Weekly Market Insight: April Week 1

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Market Updates

31 Mar 2025

Headline News

The cryptocurrency market remains heavily influenced by macroeconomic conditions and upcoming reciprocal tariffs, with investors maintaining a cautious stance due to prevailing uncertainties. Trading volume and open interest in major crypto assets have declined to levels last seen in November 2024.
Bitcoin price decreased by 4.33% last week. Meanwhile, stablecoin market caps experienced the 4th consecutive weekly increase of $1.11 billion last week.

Macro-Outlook

President Trump has confirmed that reciprocal tariffs will take effect on April 2, including a newly announced 25% levy on all imported automobiles. He also warned of even steeper tariffs on the EU and Canada if they collaborate in ways that harm the U.S. economy. Additionally, Trump threatened new tariffs on pharmaceuticals, copper, and "secondary tariffs" on Russian oil. However, he signaled a willingness to negotiate with countries to prevent these tariffs after April 2. He also suggested that the U.S. might consider lowering tariffs on China if Beijing supports the sale of TikTok to American interests.
The U.S. durable goods orders increased by 0.9% in February, significantly higher than market expectation of a 1% decrease. The final U.S. Q4 GDP was 2.4%, higher than 2.3% in advance estimates.
The U.S. core PCE price index increased by 0.4% in February, higher than the market forecast of 0.3%. Personal income increased by 0.8% in February, significantly higher than the market estimate of 0.4%. Meanwhile, personal spending increased by 0.4%, slightly below market expectation of 0.5%.

Upcoming Economic Calendar including,

Tuesday, April 1, 10:00pm: U.S. ISM Manufacturing PMI in March and JOLTs Job Openings in February
Thursday, April 3, 10:00pm: U.S. ISM Service PMI in March
Friday, April 4, 8:30pm: U.S. Non-Farm Payrolls and Unemployment Rate in March
Friday, April 4, 11:25pm: Jerome Powell Speech at SABEW Annual Conference

Weekly-Cryptos-Overview

Japan announced plans to amend crypto assets as financial products and introduce insider trading regulations to crypto trading.
Wyoming introduced WYST token, the first fiat-backed and fully reserved stablecoin issued by a public entity in the United States. LayerZero is selected as the interoperability standard.
The FDIC issued Financial Institution Letter FIL-7-2025, clarifying that FDIC-supervised banks may engage in permissible crypto-related activities without prior approval.
The US introduced the STABLE Act of 2025, requiring 1:1 reserves in cash and Treasuries with maturity less than 93 days, no yield-bearing on payment stablecoin, 2-year ban on algorithmic stablecoin and more.
The U.S. SEC has formally ended litigation against Kraken, Consensys and Cumberland. The SEC also closed its investigation into Crypto.com and Immutable.
Crypto.com announced a partnership with Trump Media and Technology Group to support ETF baskets of cryptocurrencies including CRO.
Ripple agreed to withdraw its appeal against the SEC and settle by paying $50 million of the originally imposed $125 million fine. The SEC has also announced its intention to request Judge Torres to lift the “obey the law” injunction placed on Ripple. Once the Commission finalizes its vote and the necessary court documents are processed, the long-standing SEC vs. Ripple case will officially be concluded.

Layer 1 and Layer 2s

Transfers between HyperCore and HyperEVM are now live. Spot ETH trading is now available on Hyperliquid, powered by Unit protocol.
Gelato announced supporting Avalanche Layer 1s, enabling seamless Layer-1 launching experience with custom execution, KYC compliance and native interoperability.
Celo Ethereum Layer-2 is now live, featuring 1-second blocktime, fee abstraction and more.
Movement announced cutting ties with an undisclosed market maker, as the market maker sold a substantial amount of MOVE without completing meaningful buy orders. Movement committed 38 million USDT buyback program for MOVE, from cash proceeds recovered from the market maker.
Peaq introduced Universal Machine Time (UMT), the first onchain precision clock for better machine coordination and data timestamp consistency.
Sei Foundation shared its plan to acquire 23andMe, a genetic data company, as their bet on DeSci initiatives.
Sophon introduced Sophon OS, an operating system for crypto-powered consumer experiences.

Dapps

World Liberty Finance introduced USD1, 100% backed by short-term government treasuries.
dYdX announced launching the DYDX buyback program using 25% of net protocol fees. The community is actively discussing increasing the allocation of net protocol fees to buyback programs to 100% in the future.
Chainlink partnered with Abu Dhabi Global Market to develop compliant tokenization frameworks in the UAE.
Particle Network, the chain abstraction DEX protocol, released PARTI token. PARTI token is served as the gas token, staking, cross-chain liquidity and more utilities such as trading discount. The token is currently trading at less than $300 million in FDV and $4.5 million in fees generated by UniversalX, its trading platform.
Bio Protocol announced the first 3 BioDAOs up for Curation in Bio v1. BIO holders can lock their BIO as curation to support the BioDAOs. BioDAOs with sufficient locked BIO will be qualified for funding, while curators are eligible for discounted BioDAO tokens.
Ostium, a self-custody exchange with FX, commodities and indices trading, introduced a V2 upgrade with new fee structures, more asset offerings, more trading flexibility functions and seamless onboarding and deposits.
Rysk Finance introduced Rysk V12, a covered call strategy platform for liquid crypto assets such as ETH, BTC and MON.
Term Labs introduced TERM token as the governance token which is powered to veto protocol changes in its optimistic governance framework. TERM stakers are also entitled to part of the protocol fees.
DigiFT announced launching the first on-chain index fund with tokenised equities.
CARV launched Infinite Play, empowering players to own their gaming data and developers to gain insights from real-time gaming data from players.

Upcoming Alpha and Governance

The Ethereum Pectra mainnet upgrade is expected to launch at the end of April or May.
Solana community proposed to increase the block limit from 48M to 60M in SIMD-0256, increasing the network transaction capacity.
Sonic announced SonicCS2.0, the new consensus with 2x faster performance and 68% memory reduction, is coming to mainnet soon.
Wayfinder, a DeFAI protocol, delayed the PROMPT TGE by approximately a week or two, potentially in mid-April.

Token Unlock

OP token unlocked on April 1, amount representing 1.98% of the token supply.
GRASS token unlocked on April 1, amount representing 1.34% of the token supply.
SUI token unlocked on April 2, amount representing 2.53% of the token supply.
W token unlocked on April 3, amount representing 24.28% of the token supply.
ENA token unlocked on April 3, amount representing 1.78% of the token supply.
JTO token unlocked on April 8, amount representing 2.04% of the token supply.
IO token unlocked on April 12, amount representing 2.09% of the token supply.
APT token unlocked on April 13, amount representing 1.88% of the token supply.
STRK token unlocked on April 16, amount representing 4.65% of the token supply.
ARB token unlocked on April 17, amount representing 2.01% of the token supply.
VANA token unlocked on April 17, amount representing 1.47% of the token supply.

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