Daily Report 14 Apr 2025
- Wall Street ended last week on a strong note, with major indices posting solid gains. Optimism has carried into Asia following Trump’s announcement of reduced tariffs on electronic goods on Sunday, cutting rates to 20% from as high as 125%. Meanwhile, China’s trade surplus hit a record $102.6 billion, driven by a 13% surge in exports. Trump also said he will provide more info on chips tariffs today.
- In crypto, the global crypto market cap increased 3.9% over the weekend and is currently at $2.68tn. The total crypto market 24h volume is $83.04bn. Bitcoin gained 4.2% since friday and now trades around $84.7k, more than 13% higher than a week prior. Ether is up 5.2% since friday, currently trading around $1,550.
- In the past 24 hours, crypto liquidations increased by 38.5%, and totaled $338.85m, with 62% of them long positions.
source: Coinglass
- OM, the native token of the MANTRA crypto project, plunged 90% on Sunday, triggering liquidations totaling nearly $73 million and wiping out an estimated $5 billion in market value. The crash has sparked widespread controversy, with investors accusing insiders of dumping their holdings, fueling speculation of internal misconduct and raising serious concerns about transparency within the project. According to Lookonchain on X, five hours before the OM crash, "a wallet that had been dormant for one year transferred 2m OM to a wallet potentially linked to Shane Shin", who had "publicly praised OM multiple times." Mantra (@MANTRA_Chain) addressed the situation on X, saying that "MANTRA is fundamentally strong. Today’s activity was triggered by reckless liquidations, not anything to do with the project. One thing we want to be clear on: this was not our team. We are looking into it and will share more details about what happened as soon as we can."
- According to data from Farside Investors, US Bitcoin spot ETFs closed last week with net outflows of $1m, as ARKB's $11.3m inflows were effectively offset by BITB's $12.3m outflows. This brings last week's total net outflows to $708m, which represents a 330% increase in outflows compared to the week before. ETH ETFs recorded net outflows of $29.2m, with Grayscale Ethereum Trust ETF (ETHE) recording $26.1m in outflows and Bitwise ETHW recording $3.1m in outflows, bringing the week's total outflows to $82.5m.
- On saturday, Ethereum hit a record $1.18 trillion in stablecoin transfers over a 30-day period, marking the highest 30-day volume ever and signaling rising demand for dollar-pegged assets amid macroeconomic uncertainty. The surge in activity followed Tether Treasury’s $1 billion USDT mint, reinforcing Ethereum’s position as a core financial infrastructure in the crypto ecosystem
- Metaplanet purchased an additional 319 BTC worth ~$26.3m, bringing its total Bitcoin holdings to 4,525 BTC.
- During a recent Fox Business interview, Ripple CEO Brad Garlinghouse addressed the company’s legal battle with the US SEC, which ended with Ripple agreeing to pay $50 million as part of a settlement. Garlinghouse revealed that Ripple is considering paying the fine in XRP, the company’s native token.
- XRP has faced over $300 million in outflows so far in April, with Coinglass data showing more net daily outflows than net daily inflows.
- According to Lookonchain and Arkham Intelligence data, Trump-affiliated World Liberty spent 775k USDC on April 12 to purchase 4.89m SEI, bringing its total crypto investment to $346.8m across 11 tokens. Despite the scale of its portfolio, all positions are currently in the red, with a total unrealized loss of $145.8m.
- According to CryptoQuant, Bitcoin whales have accumulated over 100,000 BTC since early March, signaling long-term confidence in the asset despite recent market turbulence. On April 9 alone, so-called accumulation addresses received 48,575 BTC—the largest single-day inflow since February 2022—valued at roughly $3.6 billion.
- An NFT investor sold a CryptoPunk for $6 million, realizing a nearly $10 million loss after holding it for a year, as declining ETH prices and a broader NFT market downturn continue to impact top collections. The NFT was originally purchased for 4,500 ETH (~$15.7m) and sold for 4,000 ETH, with Ethereum’s price having fallen 57% during that period. Despite the loss, the sale remains the largest NFT transaction in the past 30 days, according to CryptoSlam.
- According to a March 28, 2025 report by Cointelegraph, NFT sales fell 63% year-over-year in Q1 2025, dropping from $4.1 billion to $1.5 billion, with CryptoPunks’ quarterly sales down 47% to $60 million. While top collections struggled, Pudgy Penguins, Doodles, and Milady Maker outperformed the market, bucking the broader downturn.
- NFT trader Waylon Wilcox has pleaded guilty to underreporting nearly $13 million in profits from CryptoPunk sales, potentially facing up to six years in prison, according to the US Attorney’s Office for the Middle District of Pennsylvania. Federal prosecutors say Wilcox, 45, filed false tax returns for 2021 and 2022, significantly reducing his tax liabilities by omitting earnings from 97 NFT trades.