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Risk assets found some footing Tuesday, staging a modest bounce after Monday’s tariff-induced selloff—the worst equity drop since the pandemic. U.S. markets saw record activity, with volumes spiking to ~29 billion shares, the highest in 18+ years.
Treasury Secretary Scott Bessent struck a hawkish tone, highlighting the U.S.’s leverage in the ongoing trade war—pointing out that China exports 5x more to the U.S. than it imports. While 70+ countries have reportedly initiated talks with the White House, tensions with China remain high. Beijing has hit U.S. goods with 34% tariffs and vowed to “fight to the end.” Trump responded with threats of an additional 50% tariff hike unless China backs down. Meanwhile, the EU is posturing for talks but preparing countermeasures of its own.
Crypto’s total market cap has retraced to levels last seen in November—around the time of Trump’s election win—suggesting macro flows are back in play. Capital is rotating defensively into Gold, while some traders eye BTC for potential dip-buying if it can hold relative strength versus equities. The DXY rally and rising 10Y yields are weighing on risk assets, likely reflecting inflation-driven selling pressure. Trump is reportedly eyeing lower long-term rates to help refinance the ballooning national debt.
Elsewhere in crypto M&A, Ripple is making moves—acquiring prime brokerage firm Hidden Road for $1.25B, its largest deal to date. The firm plans to integrate Ripple’s RLUSD stablecoin as collateral across its offerings. On the product front, the first XRP ETF is set to launch. The Teucrium 2x Long Daily XRP ETF (ticker: XXRP) will give investors leveraged exposure to the Ripple-linked token.
The News Room
XRP climbs 7% as first leveraged ETF set to launch on NYSE
The New York Stock Exchange (NYSE) has approved the Teucrium 2x Long Daily XRP ETF (XXRP), set to launch on April 8, 2025. This leveraged exchange-traded fund aims to deliver twice the daily performance of XRP through swap contracts. Following the announcement, XRP's price surged approximately 7%, reaching $1.87. Notably, XXRP does not hold XRP directly but tracks its daily performance via derivatives, offering investors exposure without direct ownership. The fund carries an annual expense ratio of 1.85%. This development is significant as it marks the introduction of a leveraged ETF for XRP in the U.S. market, even as spot XRP ETFs await approval.
Bitcoin weathers global tariff storm, suggesting safe-haven potential
Amid escalating global trade tensions and significant stock market declines following President Trump's announcement of sweeping new tariffs, Bitcoin has demonstrated resilience by maintaining its value, suggesting its potential as a safe-haven asset. While traditional markets experienced substantial losses, Bitcoin's stability highlights its decentralized nature and immunity to geopolitical conflicts, attracting investors seeking alternatives during economic uncertainty.
Stablecoin loan repayments flag early signs of Ethereum volatility, report finds
A recent Amberdata report reveals a strong correlation between increased stablecoin loan repayments—specifically in USDT, USDC, and DAI—and heightened Ethereum (ETH) price volatility. Utilizing the Garman-Klass estimator, which accounts for intraday price ranges, the study found that spikes in repayment activity often coincide with market stress, indicating de-risking behaviors such as closing leveraged positions. This suggests that monitoring stablecoin loan repayments could serve as an early indicator of impending ETH market volatility.
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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.
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.
Unless otherwise provided in a separate agreement, Secure Digital Markets does not represent that the report contents meet all of the presentation and/or disclosure standards applicable in the jurisdiction the recipient is located. Secure Digital Markets and their officers, directors and employees shall not be responsible or liable for any trading decisions, damages or other losses resulting from, or related to, the information, data, analyses, or opinions within the report.
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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