Crypto Daybook Americas, Crypto Daybook Americas, News Your day-ahead search for April 22, 2025 

By James Van Straten (All occasions ET except indicated in any other case)

“There are decades where nothing happens; and there are weeks where decades happen.” Vladimir Ilyich Lenin

Few quotes higher seize the present turbulence in international markets. For many years, the basic portfolio of 60% equities and 40% bonds was thought-about the cornerstone of balanced investing. This allocation sometimes provided safety in downturns by way of bonds, whereas equities drove returns in occasions of financial development.

We noticed this play out throughout crises like 2008 and 2020, when iShares 20+ Year Treasury Bond ETF (TLT) surged amid international uncertainty. Today, that dynamic has been upended. With persistent geopolitical pressure ignited by President Donald Trump’s tariffs, cussed inflation and slowing development, Treasury yields have climbed and bond costs fallen. TLT is now down some 50% from its 2020 highs.

The fairness aspect of the portfolio isn’t faring significantly better. U.S. shares are underperforming, caught in what some are calling a broader “Sell America” commerce. Even the greenback, which usually strengthens in risk-off environments, is weakening as capital flows shift towards the yen and euro.

In this new regime, various belongings are taking heart stage. Gold has surged to $3,500 an oz. for the primary time, cementing its function as a haven. To underscore its meteoric rise: the valuable metallic has added about $6 trillion in market cap this yr, triple the market cap of bitcoin (BTC) at its all-time excessive. Gold ETF inflows, measured over a 90-day rolling interval, are approaching 9 million ounces, the most important surge since 2022 and among the many largest previously decade.

Bitcoin, whereas lagging behind gold, can be reasserting itself. It has reached new highs in dominance within the crypto market and is beginning to diverge from U.S. tech shares. It’s more and more behaving like an uncorrelated asset, useful in a diversified portfolio. This Friday, $6.7 billion in bitcoin choices are set to run out, together with $330 million in name choices on the $100,000 strike worth, setting the stage for a doubtlessly risky ultimate week of April. Stay alert!

What to Watch

• Crypto:
  • April 22: The Lyora upgrade goes reside on the Injective (INJ) mainnet.
  • April 25, 1 p.m.: U.S. Securities and Exchange Commission (SEC) Crypto Task Force Roundtable on “Key Considerations for Crypto Custody“.
  • April 28: Enjin Relaychain increases active validator slots to 25 from 15, to reinforce decentralization.
  • April 29, 1:05 a.m.: BNB Chain (BNB) — BSC mainnet hardfork.
  • April 30, 9:30 a.m.: ProShares expects its XRP ETF, providing publicity by way of futures and swap agreements, to start buying and selling on NYSE Arca.
  • April 30, 10:03 a.m.: Gnosis Chain (GNO), an Ethereum sister chain, will activate the Pectra laborious fork on its mainnet at slot 21,405,696, epoch 1,337,856.
• Macro
  • Day 2 of 6: World Bank (WB) and the International Monetary Fund (IMF) spring meetings in Washington.
  • April 22, 8:30 p.m.: Statistics Canada releases March producer worth inflation knowledge.
    • PPI MoM Est. 0.3% vs. Prev. 0.4%
    • PPI YoY Prev. 4.9%
  • April 22, 6 p.m.: Fed Governor Adriana D. Kugler will ship a speech titled “Transmission of Monetary Policy.”
  • April 23, 8 a.m.: Mexico’s National Institute of Statistics and Geography releases retail gross sales knowledge.
    • Retail Sales MoM Prev. 0.6%
    • Retail Sales YoY Prev. 2.7%
  • April 23, 9:45 a.m.: S&P Global releases (flash) U.S. April buying managers’ index (PMI) knowledge.
    • Composite PMI Prev. 53.5
    • Manufacturing PMI Est. 49.4 vs. Prev. 50.2
    • Services PMI Est. 52.8 vs. Prev. 54.4
• Earnings (Estimates primarily based on FactSet knowledge)
  • April 22: Tesla (TSLA), post-market
  • April 30: Robinhood Markets (HOOD), post-market
  • May 1: Block (XYZ), post-market

