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Trump's "Liberation Day" is here, and the markets are on edge, waiting to see what happens with U.S. tariffs. At 4 pm ET, Trump will outline a new set of tariffs on imports during a Rose Garden event. The focus is on about 20 countries that export far more to the U.S. than they import. The White House has been sending mixed signals, which has left the global markets uneasy, contributing to weeks of volatility in the stock market.
Despite the instability, there's little enthusiasm for a market rebound. Major tokens like BTC and ETH are barely seeing any positive movement in their funding rates. Traders are cautious, looking for ways to hedge against potential downside risks with everything from economic uncertainty to trade tensions. A good example of this is the $80,000 BTC put option, which now holds the highest open interest on Deribit, sitting at a whopping $864 million. This marks a big change from early January, when the $120,000 call option had the most open interest at nearly $1.5 billion.
Altcoins like SOL, SUI, and XRP are hovering around recent lows, and we don’t expect much movement unless the tariff situation turns out to be worse than expected, causing a crash in both Bitcoin and Nasdaq. So far, spot volume hasn’t picked up significantly across the board, and it will need to in order to signal a real recovery.
In other news, Trump’s memecoin, TRUMPOFFICIAL, is gearing up for its first major token release on April 17th. A total of 40 million tokens, valued at $413 million, will be unlocked, representing 20% of its total supply.
The News Room
BlackRock Secures UK FCA Crypto Registration
BlackRock, the world's largest asset manager, has secured registration with the UK's Financial Conduct Authority (FCA) to operate as an arranger for iShares Digital Assets AG. This role allows BlackRock to facilitate transactions in crypto assets underlying Exchange Traded Products (ETPs). The FCA's crypto register, established in 2020 to enforce anti-money laundering regulations, has approved only 51 firms out of 368 applications, highlighting the significance of BlackRock's registration.
Grayscale seeks ETF status for multi-asset fund with S-3 form filing
Grayscale Investments has filed an S-3 registration form with the U.S. Securities and Exchange Commission (SEC) to convert its Grayscale Digital Large Cap Fund (GDLC) into an exchange-traded fund (ETF). This fund currently includes Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), and Cardano (ADA), and is periodically rebalanced. The SEC's final decision on this conversion is expected by July 2, 2025.
Circle formally files for IPO, seeks listing on NYSE under ‘CRCL’ ticker
Circle Internet Group Inc., the issuer of USD Coin (USDC), has filed for an initial public offering (IPO) and plans to list its Class A common stock on the New York Stock Exchange under the ticker symbol "CRCL." In 2024, Circle reported a net income of $156 million on revenues of $1.68 billion, up from a net income of $271.5 million on revenues of $1.45 billion in 2023. Additionally, Circle's current holdings include just 73 BTC, raising questions about its commitment to Bitcoin amid its $5 billion valuation. The IPO filing reflects Circle's growing presence in the cryptocurrency industry and its aim to expand its financial services offerings.
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Disclaimer
This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.
The information on which the analysis is based has been obtained from sources believed to be reliable such as, for example, the company’s financial statements filed with a regulator, company website, company white paper, pitchbook and any other sources. While Secure Digital Markets has obtained data, statistics, and information from sources it believes to be reliable, it does not perform an audit or seek independent verification of any of the data, statistics, and information it receives.
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Crypto and/or digital currencies involve substantial risk, are speculative in nature and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.
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