Wall Street extended its winning streak to six sessions on Tuesday, with the S&P 500 (+0.58%), Dow (+0.75%), and Nasdaq (+0.55%) all closing higher as investors shrugged off weak consumer confidence and job data to focus on tariff adjustments and trade deal prospects. President Trump announced plans to ease auto tariffs, while Commerce Secretary Lutnick said an agreement with one country was near approval. The JOLTS survey showed a drop in job openings, and UPS announced 20,000 job cuts.
In crypto, the global crypto market cap is currently at $2.96tn, with the total crypto market 24h volume decreasing 14.6% to $74.87bn. Bitcoin heald steady around $94,800. Ether around $1,800.
In the past 24 hours, crypto liquidations increased by 2.20% and totaled $217.14m, with 55% of them long positions.
The $ALPACA token experienced an extreme price volatility after Binance announced on April 24 that it would delist the asset on May 2, which typically triggers sharp declines, and $ALPACA initially fell around 30%. However, it unexpectedly surged nearly 12x in the following three days—from $0.029 to $0.3477—driven by massive trading interest and open interest that far exceeded its market cap. Binance responded to the volatility by adjusting its funding rate rules, shortening the settlement cycle to hourly with caps of ±2%, later raised to ±4%. This move intensified a brutal long-short battle, with longs profiting both from rising prices and high funding fees, while shorts faced punishing losses—up to 48% per day even at 1x leverage. Despite these costs, traders using leverage continued to short, triggering millions in liquidations. When Binance raised the funding rate cap to 4%, $ALPACA abruptly crashed from $0.27 to ~$0.067, defying the expected outcome. The episode underscored how negative news like a delisting can paradoxically fuel speculative frenzy when heightened attention and limited token supply meet leverage. While a few traders capitalized on the volatility, many others faced steep losses.
US Bitcoin spot ETFs saw a net inflow of $172.78 million on April 29, 2025, as a $216.73 million gain in BlackRock’s IBIT offset moderate outflows from Bitwise’s BITB (-$24.39m), ARKB (-$13.32m), and Fidelity’s FBTC (-$6.24m). While inflows were narrower than the previous day’s surge, the data suggests continued institutional interest—though increasingly concentrated in IBIT. US Ether spot ETFs recorded a total net inflow of $18.40 million on April 29, 2025, driven by a $25.52 million inflow into Fidelity’s FETH. This was partially offset by a $7.12 million outflow from Grayscale’s ETHE, while other funds saw no net activity.
On April 29, 2025, Cboe Global Markets announced the official launch of Cboe FTSE Bitcoin Index Futures (XBTF) on its Cboe Futures Exchange (CFE). These cash-settled contracts, tied to the FTSE Bitcoin Reduced Value Index, provide investors with a regulated, centrally cleared tool for gaining or hedging Bitcoin exposure without the complications of physical delivery. The new futures expand Cboe’s crypto product lineup, which already includes spot Bitcoin ETFs and index options. Market makers like Barak Capital and Prime Trading will provide liquidity for XBTF, which settles monthly and is designed for institutional and advanced trading strategies.
On April 29, 2025, UK finance minister Rachel Reeves announced that Britain will bring crypto exchanges and dealers under formal financial regulation, aligning the country’s approach more closely with the United States rather than the EU. The move will apply existing financial rules to crypto companies, aiming to treat digital assets similarly to traditional finance. Reeves also emphasized a commitment to close cooperation with US regulators. The UK government’s HM Treasury published a policy note titled “Future financial services regulatory regime for cryptoassets”, which outlines the near-final version of the Statutory Instrument (SI) that will extend the Financial Services and Markets Act 2000 (FSMA) to cover cryptoassets and stablecoins. The document sets out the Treasury’s policy objectives and legal framework for regulating cryptoasset-related activities such as trading platform operation, custody (safeguarding), issuance of stablecoins, staking, and cryptoasset dealing. It introduces formal definitions for “qualifying cryptoassets” and “qualifying stablecoins” and details the FCA’s future supervisory role. The note clarifies that DeFi protocols without identifiable controlling parties may remain outside the scope of regulation. It also explains transitional arrangements, anti-money laundering updates, and how the regime applies to firms serving UK consumers, including overseas entities. Public feedback on the draft SI is invited by May 23, 2025 for final technical review before legislation is laid before Parliament.
Nasdaq has submitted a filing to the US SEC seeking approval to list the 21Shares Dogecoin ETF, following 21Shares’ April 10 proposal to launch the product, joining a broader push by asset managers like Grayscale and Bitwise to bring memecoins and altcoins into regulated investment vehicles.
El Salvador is continuing to purchase Bitcoin, according to Economy Minister María Luisa Hayem in an interview with Bloomberg, despite International Monetary Fund (IMF) pressure to curb its crypto activities under the $1.4 billion loan deal. Hayem stated that President Nayib Bukele remains committed to accumulating BTC as part of the country’s reserves, contradicting the IMF’s recent claims that El Salvador is complying with conditions to reduce Bitcoin-related policies. Blockchain data also supports ongoing BTC purchases.
Libre will launch a $500 million tokenized bond fund on the TON blockchain backed by Telegram debt, offering institutional-grade yields and enabling use as collateral for on-chain borrowing. Dubbed the Telegram Bond Fund (TBF), the product targets accredited investors and represents a broader push to bring real-world assets (RWAs) into crypto ecosystems. Libre has already tokenized over $200 million in assets from firms like BlackRock and Brevan Howard, aiming to enhance the utility of traditional financial instruments through blockchain-based access and functionality.
