Wall Street surged on Thursday as investors bet the Federal Reserve may be forced to cut rates sooner than expected due to escalating trade tensions. The S&P 500 (+2%), Nasdaq 100 (+2.8%), and Dow (+1.2%) all rallied, with markets encouraged by Trump’s remarks that talks with Beijing are ongoing, despite China’s denial.
In crypto, the global crypto market cap increased over 1% in the past 24 hours to $2.93tn. The total crypto market 24h volume decreased 13.65% to $92.61bn. Bitcoin is up 1% in the past day, now trading around $93,300. Ether heald steady around $1,770.
In the past 24 hours, crypto liquidations decreased by 20% and totaled $264.61m, with 54% of them short positions.
According to data from SoSoValue, U.S. Bitcoin spot ETFs recorded total net inflows of $441.98 million on April 24, 2025, continuing a strong week of institutional demand. BlackRock’s IBIT once again led the day with $327.32 million in inflows, followed by ARKB (+$97.02m), Bitwise’s BITB (+$10.18m), and BTCO (+$7.48m). While most other funds reported no activity, the broad inflows reinforce sustained interest in Bitcoin exposure and rising crypto market momentum. US Ether spot ETFs recorded total net inflows of $63.49 million, marking a sharp reversal from the previous day’s outflows. BlackRock’s ETHA led with $40.03 million in inflows, followed by Grayscale’s ETH (+$18.28m), Bitwise’s ETHW (+$5.06m), and several smaller contributions from CETH and ETHV. Grayscale’s ETHE saw the only outflow of the day (-$6.6m), but overall flows remained firmly positive, suggesting renewed institutional interest in Ethereum exposure.
US banking regulators, including the Federal Reserve, FDIC, and OCC, announced Thursday in a press release that they are rescinding previous guidance urging caution on crypto activities. The Fed withdrew two supervisory letters that required banks to seek pre-approval before engaging in crypto and stablecoin-related operations. Additionally, all three agencies jointly pulled back 2023 statements warning banks about crypto-related risks.
According to Fidelity Digital Assets, Bitcoin supply on exchanges has dropped to just 2.6 million BTC — the lowest level since November 2018 — as public companies accelerate accumulation post-election. Fidelity attributes this trend largely to major corporate buyers like Strategy, which alone has acquired over 285,000 BTC since November, representing 81% of approximately 350,000 BTC total purchased by publicly traded companies.
The US SEC has postponed its decision on Grayscale’s proposed Polkadot ETF, pushing the deadline to June 11, according to an April 24 filing. The application, initially submitted by Nasdaq in February, is one of around 70 crypto-related ETFs currently awaiting regulatory approval. These include products tied to altcoins, memecoins, and crypto derivatives. 21Shares has also submitted a Polkadot ETF proposal, with Nasdaq also filing with the SEC to list a spot Polkadot ETF on behalf of 21Shares.
Securitize and Mantle have launched the Mantle Index Four (MI4) Fund, an institutional-grade crypto fund anchored by a $400 million investment from Mantle Treasury. The tokenized fund offers regulated exposure to a diversified basket of top digital assets—BTC, ETH, SOL, and stablecoins—using market-cap weighting, quarterly rebalancing, and DeFi-native yield strategies like mETH and USDe.
Inflow into ETH accumulation addresses is increasing, with a record daily inflow reached on April 22. Ethereum accumulation addresses have purchased over 1.1 million ETH in the past week.
The US SEC’s Crypto Task Force has announced plans to launch a digital asset regulatory sandbox in collaboration with El Salvador’s National Commission on Digital Assets (CNAD). The cross-border pilot will allow select participants to test crypto use cases under controlled conditions, with each scenario capped at $10,000. One use case involves a US-licensed broker partnering with a CNAD-approved tokenization firm to issue real estate-backed tokens classified as non-securities under US law. Another involves tokenized crowdfunding for a small firm. The sandbox draws from Commissioner Hester Peirce’s February policy framework and aims to inform future US crypto regulation.
According to a memo, on April 24, 2025, the SEC Crypto Task Force met with representatives from Ondo Finance and the law firm Davis Polk & Wardwell to discuss regulatory considerations for issuing wrapped, tokenized versions of publicly traded US securities. The agenda covered token structuring models, registration and broker-dealer requirements, financial compliance, and potential relief mechanisms such as sandboxes. Ondo Finance outlined strategies for aligning tokenized securities with US market structure and regulatory frameworks.
