Wall Street extended its rally on Thursday, with the S&P 500 rising 0.6% to notch its longest winning streak since August, while the Nasdaq 100 climbed 1.1% on strong earnings from Microsoft (+7.7%) and Meta (+4.2%). The Dow also advanced, up 0.35%, as investor confidence was bolstered by upbeat tech results and reports that the US may ease export restrictions on Nvidia chip sales to the UAE. A stronger dollar and rising Treasury yields reflected fading hopes for rate cuts this year after factory activity data signaled further contraction. Attention now shifts to the release of US Non-Farm Payrolls and Unemployment Rate figures, scheduled for 14:30 CET.
In crypto, the global crypto market cap increased 1.49% over the past day and is now above $3tn at $3.01tn. The total crypto market 24h volume increased 3.46% to $82.66bn. Bitcoin gained 2% in the past 24h to trade around $96,700, Ether gained 1.35%, currently trading around $1,830.
In the past 24 hours, crypto liquidations decreased by 28.4% and totaled $213.67m, with 70% of them short positions.
US Bitcoin spot ETFs returned to net inflows on May 1, 2025, with a total daily gain of $422.46 million—reversing the previous session’s outflow and resuming a broader upward trend. BlackRock’s IBIT led the charge with a $351.38 million inflow, followed by BTC ($41.92m), BITB ($38.39m), FBTC ($29.52m), and VanEck’s HODL ($21.86m). ARKB was the only ETF to post a net outflow (–$87.23). The broader market saw renewed demand, marking eight net positive sessions out of the last nine. US Ether spot ETFs recorded a net inflow of $6.49 million, led by a $11.98 million addition to Grayscale’s ETH fund and a $6.47 million inflow into Fidelity’s FETH. These were partially offset by an $11.96 million outflow from Grayscale’s ETHE.
Nasdaq-listed logistics firm Freight Technologies (Fr8Tech) announced plans to create a $20 million corporate treasury exclusively for purchasing Official Trump (TRUMP) memecoins, aiming to promote “fair and balanced” US-Mexico trade. The company secured a convertible notes facility with an undisclosed institutional investor, starting with a $1 million tranche and up to $19 million available in future drawdowns. CEO Javier Selgas said the crypto treasury move not only diversifies Fr8Tech’s digital asset holdings but also aligns with its cross-border commerce mission. The announcement comes weeks after Fr8Tech disclosed a $5.2 million acquisition of Fetch.ai’s FET token. Despite a brief stock rally, shares closed down 20.6% on Thursday. The TRUMP token, meanwhile, has fallen 5.5% over the past 24 hours.
Crypto exchange Kraken reported $471.7 million in Q1 2025 revenue, up 19% year-over-year despite a 7% dip from Q4. Adjusted EBITDA rose to $187 million, up 1% quarter-over-quarter, while total trading volume climbed 29% year-over-year to $208.7 billion. The firm’s user base reached 3.9 million funded accounts, a 26% increase from the previous year. Kraken also finalized its acquisition of NinjaTrader, marking the largest TradFi-crypto platform merger to date and enabling seamless access to both traditional derivatives and crypto markets across platforms. Additional product rollouts included Kraken Pay, a redesigned consumer app, expanded staking services, and a revamped Kraken Pro experience. Reinforcing transparency, Kraken completed a new Proof of Reserves audit, enabling clients to independently verify asset backing via cryptographic proofs.
Grayscale has launched the Grayscale Bitcoin Adopters ETF (BCOR), a new exchange-traded fund designed to give investors exposure to companies that hold Bitcoin as a treasury reserve asset. Trading on the NYSE under the ticker IBADIN, BCOR tracks the Indxx Bitcoin Adopters Index and targets firms with a minimum of 100 BTC, while excluding Bitcoin miners and prioritizing corporate treasuries that use BTC for diversification and inflation hedging. The ETF spans 40,001 shares with $1 million in AUM and an NAV of $25.31 per share as of April 30.
Tether’s Q1 2025 attestation confirmed its strongest financial position to date, with total US Treasury exposure nearing a record $120 billion and excess reserves reaching $5.6 billion—well above its $143.67 billion in issued USDT. The stablecoin issuer reported over $1 billion in quarterly profit from traditional investments and saw USDT’s circulating supply increase by $7 billion, alongside 46 million new wallets. Under new regulatory oversight in El Salvador, the report underscores rising global trust in Tether’s transparency and liquidity. Separately, Tether announced it acquired a 70% controlling stake in sustainable agriculture firm Adecoagro, expanding its push into real-world infrastructure. CEO Paolo Ardoino said the move supports long-term economic resilience in emerging markets and reflects the firm’s strategy to bridge digital finance with real-world assets.
Solana led all blockchains in revenue generation for Q1 2025, surpassing Ethereum and BNB Chain amid a surge in user activity and application growth, according to Cointelegraph (May 2). The network’s scalability, low transaction fees, and high-speed architecture fueled a rise in on-chain transactions, NFT activity, and DeFi usage. Strategic upgrades and real-world integrations also bolstered trust and uptime.
Movement Labs announced today on X it has suspended co-founder Rushi Manche following allegations of involvement in a controversial market-making scheme linked to the MOVE token’s launch. The suspension came shortly after Coinbase announced it would delist the token. According to Movement Labs, a third-party review is underway after revelations that Manche signed a deal with “Rentech,” a market maker allegedly misrepresented as part of Web3Port. Rentech reportedly controlled 5% of MOVE’s supply and profited from dumping roughly $38 million worth of tokens following a December airdrop. MOVE has since plunged more than 80% from its highs and is trading near $0.1960.