Token Events

• Governance votes & calls
  • Aave DAO is discussing partnering with Ether.fi to create a customized Aave market on EVM layer 2 to “facilitate on-chain credit for everyday payments through the Ether.fi Cash credit card program.”
  • April 23, 9 p.m.: Manta Network to host a townhall meeting with its founders.
  • April 24, 8 a.m.: Alchemy Pay to host an Ask Me Anything (AMA) session on its 2025 roadmap.
  • April 30, 12 p.m.: Helium to host a community call meeting.
• Unlocks
  • April 30: Optimism (OP) to unlock 1.89% of its circulating provide value $21.83 million.
  • May 1: Sui (SUI) to unlock 2.28% of its circulating provide value $170.93 million.
  • May 1: ZetaChain (ZETA) to unlock 5.67% of its circulating provide value $10.46 million.
  • May 2: Ethena (ENA) to unlock 0.73% of its circulating provide value $11.92 million.
  • May 7: Kaspa (KAS) to unlock 0.56% of its circulating provide value $13 million.
  • May 9: Movement (MOVA) to unlock 2.04% of its circulating provide value $11.23 million.
• Token Launches
  • April 22: Hyperlane to airdrop its HYPER tokens.
  • April 22: BNB to be listed on Kraken.
  • April 23: Zora to airdrop its ZORA tokens.
  • April 24: Initia (INIT) to be listed on Binance, CoinW, WEEX, KuCoin, MEXC, and others.

Conferences:

• CoinDesk’s Consensus is happening in Toronto on May 14-16. Use code DAYBOOK and save 15% on passes.
• Day 1 of three: Money20/20 Asia (Bangkok)
• April 23: Crypto Horizons 2025 (Dubai)
• April 23-24: Blockchain Forum 2025 (Moscow)
• April 24: Bitwise’s Investor Day for Bitcoin Standard Corporations (New York)
• April 26: Crypto Vision Conference 2025 (Manilla)
• April 26-27: Harvard Blockchain in Action Conference (Cambridge, Mass.)
• April 27: N Crypto Conference 2025 (Kyiv)
• April 27-30: Web Summit Rio 2025
• April 28-29: Blockchain Disrupt 2025 (Dubai)
• April 28-29: Staking Summit Dubai
• April 29: El Salvador Digital Assets Summit 2025 (San Salvador)
• April 29: IFGS 2025 (London)

Token Talk

By Shaurya Malwa

• Pope Francis’ demise on Easter Monday triggered vital exercise in crypto markets and prediction platforms as merchants aimed to capitalize on the information.
• LUCE, a Solana-based memecoin tied to the Vatican’s Holy Year 2025 mascot, surged 45% in worth, reaching $0.013, based on CoinGecko knowledge.
• Daily buying and selling quantity within the token skyrocketed to $60.27 million from $5 million yesterday, regardless of the value being down 95% from its November peak of 30 cents.
• Although unaffiliated with the Vatican, LUCE has attracted round 44,800 holders.
• Meanwhile, a Polymarket wager on who would be the subsequent pope has attracted over $3.5 million in volumes since going reside on Dec. 31, with over 18 candidates within the combine.
• As of Tuesday morning, Pietro Parolin leads odds at 37%, adopted by Luis Antonio Tagle at 23% and Matteo Zuppi at 11%.

Derivatives Positioning

• HBAR, XLM and TRX have seen probably the most development in perpetual futures open curiosity amongst main tokens previously 24 hours. However, solely TRX has seen a optimistic cumulative quantity delta, implying an inflow of latest cash predominantly on the bullish aspect.
• BTC’s open curiosity in has elevated to 695K BTC, probably the most since March 25. ETH’s open curiosity held shy of the current file above 11.9 million ETH.
• Perpetual funding charges for many main tokens stay marginally optimistic in an indication of cautiously bullish sentiment.
• On Deribit, BTC’s quick and near-dated calls are actually buying and selling at par or a slight premium to places, one other signal of renewed bullishness. ETH places, nevertheless, proceed to commerce at a premium to calls.
• Block choices flows have been muted on Paradigm, with calendar spreads and April put spreads lifted in BTC and ETH.

Market Movements:

• BTC is up 1.45% from 4 p.m. ET Monday at $88,539.04 (24hrs: +1.16%)
• ETH is up 3.43% at $1,628.60 (24hrs: -0.84%)
• CoinDesk 20 is up 1.49% at 2,544.64 (24hrs: -0.3%)
• Ether CESR Composite Staking Rate is up 3 bps at 2.98%
• BTC funding price is at -0.0058% (-2.1353% annualized) on Binance

• DXY is up 0.1% at 98.38
• Gold is up 4.28% at $3,456.97/oz
• Silver is up 0.5% at $32.57/oz
• Nikkei 225 closed -0.17% at 34,220.60
• Hang Seng closed +0.78% at 21,562.32
• FTSE is up 0.49% at 8,315.81
• Euro Stoxx 50 is down 0.28% at 4,922.48
• DJIA closed on Monday -2.48% at 38,170.41
• S&P 500 closed -2.36% at 5,158.20
• Nasdaq closed -2.55% at 15,870.90
• S&P/TSX Composite Index closed -0.76% at 24,008.86
• S&P 40 Latin America closed unchanged at 2,384.47
• U.S. 10-year Treasury price is unchanged at 4.42%
• E-mini S&P 500 futures are up 0.98% at 5,235.75
• E-mini Nasdaq-100 futures are up 1.02% at 18,105.00
• E-mini Dow Jones Industrial Average Index futures are up 0.87% at 38,660.00

