Crypto Weekly Market Wrap 28th April: Key Developments Propel Market Recovery Amid Regulatory Shifts

The crypto market continued its recovery last week, with the sentiment rising from the fear and greed index to the neutral region. Moreover, several key developments hit the market, such as the new SEC chair delivering his first public speech and President Donald Trump’s planned dinner for TRUMP memecoin holders, among others. So, let’s dive deeply into what happened on the crypto market last week.

Paul Atkins Promises Principled Crypto Regulation

Atkins officially assumed the position of the SEC chair last Monday. Under Trump, Atkins stressed that one of his main priorities would be to establish a “rational” regulatory environment in the domain of cryptocurrencies. During his speech at the ceremony, he mentioned the need for a clear and consistent policy in the regulation of digital assets.

🇺🇸 NEW SEC CHAIR JUST SAID HE'S EAGER TO BUILD RATIONAL POLICIES FOR #BITCOIN AND CRYPTO

NEXT 4 YEARS ARE GOING TO BE WILD!!! pic.twitter.com/ywzq8E9yd1

— Vivek⚡️ (@Vivek4real_) April 25, 2025

Atkins also committed to making the United States a safe and suitable nation for crypto execution. Furthermore, his inauguration speech gave the crypto leaders optimism, especially Michael Saylor, who showed belief in Atkins. Some consider his appointment a breath of fresh air, given his replacement of Gary Gensler, who was associated with controversies.

The new chair’s promise became especially significant as the demand for clear regulatory guidance has intensified recently. Participants within the industry expect Atkins to help repair the relationship between regulators and firms in the crypto industry.

TRUMP Memecoin Holders Invited to Private Dinner

The $TRUMP project revealed a private event for the high-level token holders. The announcement was made that the 220 highest-ranked holders of $TRUMP tokens will be invited to a dinner with Donald Trump. It is scheduled for May 22, 2025, at Trump National Golf Club in Sterling, Virginia.

Furthermore, there will be a black-tie reception and a White House tour after the dinner. They also provided an extension of the lock-up terms and conditions by an additional 90 days on the unlocked token and daily unlocked tokens. There was a sharp increase of more than 50% for the $TRUMP token on the Wednesday after the announcement.

The project also noted that the duration for holding tokens and the volume would determine the probabilities of attending the elite event. Token holders have until May 12 to secure their place based on the average holdings.

Ondo Finance Engages SEC on Tokenized Securities

Last week, Ondo Finance had discussions with the SEC’s Crypto Asset Task Force. Representatives explored the idea of issuing and selling a tokenized security in the US market. The opinions of legal specialists from Davis Polk & Wardwell LLP also participated in the discussion.

The Ondo Finance team is in DC today meeting with the SEC Crypto Task Force to discuss tokenization and the future of digital asset regulation.

We look forward to collaborating with regulators on shaping a thoughtful framework for digital assets. pic.twitter.com/fNXKYxR3tB

— Ondo Finance (@OndoFinance) April 24, 2025

The meeting addressed significant matters like registration, broker-dealers, and financial compliance. Ondo’s leadership team presented models that ideas of tokenized securities that will align with the US regulations. They also called for regulation sandboxes to allow for innovative products by investors while protecting consumers.

With its compliant pathways, Ondo has set out to demystify numerous legal issues that have plagued the tokenization sector for years. The meeting can be considered significant progress towards the establishment of comprehensive rules for blockchain securities in the US.

CME Group to Launch XRP Futures

The CME Group stated that it plans to list XRP futures contracts starting from May 19, 2025. They will be offered in two sizes – micro contracts of 2,500 XRP and larger contracts of 50,000 XRP. As stated by Giovanni Vicioso, CME’s global head of cryptocurrency product, the introduction of XRP is due to the increasing demand for it both from institutional and retail users. The contracts will be cash-settled based on the CME CF XRP-Dollar Reference Rate.

Robinhood intends to list future contracts of CME’s XRP, with the goal of deepening the penetration of crypto futures among the public. This change will bring more market accessibility and new ways for hedging for the XRP investors.

Stripe Develops Stablecoin Payment Product

Stripe revealed plans to launch a stablecoin payment product through Bridge, a firm acquired for $1.1 billion. CEO Patrick Collision stated that stablecoins offered an opportunity to reform the cost and speed of international payments.

The new product is expected to integrate with Bridge’s stablecoin to make transactions cheaper, faster, and even more programmable. Stripe executives view stablecoins as “room-temperature superconductors” for financial services. This is the first time that Stripe has been directly active in the space of stablecoins. The payment giant plans to include stablecoins in its network over the next decade to transform the payments industry.

