10
Apr, 2025
Crypto stocks see big gains alongside US stock market rebound
Altcoin News, Bitcoin News, Crypto Analytics, Crypto Industries & Currency Updates
Crypto stocks have surged as part of a broader recovery in the US stock market on April 9 following President Donald Trump’s 90-day pause on sweeping global tariffs.
The Wednesday, April 9 trading day closed with Michael Saylor’s Strategy up 24.76% to $296.86, while crypto exchange Coinbase (COIN) closed up 17% to $177.09, according to Google Finance data.
Crypto mining companies also saw gains, with MARA Holdings (MARA) up 17%, Cipher Platforms (CIFR) up 16.59%, and Riot Platforms (RIOT) rising 12.77%.
Michael Saylor’s Strategy, formerly known as MicroStrategy, surged 24.76% during the trading day. Source: Google Finance
Most of the gains in crypto stocks and the broader US market came in the final three hours of the day’s trading session, spurred by an afternoon post from Trump on his social media platform, Truth Social.
In the post, Trump announced a 90-day pause on his global “reciprocal tariffs,” instead lowering the tariff rate to 10% on every country besides China, which he increased to 125% due to the country’s counter-tariffs against the US.
The S&P 500, which tracks the 500 largest public US companies, closed 9.52% higher, its third-largest single-day gain since World War II, according to reports. Meanwhile, the Nasdaq 100 posted a 12.02% gain over the trading day.
APAC markets and Bitcoin see gains
Asia Pacific markets saw an uptick as trading began on Thursday, April 10, local time. Australia’s ASX 200 index is up 4.55% at the time of writing, while Japan’s Nikkei 225 opened the trading day almost 10% higher.
Related: Bitcoin, stocks crumble after ’90 day tariff pause’ deemed fake news — BTC whales keep accumulating
Although Trump’s initial mention of tariffs in early February shook the markets and was a key catalyst in Bitcoin dropping below the $100,000 price level, it was his major escalation in early April that triggered significant volatility across the markets.
On April 4, the US stock market lost $3.25 trillion — around $570 billion more than the entire crypto market’s $2.68 trillion valuation at the time of publication.
It came only two days after Trump signed an executive order establishing reciprocal tariffs on trading partners and a 10% baseline tariff on all imports from all countries.
Meanwhile, Bitcoin (BTC) has also experienced an uptrend. At the time of publication, Bitcoin is trading 7.52% higher than 24 hours ago, at $82,065, according to CoinMarketCap data.
Magazine: 3 reasons Ethereum could turn a corner: Kain Warwick, X Hall of Flame
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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10
Apr, 2025
3 reasons why Ethereum price keeps falling
Altcoin News, Bitcoin News, Crypto Analytics, Crypto Industries & Currency Updates
Ether’s (ETH) most recent sell-off saw it lose the crucial $1,500 support level, and a number of technical indicators suggest that ETH may witness a deeper correction before embarking on a sustained recovery.
Data shows Ether’s price dropped below its realized price — an onchain metric that recalculates the market value of a cryptocurrency based on the price at which each coin last moved on the blockchain.
According to CryptoQuant contributor, theKriptolik, ETH price trading below this metric, which is historically a bearish sign. When the realized price is above the spot price, it usually acts as resistance and places “most holders suddenly in a loss position,” the analyst said.
The analyst added:
“Drops below the realized price often mark the capitulation phase, where investors lose confidence and begin selling en masse.”
Ethereum realized price for accumulation addresses. Source: CryptoQuant
In June 2022, Ether’s realized price fell below the spot price, preceding a 51% drop in ETH price following the Terra Luna market crash. A similar scenario was witnessed in November 2022, when the metric fell below the price before Ether dropped 35% following the FTX collapse.
Now that a similar scenario is playing out, the current setup loosely echoes those prior bearish continuation phases, with ETH price at risk of a deeper correction.
Spot Ethereum ETF flows remain weak
Spot Ethereum ETFs continue to weaken, with more than $3.3 million in net outflows on April 8. In fact, these investment products have recorded $94.1 million in outflows over the last two weeks against $13 million in inflows.
The lack of investor interest is concerning, especially since institutional demand was considered a key part of Ether’s appeal and played a role in the gains accrued in May 2024 as investors bet on an ETF approval from the US Securities and Exchange Commission.
Spot Ether ETF flows table. Source: Farside Investors
This is also reflected across all other Ether products, with the report from CoinShares pointing out that flows into Ethereum investment funds align with the bearishness seen across the market, with $37.4 million outflows recorded during the week ending April 4.
ETH open interest is low, and funding rates are negative
Another factor weighing Ether’s price down is the lack of enthusiasm in its derivatives market, evidenced by low open interest and negative funding rates.
