Justin Arzadon
6 minutes reading time
- Digital assets
Bitcoin had its strongest week since Trump’s election win back in November. The rally was supported by strong flows into US-listed spot Bitcoin ETFs.
Bitcoin and Ethereum rose by 10.99% and 13.02% respectively over the seven days to 27 April 2025. Bitcoin’s market capitalisation is sitting at around US$1.86 trillion while the global crypto market capitalisation is up to around US$2.95 trillion. Bitcoin’s market dominance currently sits at 63.4%.
| Price | High | Low | Change from previous week | |
| BTC (in US$) | $94,107 | $95,620 | $84,012 | 10.99% |
| ETH (in US$) | $1,804 | $1,845 | $1,561 | 13.02% |
Source: CoinMarketCap. As at 27 April 2025. Past performance is not indicative of future performance. Performance is shown in US dollars and does not take into account any USD/AUD currency movements.
Source: Glassnode. Past performance is not indicative of future performance.
Crypto news we’re watching
CME plans to launch XRP futures
The CME, the world’s largest financial derivatives exchange operator, will add XRP derivatives on 19 May 2025 (pending regulatory approval).
If approved, XRP will become the fourth cryptocurrency futures product, joining Bitcoin, Ethereum and Solana. The listing is also expected to increase the chances of regulators approving additional spot XRP ETF applications1.
In a press release, Giovanni Vicioso, Global Head of Cryptocurrency Products at CME Group, said “interest in XRP and its underlying ledger has steadily increased as institutional and retail adoption for the network grows.”
“We are pleased to launch these new futures contracts to provide a capital-efficient toolset to support clients’ investment and hedging strategies.”1
New Bitcoin investment company will rival Strategy
Twenty One Capital Inc. (Twenty One Capital), a new Bitcoin investment vehicle, has launched after merging with the special purpose acquisition company Cantor Equity Partners.
Tether (co-founder of Twenty One Capital) and crypto exchange Bitfinex will own the majority of the company. Masayoshi Son’s SoftBank Group will also hold a significant minority stake. The new company plans to hold almost 42,000 BTC at launch.
If executed, Twenty One Capital will become the third-largest Bitcoin treasury. Only Strategy (formerly known as MicroStrategy) and MARA Holdings would be larger. Co-founder and CEO Jack Mallers will lead the company.
Tether and Bitfinex are contributing $1.5 billion and $600 million respectively, while SoftBank is adding $900 million. They will also aim to raise another $585 million through bonds and private equity2.
CRYP company spotlight
Bitdeer (NASDAQ: BTDR) preps for the future of mining
Bitdeer (NASDAQ: BDTR) is aiming to expand the production of ‘Application-Specific Integrated Circuits’ for Bitcoin mining. It recently secured $60 million in funding and a $200 million credit line to boost its self-mining operations. 3
Bitdeer Technologies Group is currently held in the Betashares Crypto Innovators ETF (ASX: CRYP)4. CRYP provides exposure to global companies at the forefront of the crypto economy.5
Bitcoin (BTC): US Spot ETF Net Flows
This metric shows the total net flow of funds of the leading spot Bitcoin ETFs traded in the US on a daily basis. It is calculated as the difference between today’s balance data point and the previously available balance data point in native units.
Each day’s native net flow converts into US Dollars, using the closing US Dollar exchange rate at 4pm New York time.
According to Glassnode data, US-listed spot Bitcoin ETFs saw $2.68 billion in net inflows last week (until 24 April 2025), the largest weekly inflow since December.
Source: Glassnode. Past performance is not indicative of future performance.
Bitcoin (BTC): Accumulation Trend Score
The Accumulation Trend Score reflects the size of entities actively accumulating coins on-chain, based on their BTC holdings. It combines their balance size (participation score) and the amount of new coins acquired or sold in the past month (balance change score).
An Accumulation Trend Score of close to 1 indicates that on aggregate, larger entities are actively accumulating while a value close to 0 indicates they are distributing or not accumulating.
The Accumulation Trend Score reflects that larger entities are back in the market and accumulating once again. You can see this in the score, which is back to levels not seen since December.
Source: Glassnode. Past performance is not indicative of future performance.
Altcoin news
Most Top 20 altcoins gained over the seven days to 27 April 2025. However, the largest mover was Sui (SUI) which rose over 65%.
The price of SUI rose following news from the SUI team about positive developments in the Bitcoin-powered DeFi sector. The team announced new partnerships with Lombard Finance, RedStone, Cubist and Babylon, highlighting its dominance in the BTCfi space.6
According to SUI’s website, SUI focuses on BTCfi which helps bridge the gap by making Bitcoin usable in DeFi without sacrificing its security.
Investing in crypto assets or crypto-focused companies is not suitable for all investors and should only be considered by investors who (i) fully understand their features and risks or after consulting a professional financial adviser, and (ii) who have an extremely high tolerance for risk and the capacity to absorb a rapid loss of some or all of their investment. Any investment in crypto assets or crypto-focused companies should only be considered as a very small component of an investor’s overall portfolio.
References:
1. https://www.fxstreet.com/cryptocurrencies/news/cme-plans-to-launch-xrp-futures-boosting-hopes-for-an-xrp-etf-202504242039
2. https://www.cantor.com/tether-softbank-group-and-jack-mallers-launch-twenty-one-a-bitcoin-native-company-through-a-business-combination-with-cantor-equity-partners/
3. https://en.cryptonomist.ch/2025/04/22/bitdeer-invests-60-million-dollars-to-enhance-asic-production-for-bitcoin-mining-in-a-context-of-record-hashrate/
4. As at 25 April 2025. No assurance is given that this company will remain in the portfolio or will be a profitable investment.
5. CRYP does not invest in crypto assets directly, and does not track price movements of any crypto assets. For more information on risks and other features of CRYP, please see the Product Disclosure Statement and Target Market Determination (TMD), available at www.betashares.com.au.
6. https://www.ccn.com/analysis/crypto/price-rally-sui-coin-resistance/
Off the Chain is published every second Tuesday. It provides the latest news on bitcoin and the rest of the crypto market, along with analysis and insights into the world of crypto.
It provides general information only and is not a recommendation to invest in any crypto asset, crypto-focused company or investment product.
