Coinbase Research: April 2025 in Review — The Crypto Rollercoaster Nobody Saw Coming

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So, here’s the deal: the crypto world got a little less chaotic, and it’s like everyone suddenly decided to play nice. Regulatory pressures? Yeah, they kinda let up. Institutional adoption? Oh, it’s definitely deepened, like when you realize you’ve been binge-watching the same show for hours. And on-chain infrastructure? Let’s just say it’s having a moment.

Regulatory Relief in the U.S. and Hong Kong — Who Knew?

In the U.S., it’s like the government finally remembered crypto exists. April brought the clearest easing of regulatory pressure since the 2021 bull run. They killed off that “DeFi broker” rule that had everyone running for the hills. The Department of Justice? Yeah, they quietly dissolved their national crypto enforcement team. Nothing to see here, folks! And get this — the SEC dropped its case against PayPal’s stablecoin PYUSD. Apparently, redeemable stablecoins are now not treated as securities. Oh, the joys of clarity… finally!

Meanwhile, Hong Kong’s playing catch-up, allowing licensed exchanges to offer staking if they can prove they’re doing things “properly.” Oh, and by the way, they’re totally playing nice now too. Can you feel the harmony?

So, of course, there’s a rush of new ETF filings — VanEck’s got a BNB ETF in the works, Grayscale’s applying for a Solana Trust conversion, and Canary? They’re filing for a staked TRX ETF. Analysts are saying that this whole clarity thing around staking services and stablecoins? Yep, it’s got institutional investors feeling all warm and fuzzy again.

Institutions Getting Cozy With Crypto — It’s Like a Love Affair

Circle’s now filing to go public — you know, just casually dropping $1.68 billion in 2024 revenue and a cool $1.15 billion net profit. Oh, and don’t forget their $10 billion in U.S. Treasury holdings. Nothing to see here, just some casual crypto flexing.

Tether’s been busy too. They added $5 billion in Bitcoin to their reserves. Oh, and MicroStrategy? Now rebranding as “Strategy,” they bought another $1.65 billion in BTC. So yeah, it’s basically a U.S.-based Bitcoin party, and everyone’s invited. Trump’s public support just added extra frosting to the cake.

Other highlights include Cantor Fitzgerald, which is now the official babysitter for over $100 billion in T-bills for stablecoin issuers, SoftBank’s Japan-based stablecoin, and Stripe launching USDC-based financial accounts in 101 countries. Crypto’s going global, people.

And hey, public companies are also jumping into the crypto pool. Upexi and Semler Scientific grabbed some Bitcoin, while World Liberty Financial decided to just casually air-drop USD1 stablecoin. Because why not?

ETF Momentum – Still Going Strong Like That One Friend Who Never Leaves

Spot Bitcoin ETFs are raking in cash like it’s going out of style. We’re talking $2.97 billion in net inflows for April. BlackRock’s IBIT is the MVP, bringing in $2.69 billion by itself. Grayscale’s GBTC? Yeah, not so hot. Investors are jumping ship for lower-fee options. And Ether ETFs? They’re seeing $66 million in inflows, so there’s still hope for ETH, despite all the regulatory drama.

Infrastructure and Exchange Growth — Making Crypto Easier for the Masses

Binance is making moves, like adding Apple Pay and Google Pay for fiat deposits. Because why not make it super easy for people to throw their money into crypto? Oh, and they launched a USD1 perpetual contract on Binance Futures with 50x leverage. Because who doesn’t love a little risk?

Meanwhile, on the decentralized side, Hyperliquid’s advancing its governance game. They formed a validator council with 21 community members, and each has a one-year term. Sounds like a fancy way to say, “We’re making crypto governance look legit.” But hey, progress!

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2025-05-09 15:14