Trading Desk Insights
Bitcoin is up 14% in April, marking its strongest monthly performance since November. The rally comes as BTC decouples from U.S. equities, with capital rotating into crypto amid escalating U.S.-China trade tensions. Notably, BTC's 7-day volatility has dipped below that of the S&P 500, fueling the narrative that Bitcoin could be maturing into a low-beta asset. As institutional adoption grows and long-term holders replace short-term speculators, BTC is increasingly viewed as a portfolio stabilizer rather than a source of excess risk.
Market sentiment feels cautiously constructive. Price action suggests a bottom may be in, but traders remain on edge—mindful that a single Trump tweet could derail the bullish momentum. Macro risks, particularly around tariff escalation, still loom large.
Meanwhile, BlackRock continues to push the boundaries of traditional finance, filing to launch a blockchain-enabled share class for its $150 billion Treasury Trust fund. The new “DLT Shares” won’t hold crypto, but they represent a major step toward tokenizing real-world assets and modernizing back-office operations through distributed ledger tech.
In line with that direction, Eric Trump recently told CNBC that banks risk becoming obsolete within a decade if they fail to embrace blockchain and digital asset infrastructure. “The modern financial system is broken, it’s slow, it’s expensive,” he warned—underscoring a broader shift toward decentralized rails.
As for equities, April has been a choppy ride. Trump’s April 2 announcement of reciprocal tariffs triggered a wave of volatility, but the broader indices are gradually clawing back losses. Eyes now turn to earnings from Meta and Microsoft later today for potential catalysts
The News Room
Trump-backed stablecoin USD1 hits over $1 billion market cap on BNB
World Liberty Financial's USD1 stablecoin, backed by the Trump family, has surpassed a $1 billion market capitalization on the BNB Chain, following a series of high-volume mints that added hundreds of millions of dollars worth of USD1 in rapid succession. This surge positions USD1 as one of the fastest-growing decentralized stablecoins, reflecting increasing demand for decentralized financial assets. Unlike traditional stablecoins that rely on centralized fiat reserves, USD1 is designed to be free from custodial risk, aiming to serve as a preferred settlement asset in permissionless financial infrastructure. Analysts suggest this growth could be part of a broader strategy to expand USD1's presence in DeFi protocols, cross-chain liquidity pools, and trading platforms.
BlackRock’s IBIT holds over 3% of Bitcoin supply following record $970 million inflow
BlackRock’s iShares Bitcoin Trust (IBIT) recorded a significant milestone on April 28, 2025, by attracting over $970 million in a single day—the second-largest daily inflow since its January 2024 launch. This surge elevated IBIT’s assets under management to over $56 billion, granting it control of more than 3% of Bitcoin’s total 21 million supply. While other U.S. spot Bitcoin ETFs experienced flat or negative flows that day, IBIT’s robust performance underscores its dominance in the market and highlights growing institutional confidence in Bitcoin as a strategic asset.
US Commerce Secretary Howard Lutnick reiterates Bitcoin is a commodity, should be treated like gold
U.S. Commerce Secretary Howard Lutnick has reaffirmed his stance that Bitcoin should be classified as a commodity, akin to gold or oil, rather than as a currency. In a recent interview, Lutnick emphasized that Bitcoin's fixed supply and decentralized nature align it more closely with traditional commodities. He also indicated that the Bureau of Economic Analysis might consider incorporating Bitcoin into national economic accounts similarly to gold, potentially influencing GDP and trade statistics. This perspective aligns with the Trump administration's broader pro-crypto approach, aiming to provide clearer regulatory frameworks and support for the cryptocurrency industry.
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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.
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