Bitcoin Stats:

• BTC Dominance: 64.39% (-0.09%)
• Ethereum to bitcoin ratio: 0.01839 (1.88%)
• Hashrate (seven-day shifting common): 840 EH/s
• Hashprice (spot): $45.0 PH/s
• Total Fees: 6.56BTC / $572,645
• CME Futures Open Interest: 139,765 BTC
• BTC priced in gold: 25.5 oz
• BTC vs gold market cap: 7.22%

Technical Analysis

• If you’re feeling gold’s rally is overstretched or overdone, assume once more.
• The ratio between gold’s spot worth and its 200-day easy shifting common, presently 1.3, is properly beneath highs seen in 2011-2012 when the yellow metallic rose to its then-record worth of $2,000.
• The ratio went as excessive as 5.80 within the 1980.
• Bitcoin tends to comply with gold with a lag of couple of months.

Crypto Equities

• Strategy (MSTR): closed on Monday at $317.76 +0.18%), up 2.02% at $324.19 in pre-market
• Coinbase Global (COIN): closed at $175 (-0.02%), up 1% at $176.75
• Galaxy Digital Holdings (GLXY): closed at C$15.38 (+0.13%)
• MARA Holdings (MARA): closed at $12.29 (-2.92%), up 2.36% at $12.59
• Riot Platforms (RIOT): closed at $6.29 (-2.63%), up 2.07% at $6.42
• Core Scientific (CORZ): closed at $6.39 (-3.62%)
• CleanSpark (CLSK): closed at $7.47 (-0.53%), up 2.68% at $7.67
• CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $11.74 (-2.49%)
• Semler Scientific (SMLR): closed at $29.83 (-8.17%)
• Exodus Movement (EXOD): closed at $36.59 (+0.03%), unchanged in pre-market

ETF Flows

Spot BTC ETFs:

• Daily web move: $381.3 million
• Cumulative web flows: $35.86 billion
• Total BTC holdings ~ 1.11 million

Spot ETH ETFs

• Daily web move: -$25.4 million
• Cumulative web flows: $2.24 billion
• Total ETH holdings ~ 3.30 million

Source: Farside Investors

Overnight Flows

Chart of the Day

• The chart exhibits the value of eggs within the U.S. has elevated by over 200% since 2024, outperforming BTC’s 100% surge. Gold and the S&P 500 have gained 46% and 21%, respectively, over the identical interval.
• In different phrases, asset worth development has didn’t compensate holders for the inflation on Main Street.

While You Were Sleeping

• Bitcoin, Euro Options Signal Bullishness Against Dollar Amid Equity and Bond Market Downturns (CoinDesk): Preference for BTC and euro name choices over greenback publicity suggests buyers are rotating out of U.S. belongings and into bitcoin, the euro and gold.
• Dow Headed for Worst April Since 1932 as Investors Send ‘No Confidence’ Signal (The Wall Street Journal): Scott Ladner, chief funding officer at Horizon Investments, stated the Trump administration’s insurance policies have made the U.S. economic system more and more unstable and troublesome to gauge, deterring funding.
• Bitcoin Runs Into Resistance Cluster Above $88K. What Next? (CoinDesk): Behavioral facets of buying and selling may affect whether or not bitcoin rallies additional or faces a brand new downturn from the resistance zone.
• Bearish Dollar Bets Move Toward Levels That Raise Risk of Recoil (Bloomberg): Despite widespread bets in opposition to the greenback, regular demand for Treasuries and technical alerts counsel a rebound is probably going, although beneficial properties could also be restricted or short-lived if unfavourable information continues.
• Japanese Investors Sold $20B of Foreign Debt as Trump Tariffs Shook Markets (Financial Times): Much of Japan’s promoting possible includes U.S. Treasuries and mortgage-backed securities assured by the U.S. authorities, stated Tomoaki Shishido, senior charges strategist at Nomura.
• Bitcoin, Stablecoins Command Over 70% of Crypto Market as BTC Pushes Higher (CoinDesk): Bitcoin dominance rose to 64.6%, the very best since January 2021, as ether slumped and the ETH-to-BTC ratio fell to a five-year low of 0.01765.

In the Ether

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