Circle Files for IPO, Grayscale Eyes ETF Conversion, Bitcoin at $84K, and Crypto Market Cap Crosses $2.7T: Apr 2

The crypto market has reached a global cap of $2.73 trillion with stablecoins dominating 94.51% of the 24-hour volume, as Circle and Grayscale make significant moves with an IPO filing and an ETF conversion, respectively. Despite Bitcoin’s dominance at 61.82%, Ethereum faces challenges with blob fee revenue plunging over 73% in recent weeks, signaling a period of mixed sentiment in the market.

• The global crypto market cap is $2.73T, up 2.37% in one day, with stablecoins accounting for 94.51% of the $77.81B 24-hour volume.

• Circle has filed for an IPO on the NYSE under the ticker “CRCL,” highlighting its robust stablecoin revenue model.

• Grayscale is pushing for an ETF conversion with over $600 million in assets under management, reflecting evolving investment trends.

• American Bitcoin Corp. is pursuing an IPO amid strategic restructuring with Hut 8, signaling a diversification trend among Bitcoin miners.

• Bitcoin continues to show resilience with a dominance of 61.82%, while Ethereum’s revenue challenges indicate potential near-term technical adjustments.

The global crypto market has seen a healthy growth spurt, reaching a cap of $2.73 trillion—a 2.37% increase in just one day. Despite a minor decline of 0.28% in the overall 24-hour volume, which stands at $77.81 billion, the market displays robust liquidity with stablecoins playing a pivotal role. The Crypto Fear and Greed Index has improved to 44 on Wednesday, up from Tuesday’s 34; however, it still indicates a sentiment of Fear among crypto investors. 

Crypto Fear & Greed Index | Source: Alternative.me

Stablecoins now account for a staggering 94.51% of daily trading volume, amounting to $73.54 billion, while decentralized finance (DeFi) contributes 7.07% with a total volume of $5.5 billion. Bitcoin’s market dominance has inched up to 61.82%, reinforcing its position as a cornerstone in the crypto market.

Recent news highlights a period of significant change driven by both internal market dynamics and external macroeconomic pressures. On the macroeconomic front, the U.S. Treasury Secretary noted that the tariffs announced on Wednesday are at their highest level, with countries expected to take subsequent steps to lower them. Additionally, the March ISM manufacturing PMI in the United States came in at 49—lower than both the previous value and market expectations—while the Reserve Bank of Australia (RBA) maintained current interest rates, pausing further rate cuts.

In the realm of compliance, the SEC Cryptocurrency Task Force is set to hold four additional meetings in the first half of the year to discuss topics ranging from regulatory rules and custody to the tokenization of on-chain assets and DeFi. Meanwhile, BlackRock has received approval from the UK's Financial Conduct Authority to register as a cryptocurrency company, even as European regulators warn that the deregulation of cryptocurrencies in the United States could increase risks for traditional finance.

Industry hotspots continue to make headlines as well. Circle has submitted an IPO application for a listing on the New York Stock Exchange and spent $210 million to acquire Coinbase's stake in the Centre Consortium, establishing itself as the sole issuer of USDC. In parallel, Backpack has completed the acquisition of FTX EU and is beginning the process of returning user funds, and GameStop has successfully raised $1.5 billion to reserve Bitcoin. These developments illustrate how strategic moves and regulatory initiatives are shaping the crypto market.

Circle Internet Group, the force behind the USDC stablecoin, has taken a historic step by filing an S-1 registration with the SEC for an IPO on the New York Stock Exchange under the ticker “CRCL.” The company reported $1.67 billion in revenue for 2024—a 16% year-on-year increase—while its net income declined by 41.8% compared to 2023. 

Circle’s financial statements | Source: SEC

Over 99% of Circle’s revenue stems from its stablecoin reserves, which not only underscores its dominant market position but also reflects its strategic reliance on yield-bearing assets like Treasury bills. This move is anticipated to further solidify Circle’s influence in the crypto ecosystem as it continues to leverage its vast reserve income and digital asset holdings.

Read more: USDT vs. USDC: Differences and Similarities to Know in 2025

Grayscale Digital Large Cap Fund LLC filing | Source: SEC

Asset manager Grayscale is making strides in transforming its Digital Large Cap Fund into an ETF, as evidenced by its recent S-3 regulatory filing with the SEC. The fund, which currently manages more than $600 million in assets, holds a diversified portfolio that includes major cryptocurrencies like Bitcoin, Ether, Solana, XRP, and Cardano. 

This strategic initiative not only reflects Grayscale’s commitment to expanding its product offerings but also aligns with the broader market trend of institutional investors seeking regulated, diversified crypto investment products. The ETF conversion could potentially broaden the fund’s accessibility, tapping into a wider range of investors and driving further growth in the digital asset management space.

American Bitcoin Corp., a crypto mining operation backed by the Trump family and recently restructured following Hut 8’s acquisition of a majority stake, is now mulling an IPO as part of its capital-raising strategy. The integration of Bitcoin mining operations with high-performance computing infrastructures signals a broader industry trend where miners diversify into alternative revenue streams. 

This strategic move aims to create a vertically integrated entity, enhancing operational efficiency and ensuring more predictable financing conditions. As Bitcoin mining revenues face increasing pressure, the company’s pivot toward new business lines reflects a proactive approach to navigating the dynamic crypto landscape. 

BTC/USDT price chart | Source: KuCoin

Bitcoin’s performance continues to stand out in a volatile market, maintaining its dominance at 61.82%. Despite facing macroeconomic challenges such as trade tensions and inflationary trends, Bitcoin has remained resilient due to strategic institutional accumulations and robust network fundamentals. 

Its price stability above critical support levels, even amidst regulatory and geopolitical headwinds, reaffirms Bitcoin’s role as the market’s stabilizing force. The ongoing support from large-scale buyers and strategic portfolios indicates that Bitcoin will likely continue to underpin the broader crypto market during periods of uncertainty.

Ethereum blob fees touch 3.18 ETH | Source: Etherscan

Ethereum, on the other hand, is experiencing a mix of technical and revenue challenges. The network’s blob fee revenue has dropped by over 73% from the previous week, marking a significant decline from earlier performance levels—a move attributed to post-Dencun adjustments that shifted layer-2 transaction data handling. 

ETH/BTC price chart | Source: KuCoin

Furthermore, technical indicators such as four consecutive red monthly candles and a five-year low in the ETH/BTC ratio suggest that Ethereum may be nearing a short-term bottom. Analysts remain cautiously optimistic, however, noting that historical trends have shown a rebound following periods of consolidation. The future performance of Ethereum will largely depend on the success of upcoming upgrades and the network’s ability to adapt to new scaling solutions.

The current state of the crypto market is marked by significant strategic moves and evolving technical dynamics. Circle’s IPO filing and Grayscale’s ETF conversion represent critical steps for institutionalization in the crypto space, while American Bitcoin Corp.'s restructuring indicates a broader diversification trend among miners. Meanwhile, Bitcoin’s consistent dominance contrasts with Ethereum’s challenges in fee revenue generation, reflecting the differing trajectories of leading cryptocurrencies. As the regulatory landscape and investor sentiment continue to evolve, these developments underscore the importance of adapting strategies in an increasingly competitive environment.

Read more: Bitcoin at 61.38% Dominance, Ethereum Dips Near $1,835, and XRP Corrects by 40%