Wall Street was little changed on Monday as traders awaited key economic data and major tech earnings. The S&P 500 (+0.06%), Dow (+0.28%), and Nasdaq (-0.10%) all hovered around the flatline, with sentiment muted by uncertainty over trade talks. Treasury Secretary Bessent said a deal with India could soon be reached, but offered no new progress with China, leaving negotiations at a standstill. Investors are now focused on upcoming job reports and the Treasury’s quarterly borrowing update.
In crypto, the global crypto market cap is currently at $2.97tn, with the total crypto market 24h volume increasing 39.8% to $88.41bn. Bitcoin heald steady around $94,700. Ether is trading around $1,800.
In the past 24 hours, crypto liquidations increased by 16% and totaled $212.38m, with 56% of them long positions.
Despite sizable outflows from major ETFs including ARKB (-$226.30m), FBTC (-$86.87m), and GBTC (-$42.66m), US Bitcoin spot ETFs still recorded a total daily net inflow of $591.29 million on April 28, 2025, driven by a massive $970.93 million inflow into BlackRock’s IBIT. The data highlights continued strong institutional demand, albeit concentrated in a dominant fund.
US Ether spot ETFs recorded modest total net inflows of $64.12m, driven entirely by BlackRock’s ETHA, which pulled in $67.47 million. Other major funds, including Fidelity’s FETH, Grayscale’s ETH, and others, saw no net activity, while Bitwise’s ETHW reported a $3.35 million outflow.
Coinbase Asset Management annouced it will launch the Coinbase Bitcoin Yield Fund (CBYF) on May 1, 2025, targeting a 4–8% annual net return in bitcoin. The firm claims the fund is designed to lower investment and operational risks compared to other bitcoin yield products by using third-party custody integrations and avoiding risky lending and call-selling strategies. Seeded by investors including Aspen Digital, CBYF will be available to international (non-US) investors, with an estimated $1 billion strategy capacity.
In a press release dated April 28, 2025, Mastercard announced new end-to-end capabilities to support stablecoin transactions across wallets, cards, and merchant payments. Through partnerships with OKX, Nuvei, and Circle, Mastercard aims to enable consumers to spend stablecoins and merchants to accept them seamlessly. The initiative includes wallet integrations with platforms like MetaMask and Crypto.com, merchant settlement in USDC via Nuvei and Circle, and enhanced on-chain remittances through the Mastercard Crypto Credential system. The company also highlighted the role of its Multi-Token Network (MTN) in powering real-time payments and tokenized asset applications.
MetaMask and Mastercard are also partnering with Baanx to launch the MetaMask metal payment card, allowing users to spend crypto directly from their self-custody wallets without preloading assets. Announced on April 28, the card will roll out globally in Q2 2025 and is powered by Mastercard’s network and Consensys’ Linea blockchain. Transactions are processed on-chain at checkout within five seconds. Unlike traditional crypto cards from Binance or Coinbase, MetaMask’s card keeps user funds in-wallet until payment. CompoSecure is handling the card’s design and security, and a waitlist is now open via MetaMask Portfolio.
The DeFi Education Fund sent a letter to the Trump administration on April 28, urging it to intervene and discontinue the Department of Justice’s prosecution of Roman Storm, co-founder of Tornado Cash. The group argued that the case threatens open-source software development by holding developers liable for how others use their code, warning it could stifle innovation across industries. Storm faces up to 45 years in prison on money laundering and sanctions violation charges. The Fund claims the DOJ’s actions contradict previous Treasury guidance under Trump’s first term and called for protecting US developers to secure the country’s leadership in crypto innovation. The petition has gathered over 250 signatures from industry figures, including Ethereum’s Tim Beiko and Paradigm’s Matt Huang.