Bitcoin hit 2025 lows and fell to levels not seen since November 2024 before rallying on Trump’s tariff’s pause. Tariff talks dominated headlines causing crypto and equity markets to sink before recovering on news that there will be a 90-day pause for countries that haven’t retaliated against the US.
Bitcoin and Ethereum were mixed, up 1.73% and down -10.20% respectively over the seven days to 13 April 2025. Bitcoin’s market capitalisation is sitting at around US$1.67 trillion. The global crypto market capitalisation is up to around US$2.68 trillion. Bitcoin’s market dominance was up to 62.5%.
| |
Price |
High |
Low |
Change from previous week |
| BTC (in US$) |
$84,413 |
$85,758 |
$74,467 |
1.73% |
| ETH (in US$) |
$1,613 |
$1,800 |
$1,396 |
-10.20% |
Source: CoinMarketCap. As at 13 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
Big win for DeFi sector
An Internal Revenue Service (IRS) rule that was approved in the last few days of the Biden administration was overturned after US President Donald Trump signed a congressional resolution. The IRS rule required that decentralised finance (DeFi) platforms be treated as brokers and required them to track and report user activity. Unlike crypto exchanges, which act as an intermediary between buyers and sellers, DeFi exchanges allow users to transact directly on a blockchain network.
Both the Senate and House of Representatives agreed to reverse the IRS action through the Congressional Review Act, which allows Congress to reverse new federal rules with a simple majority. This is the first time the industry has seen significant pro-crypto efforts advance all the way through Congress1.
Blockbuster deal in digital sssets
It was announced last week that Ripple had agreed to acquire prime broker Hidden Road for US $1.25 billion. This makes it one of the largest deals in the digital assets space. Ripple will also become the first crypto company to own and operate a global, multi-asset prime broker.
Hidden Road offers institutional services including clearing, prime brokerage and financing across foreign exchange, digital assets, derivatives, swaps and fixed income. The company clears US$3 trillion annually across markets with more than 300 institutional customers.
On Hidden Road’s website, it announced that it will migrate post-trade activity across the XRP Ledger (XRPL) demonstrating its potential as the ‘go-to’ blockchain for institutional (DeFi). In addition, the acquisition will make RLUSD the first stablecoin to enable cross-margining between digital assets and traditional markets, reinforcing its position as a ‘premium enterprise-grade’ USD-backed stablecoin2.
CRYP company spotlight
Bitcoin mining companies produce over 9,700 BTC in Q1
Nearly US$800M of Bitcoin was produced by the top mining companies in the first quarter of 2025. According to data compiled by Cointelegraph, Marathon Digital Holdings was the largest Bitcoin mining company by market cap mined with 2.285 BTC mined in Q1, followed by CleanSpark with 1,950 BTC mined. Iren rounded off the top 3 reporting a total of 1.513 BTC mined. Hut8 showed the highest mining growth rate among the top miners with 91% growth in March3.
Bitcoin mining is a sector held in the Betashares Crypto Innovators ETF (ASX: CRYP)4. CRYP provides exposure to global companies at the forefront of the crypto economy5.
Ethereum (ETH): US Spot ETF Net Flows
This metric shows the total net flow of funds of the leading Ethereum ETFs traded in the US, reflecting the day-to-day changes in the ETF’s holdings.
According to Glassnode data, even with the launch of ETFs, Ethereum has struggled to be in positive net flows going back to early February. This is very different to the Bitcoin ETF story.
Source: Glassnode. Past performance is not indicative of future performance.
Most altcoins were moderately positive over the seven days days to 13 April 2025, but the largest mover, Avalanche (AVAX) was up over 17%.
Helping push the price of AVAX higher was news that Nasdaq had officially filed a request with the US Securities and Exchange Commission (SEC) to launch a new exchange-traded fund that would focus on (AVAX)6.
References:
1. https://www.reuters.com/world/us/trump-signs-bill-nullify-expanded-irs-crypto-broker-rule-2025-04-11/
2. https://hiddenroad.com/ripple-agrees-to-acquire-prime-broker-hidden-road-for-1-25b-in-one-of-the-largest-deals-in-the-digital-assets-space/
3. https://cointelegraph.com/news/bitcoin-miners-produce-800-million-btc-first-quarter
4. As at 11 April 2025. No assurance is given that this company will remain in the portfolio or will be a profitable investment.
5. CRYP will not invest in crypto assets directly, and will 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.cryptotimes.io/2025/04/10/nasdaq-files-avalanche-etf-for-vaneck-will-avax-price-rally/
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.
1 comment on this
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