has surpassed $2.1 billion, backed by significant corporate investments. The SEC cleared PayPal's PYUSD, removing regulatory uncertainty. Mastercard partners with Circle, Paxos, and others to boost stablecoin payments, while Visa and Bridge launch stablecoin-backed cards in Latin America. Mesh will support Apple Pay for crypto transactions, enhancing mainstream adoption of stablecoins.

ALPACA Surges 33x Amid Binance Delisting, Sparking Concerns of Market Manipulation

Alpaca Finance (ALPACA) experienced an astonishing 33x price surge from $0.033 to $1.09 following Binance's delisting announcement on April 24, 2025. Despite initial panic, over $52 million in liquidations occurred on April 30, largely from short positions. Notably, trading volume rapidly increased days prior, suggesting insider activity. After an initial drop, ALPACA's volatility mimicked a short squeeze, raising concerns of market manipulation. Analysts termed it “textbook liquidity hunting,” while traders began targeting low-cap tokens with delisting potential. The incident revealed vulnerabilities in centralized exchanges and highlighted the influence of insider information in the crypto market.

$330M Bitcoin Heist Triggers Monero Price Surge, Adding $2B to Market Cap

A $330.7 million Bitcoin heist exposed by ZachXBT on April 28, 2025, triggered a near 50% surge in Monero's price, pushing it to an intraday high of $339 and a market cap increase of $2 billion, from $4.21 billion to $6.23 billion. The theft involved advanced social engineering and a complex laundering method, converting stolen BTC to Monero via instant exchanges. Despite Monero's rising market interest, analysts caution that the price spike is unsustainable and driven by laundering, with expectations of a return to pre-heist levels once liquidation concludes, reflecting its limited retail adoption.

SEC Delays XRP, Dogecoin ETFs; Strong Approval Odds for Litecoin and Solana ETFs as Institutional Demand Grows

The recent developments in cryptocurrency exchange-traded funds (ETFs) showcase significant regulatory shifts and market interest. The SEC has delayed decisions on XRP and Dogecoin ETFs until June 2025, amidst a more favorable climate under SEC chair Paul Atkins. Nasdaq's proposal for a Dogecoin ETF highlights a growing acceptance; however, approval odds for various ETFs like Litecoin and Solana stand strong at 90%. Grayscale launched the Bitcoin Adopters ETF targeting corporate Bitcoin accumulations, as institutional demand rises sharply. Meanwhile, 21Shares filed for a spot Sui ETF, reflecting increasing institutional interest in diverse crypto assets.

Crypto Banking Booms: BlackRock, Schwab, and Morgan Stanley Lead Digital Asset Expansion

The recent developments in the cryptocurrency banking sector indicate a significant shift toward digital asset integration. BlackRock has launched digital shares for its $150 billion Treasury Trust fund, with plans for a Spot Bitcoin ETF drawing considerable attention. Charles Schwab aims to introduce spot cryptocurrency trading within a year, while Morgan Stanley targets retail crypto access on E*Trade by 2026. Goldman Sachs focuses on tokenization and enhanced lending services. Singapore Gulf Bank's SGB Net facilitates fee-free crypto transactions. Predictions suggest wirehouses will embrace Bitcoin ETFs by year-end, potentially leading to record inflows as institutional demand surges amidst favorable regulations.

Coinbase Launches Bitcoin Yield Fund for Global Investors Amid UX Glitch Concerns

Coinbase has launched the Coinbase Bitcoin Yield Fund (CBYF) for international institutional investors, offering annualized net returns of 4% to 8% in Bitcoin, targeting a $1 trillion liquidity pool. Exclusively for non-U.S. clients, the fund uses a conservative arbitrage strategy and is backed by Aspen Digital in Abu Dhabi. Concurrently, a user experience glitch mislabeling login failures caused confusion among users, highlighting critical design lessons. Experts emphasize the importance of clear error messaging in financial apps, as nearly 35% of crypto users identify as "rookies," reflecting ongoing challenges in usability and security within the crypto space.

Corporate Bitcoin Investments Surge: Strategy Acquires $1.42B in BTC, Itaú Invests $210M, El Salvador Increases Holdings

Significant developments in corporate Bitcoin investments were reported this week. Michael Saylor's Strategy acquired 15,355 BTC for $1.42 billion, raising total holdings to 553,555 BTC valued over $50 billion. The firm announced an $84 billion acquisition plan amid a $4.2 billion net loss. El Salvador's holdings reached 6,161 BTC, despite IMF restrictions. Itaú invested $210 million in its Bitcoin venture, while Semler Scientific added 165 BTC, totaling 3,467. The growing institutional interest is evident, with firms like Thumzup Media aiming to enhance Bitcoin allocations significantly amid fluctuating market conditions.

Worldcoin Launches U.S. Operations Amid Controversy Over Biometric Verification and User Metrics

Worldcoin, rebranded as “World,” launched U.S. operations on April 30, 2025, focusing on biometric verification via the Orb. Operating in six cities, users can earn WLD tokens by scanning their irises. However, skepticism surrounds claims of 824,100 verified users with only 347 Orbs active, suggesting data inflation. Financially, World partnered with Visa to introduce the “World Card,” facilitating crypto spending. Additionally, a pilot with Tinder aims to enhance profile authenticity. WLD token saw a 3% increase post-Coinbase listing, reaching around $1.12, though concerns about biometric data handling persist in jurisdictions like Spain and Portugal.

Top Weekly Altcoin Gainers and Losers

Gainers:

Virtuals Protocol VIRTUAL (+64.47%)

Pudgy Penguins PENGU (+32.43%)

Solayer LAYER (+22.02%)

Monero XMR (+18.72%)

Hyperliquid HYPE (+14.42%)

Losers:

Official Trump TRUMP (-20.03%)

Ethena ENA (-18.23%)

Optimism OP (-16.85%)

Celestia TIA (-13.45%)

Worldcoin WLD (-12.87%)