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Crypto continues to decouple from traditional risk assets, with BTC leading the charge as markets digest fresh political noise. While Wall Street struggled to recover from a sharp sell-off triggered by Trump’s latest attack on Fed Chair Jerome Powell—branding him “Mr. Too Late” and a “major loser” while warning of economic slowdown without rate cuts—crypto markets held firm. Despite Powell affirming he cannot be fired and intends to complete his term through May 2026, the comments spooked equity markets.
BTC, on the other hand, is flexing its dominance, now sitting above 64%—a level not seen since 2021. It’s also holding above its 20-, 50-, and 200-day moving averages, a technical setup not seen since early February. Since April kicked off, the Nasdaq is down 5%, while BTC has rallied nearly 10%, confirming a strong divergence. Derivatives flows echo this sentiment shift, with call options regaining leadership over puts in near-dated tenors. Altcoin rotation is alive and well—SOL has crushed ETH by over 35% this month, prompting Galaxy Digital to rotate more than $100 million out of ETH into SOL.
Elsewhere, Dutch banking giant ING is reportedly developing a stablecoin alongside other European banks, tapping into MiCA’s regulatory clarity. Meanwhile, Trump Media has locked in a partnership with Crypto․com to roll out ETFs, signaling yet another bridge between crypto and mainstream finance.
The News Room
SEC reviewing 72 crypto-related ETF applications, including derivatives as of April 21
As of April 21, 2025, the U.S. Securities and Exchange Commission (SEC) is reviewing 72 crypto-related exchange-traded fund (ETF) applications, signaling a significant expansion in the crypto ETF landscape. These applications encompass a diverse range of assets, including major cryptocurrencies like XRP, Litecoin (LTC), and Solana (SOL), as well as memecoins such as Dogecoin (DOGE). The proposals feature various fund types, from spot ETFs to leveraged and inverse products tied to derivatives, and even thematic funds linked to internet culture. Notably, issuers are also seeking approval for options trading on newly launched or proposed crypto ETFs, particularly those linked to Ethereum (ETH) and Bitcoin (BTC). Despite this diversification, Bitcoin is expected to maintain its dominance in the crypto ETF market, currently accounting for approximately 90% of global crypto fund assets .
European Central Bank wary of US stablecoin influence despite EU’s MiCA safeguards
The European Central Bank (ECB) has expressed concerns that the European Union's Markets in Crypto-Assets (MiCA) regulation may not sufficiently shield the bloc from the growing influence of U.S.-backed stablecoins. Despite MiCA's stringent oversight, the ECB warns that provisions allowing collaboration between EU-based and foreign stablecoin issuers could expose the EU's financial system to external market instability. The central bank is urging EU lawmakers to strengthen regulatory safeguards, particularly concerning stablecoin issuance and cross-border asset flows. However, the European Commission contends that the current legal framework offers adequate control over digital asset risks within the EU. This debate underscores the ongoing tension between fostering innovation in the digital asset space and ensuring financial stability and sovereignty within the European Union.
Crypto Charts
ETF Flow
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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