Trading Desk Insights
Bitcoin continues to consolidate around the $95,000 mark as traders await this week’s macro catalysts, with Friday’s non-farm payrolls report likely to set the tone for the next major move. Despite the sideways action in BTC, momentum under the hood remains strong — long-tail altcoins are catching bids, and total stablecoin market cap just hit an all-time high of $240B, up nearly $4.8B over the past week. Since bottoming at $74,300 on April 7, BTC has been carving out a bullish structure of higher highs and higher lows, rallying 30% over the past three weeks. The market appears to be in a healthy consolidation, with dips continuing to attract buyers. A clean breakout above $95,500 could open the door for a run toward six figures, while failure to hold support risks a pullback to the $86K–$87K range.
On the ETF front, BlackRock’s iShares Bitcoin Trust (IBIT) saw $970.9 million in inflows last week — its second-largest weekly intake since launch. Since April 22, IBIT has brought in over $4.5 billion, reinforcing institutional demand.
Separately, the Trump administration is set to ease certain auto tariffs on Tuesday, offering relief on foreign-made parts used in domestic production, while keeping existing duties on imported vehicles intact.
The News Room
Mastercard launches stablecoin payment support via partnerships with major crypto companies
Mastercard has unveiled a comprehensive stablecoin payment framework in collaboration with major crypto and fintech partners, including OKX and Nuvei. This initiative enables consumers to spend stablecoins like USDC at over 150 million merchant locations worldwide using platforms such as MetaMask, Kraken, and Crypto.com. Additionally, Mastercard and OKX are launching the OKX Card, providing users direct access to their crypto holdings. The program also facilitates merchant settlements in stablecoins through partnerships with Circle and Paxos, and introduces the Crypto Credential service for simplified cross-border remittances using usernames instead of wallet addresses.
Arizona legislature passes Bitcoin reserve bill, Governor approval pending
On April 28, 2025, Arizona's legislature passed the Strategic Bitcoin Reserve Act (SB1025), positioning the state to become the first in the U.S. to authorize public investment in Bitcoin. The bill, sponsored by Republican Senator Wendy Rogers, permits the state treasury to allocate up to 10% of public funds into Bitcoin holdings. However, the measure's future is uncertain as it awaits Governor Katie Hobbs' decision. Governor Hobbs has pledged to veto all bills until a new state budget is approved, casting doubt on the bill's enactment. Proponents argue that the reserve could diversify state assets and hedge against inflation, while critics express concerns over Bitcoin's volatility and regulatory uncertainties
Ethereum Foundation introduces new leadership model based on management team, board of directors
Ethereum Foundation researcher Dankrad Feist has proposed Ethereum Improvement Proposal (EIP) 9698, aiming to increase the network's gas limit by 100 times over the next four years through automated client-side settings. This change could elevate Ethereum's capacity to approximately 3.6 billion gas, supporting around 2,000 transactions per second and 6,000 transactions per block, a significant jump from the current 36 million gas limit. Feist argues that the existing miner/operator voting mechanism for gas limits lacks coordination and predictability, and that a predictable exponential growth pattern would align with advancements in hardware and protocol efficiency. While the proposal has garnered attention, some Ethereum developers, including Lukasz Rozmej and Jochem Brouwer, have expressed concerns about the aggressive growth pace, advocating for a more gradual increase to avoid potential network strain.
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