Open interest (OI)—the total number of outstanding futures and options contracts—remains low, indicating reduced trader participation and speculative activity. Currently, at $16.7 billion, the metric is 48% below its peak of $32.3 billion witnessed on Jan. 24.
Declining OI signals waning investor confidence or interest, which can exacerbate the price decline as buying pressure dries up.
ETH open interest across all exchanges. Source: CoinGlass
Compounding this issue are negative funding rates in Ether’s perpetual futures markets, which are hovering below 0%, indicating that bearish sentiment dominates the market.
Related: Ethereum whale sells ETH after 900 days, missing $27M possible peak profit
When rates turn negative, it means shorts (bets against the price) are paying longs to keep their positions open, suggesting a dominance of bearish sentiment.
ETH funding rates across all exchanges. Source: Glassnode
Competing layer-1 blockchains outpace Ethereum network activity
Ethereum’s high gas fees offer an opportunity for competing layer-1 blockchains focusing on high scalability to eat into its market share in the space. While a fraction of the activity has moved to Ethereum layer-2 solutions, some users and developers opt for other top layer-1 alternatives such as the BNB Chain, Solana, Avalanche and Tron.
As a result, Ethereum’s network activity growth has fallen behind that of its rivals.
Top blockchains ranked by 24-hour DApps volume, USD. Source: DappRadar
Ethereum’s unique active wallets (UAW) — addresses engaging with decentralized applications (DApps) on the platform — declined by over 33% over the last 30 days compared to just a 16% decrease on Solana and a 16% increase on Tron.
Similarly, the total number of transactions deployed on the Ethereum network dropped by 40.5% during the same period, while transactions on the BNB Chain, Solana and Avalanche decreased by 16%, 30% and 23%, respectively. Transactions on Tron and Fantom increased by 23% and 16%.
There’s no indication that the factors weighing on Ether’s price — such as declining network activity and low demand for its spot ETF products — will reverse anytime soon.
While this doesn’t guarantee that Ether’s price will remain in an extended downtrend, the technical setup suggests that ETH’s price may bottom at $1,000.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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10
Apr, 2025
21Shares files for spot Dogecoin ETF in the US
Altcoin News, Bitcoin News, Crypto Analytics, Crypto Industries & Currency Updates
Digital asset manager 21Shares has filed with the US Securities and Exchange Commission to launch a spot Dogecoin exchange-traded fund, following similar filings from rivals Bitwise and Grayscale.
The 21Shares Dogecoin ETF would seek to track the price of the memecoin Dogecoin (DOGE), according to the firm’s April 9 Form S-1 registration statement. The Dogecoin Foundation’s corporate arm, House of Doge, plans to assist 21Shares with marketing the fund.
21Shares said Coinbase Custody would be the proposed custodian of its Dogecoin ETF but did not specify a fee, ticker or what stock exchange it would list on.
Source: James Seyffart
21Shares must also file a 19b-4 filing with the SEC to kickstart the regulator’s approval process for the fund.
DOGE currently has a $24.2 billion market cap and is the eighth-largest cryptocurrency by value. It was created in 2013 as a joke and is a fork of Lucky Coin, which itself is a fork of Bitcoin.
21Shares’ proposed Dogecoin ETF is the company’s latest effort to expand its spot crypto ETF offerings, which currently includes only a spot Bitcoin (BTC) and Ether (ETH) fund.
The issuer also filed with the SEC in February to launch a spot Polkadot (DOT) ETF and last year, it filed to create a spot XRP (XRP) ETF.
Related: Dogecoin millionaires are buying dips as DOGE price eyes 30% rally
The recent surge in crypto ETF filings reflects a “spaghetti cannon approach” from issuers testing which products the new SEC leadership might approve, Bloomberg ETF analyst James Seyffart said in February.
“Issuers will try to launch many many different things and see what sticks,” Seyffart said.
Seyffart and fellow Bloomberg ETF analyst Eric Balchunas said in February that there is a 75% chance that the SEC will approve a spot Dogecoin ETF this year, while the betting platform Polymarket currently gives approval odds of 64%.
21Shares and House of Doge partner for DOGE funds in Switzerland
21Shares also said on April 9 that it partnered with House of Doge to launch a fully backed Dogecoin exchange-traded product on Switzerland’s SIX Swiss Exchange.
The 21Shares Dogecoin product will trade under the ticker “DOGE” with a 2.5% fee.
21Shares president Duncan Moir said that Dogecoin “has become more than a cryptocurrency: it represents a cultural and financial movement that continues to drive mainstream adoption, and DOGE offers investors a regulated avenue to be part of this exciting project.”
Magazine: Memecoin degeneracy is funding groundbreaking anti-aging research
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