PayPal Offers Yield on PYUSD Stablecoin

PayPal recently revealed its intention to provide a 3.7 APY on its stablecoin known as PYUSD starting this summer. Users will earn rewards daily and receive the amount in PYUSD on a monthly basis.

PayPal has announced that it will launch a rewards program for holding its stablecoin PYUSD this summer. U.S. users who hold PYUSD in their PayPal or Venmo wallets will be able to earn an annual yield of 3.7%, accrued daily and paid monthly. Rewards will be distributed in PYUSD,…

— Wu Blockchain (@WuBlockchain) April 23, 2025

The incentive program aims to increase the scale of adoption of the stablecoin and increase the quantity of its usage. PayPal’s CEO, Alex Chriss, specified that they are targeting to minimize transaction costs through the incorporation of stablecoins into their network.

However, some legal concerns that may arise from yield-bearing stablecoins were cited. Despite this, PayPal is not backing down from its plans and is striding forward, trying to make everyday use of its PYUSD stablecoin.

Brazil Launches World’s First Spot XRP ETF

Hashdex, in collaboration with Genial Investimentos, launched the world’s first spot XRP ETF under the ticker XRPH11 on Brazil’s B3 exchange. The ETF began trading on April 25, 2025, after receiving approval from Brazil’s CVM.

Nasdaq XRP Reference Price Index is tracked by XRPH11, which invests at least 95% of its assets in XRP either directly or indirectly. It, thus, became Hashdex’s ninth ETF listed in the Brazilian exchange. This new product increases the availability of XRP to investors and enhances Brazil’s presence within the global crypto ETF space. XRP-related exchange-traded products have the potential to reach $8 billion globally, according to JPMorgan.

El Salvador Adjusts Bitcoin Strategy Amid IMF Agreement

The Salvadoran government suspended public sector Bitcoin purchases after signing a $1.4bn IMF loan agreement. The country committed to removing legal-tender status for Bitcoin and ceasing to use state currency to purchase more BTC.

While it buys no more Bitcoins in public, El Salvador is accruing more through other means. Blockchain data reveals that the country currently has about 6,159 Bitcoins as of today, having risen from 6,055 in the month of February. The government continues with its policy of acquiring approximately one Bitcoin per day, although it does so without IMF-related state funds. El Salvador is now the sixth-largest holder of Bitcoin in the world.

ZKsync Recovers $5.7 Million from Hack

ZKsync was also able to retrieve $5.7 million in the stolen assets when a security breach occurred on April 15. The hacker agreed to the bounty offer of 10%, returning back 90% of the stolen amount.

We’re pleased to share that the hacker has returned the funds within the safe harbor deadline. https://t.co/RarXl1ALVv

— ZKsync (∎, ∆) (@zksync) April 23, 2025

The breach was a result of exploiting an admin key that controls the airdrop distribution contract. ZKsync’s Security Council managed to negotiate with the hacker who complied within the 72-hour deadline.

The returned amount was higher than the initial input because both ETH and ZK tokens had price gains. Hence, ZKsync decided to put an end to the matter and did not take any legal proceedings against the hacker.

SEC Postpones Decisions on Crypto ETFs

The SEC delayed its decisions on multiple crypto ETF applications, including the ones presented by Grayscale, Bitwise and Canary Capital. The commission also agreed to a request to add an extension of review, to June 10 and 11, respectively. The delayed filings include products related to Polkadot (DOT), Hedera (HBAR), and both Bitcoin and Ethereum. Importantly, the SEC stated that extra time is required to scrutinize the proposed rule changes.

Now that Paul Atkins has been officially endorsed as the SEC Chair, he grapples with numerous pending proposals for crypto ETFs. Since Atkins is confirmed to have a pro-crypto stance, the community is hopeful for other approvals in the future.

Russia to Establish Elite State-Backed Crypto Exchange

Russia’s finance ministry and the central bank are now looking into establishing a dedicated crypto exchange for elite investors. The platform will operate under an experimental legal regime and exclude ordinary citizens.

This would only be made available to individuals with $1.2 million in assets worth or with an adjusted gross income of $602,000 annually. The officials stressed that the platform would not intersect with Russia’s domestic financial systems. The proposition seeks to regulate crypto operations in a way that does not interfere with traditional financial systems. Further expansion plans are expected to be initiated later in 2025.

Canadian Firm Secures $500 Million for Solana Investment

SOL Strategies, a Canadian crypto company, secured a $500 million convertible note facility from ATW Partners. The funds will be used to purchase and stake Solana (SOL) tokens.

BREAKING: SOL Strategies secures landmark USD $500M convertible note facility with ATW Partners to expand SOL holdings.

This first-of-its-kind structure is exclusively for SOL purchases and staking on our validators, with interest paid in SOL.

This represents the largest… pic.twitter.com/p9SB4dRm6o

— SOL Strategies (CSE: HODL | OTCQX: CYFRF) (@solstrategies_) April 23, 2025

The initial disbursement of $20 million will occur on May 1, with potential follow-up tranches. CEO Leah Wald noted that this marks the largest financing tied to staking yield in the Solana ecosystem. SOL Strategies also announced plans to cross-list on the Nasdaq to expand its institutional presence. The firm aims to establish itself as the leading institutional staking platform for Solana assets.

Strategy Boosts Bitcoin Holdings

MicroStrategy, now known as Strategy, maintained their trend of purchasing significant amounts of Bitcoin during April 14 and April 20, where they bought 6,556 bitcoins. The average cost per Bitcoin was $84,785 and the total cost was $555.8 million.

By April 20, 2025, the total Bitcoins acquired by Strategy was at 538200 with a value of approximately $50.61 billion. This implies that the company’s average purchase price per Bitcoin is $67,766 at the moment. MicroStrategy’s continuous purchase has boosted the market and augmented institutional interest in Bitcoin. The firm’s portfolio is among the largest in the world today.

Sovereign Wealth Funds Increase Bitcoin Purchases

John D’Agostino, strategic advisor of Coinbase Institutional, revealed that sovereign wealth funds are increasingly purchasing Bitcoin. However, this trend was noted in April 2025 when retail investors began moving away from direct market participation.

D’Agostino described bitcoin in relation to gold, especially due to its scarcity, non-changeable nature, and portability. Bitcoin continues to gain popularity among institutional investors mainly due to its use to hedge against inflation as well as macroeconomic volatility. As a result, the Bitcoin trading trend reflects its emerging role as a non-sovereign store of value. Large-scale institutional accumulation has helped bolster Bitcoin’s reputation as a resilient asset.

Digital Asset Investment Products Market Overview

Last week, digital asset management investment products posted an impressive fund inflow of US$3.4 billion, the third-highest figure on record. However, it is important to note that this rate of inflow is the highest since mid-December 2024. Investors have sought refuge in different assets due to the escalating tariffs and the depreciation of the US dollar.

Bitcoin products had the highest amount of inflows, which stood at US$3.18 billion. Consequently, Bitcoin’s total assets under management (AuM) rose to US$132 billion, a level unseen since late February this year. However, Ethereum products emerged from the eight weeks of outflows and reported US$183 million in fresh inflows.

📈 US$3.4bn inflows last week, the 3rd largest on record as invests seek alternative safe havens
@Bitcoin was the main focus with inflows of US$3.18bn last week, followed by @ethereum with US$183m. @solana was the only altcoin to see outflows last week, totalling US$5.7m, ahead… pic.twitter.com/JyI267c8Am

— CoinShares (@CoinSharesCo) April 28, 2025

In contrast, Solana investment products saw an outflow of $5.7 million last week. On the other hand, other altcoins registered a bullish trend of inflows with XRP and Sui as the biggest recipients to the tune of US$31.6 million and US$20.7 million. The rest, in the broader altcoin market, remained fairly stagnant.

Regionally, the United States played an important role in the inflow contribution by providing US$3.3 billion in total. Germany and Switzerland were the other major players reporting the US$51.5 million and US$41.4 million inflows, respectively. This global shift showed increased demand for digital assets in different markets among investors.

Furthermore, blockchain equities revived, with investors pumping US$17.4 million into such products, most of which was funneled into bitcoin mining ETFs. These inflows signified that investors also looked beyond cryptocurrencies to related technologies.

Bitcoin Price Performance

The largest asset, Bitcoin, closed the week on a strong note following the significant movements experienced in the market. BTC closed the week above the $95K mark, showing an impressive performance following its recent lows in early April. Moreover, its market capitalization and trading volume surged to $1.90 trillion and $30 billion, respectively.

Looking at the technical indicators, BTC is regaining momentum as the current trend indicates a strong reversal from the downtrend. The RSI has climbed from the oversold region and currently lies in the neutral region, suggesting a shift from the descending pattern. Furthermore, the MACD is slowly shifting to positive, indicating an increased buying pressure as the selling pressure eases. Should the current trend hold, BTC could reclaim its recent highs in the coming sessions.