Key Takeaways
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Macro Environment: U.S. stocks remained cautious ahead of the Federal Reserve's meeting minutes and Nvidia’s earnings report. The minutes reiterated a cautious approach to rate cuts and maintained a wait-and-see stance, providing no favorable signals to the market. As a result, the U.S. stock rally paused, with all three major indices closing lower. After hours, Nvidia’s strong earnings drove U.S. stock futures higher. Additionally, the U.S. Court of International Trade blocked the "reciprocal tariffs" policy, dealing a blow to Trump's tariff strategy. This led to a sharp rebound in the three major U.S. stock indices and a short-term drop in gold prices.
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Crypto Market: Heavily influenced by macroeconomic factors, Bitcoin’s price movement became more correlated with U.S. stock futures, generally mirroring their trends and closing down 1.06%. The U.S. court’s halting of Trump’s reciprocal tariff policy led to a sharp Bitcoin rally, breaking above $108,000. ETH/BTC ratio rose for the third consecutive day, breaking 0.025, and showed strong resilience during Bitcoin’s dip. Ethereum's strength drove a broader rebound in the Ethereum ecosystem, and Bitcoin's market dominance started to decline.
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Today’s Preview: U.S. Q1 Real GDP Annualized QoQ Revised Data.
Main Asset Changes
| Index | Value | % Change |
| S&P 500 | 5,888.56 | -0.56% |
| NASDAQ | 19,100.94 | -0.51% |
| BTC | 107,775.60 | -1.06% |
| ETH | 2,681.60 | +0.77% |
Crypto Fear & Greed Index: 74 (71 twenty-four hours ago), Level: Greed
Macro Economy
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U.S. court halts Trump’s “Liberation Day” trade policy; following the federal court’s ruling, the Trump administration has filed a notice of appeal.
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Federal Reserve Meeting Minutes: Increased economic uncertainty; trade policy drag on economic activity larger than expected; inflation may persist longer than expected; a cautious monetary policy stance is deemed appropriate.
Industry Highlights
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U.S. House of Representatives to introduce updated digital asset market structure bill on Thursday
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U.S. Department of Labor withdraws 2022 crypto guidance for 401(k) plans
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UK FCA releases stablecoin and crypto asset regulatory proposal
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Pakistan plans to establish a strategic Bitcoin reserve
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U.S. Vice President Vance at “Bitcoin 2025” conference: Crypto is a hedging tool, with around 50 million Americans holding Bitcoin; Bitcoin holds strategic importance; its community must increase political engagement to avoid missing policy windows; removing prior administration’s crypto rules, red tape, and lawsuits will be a priority; GENIUS Act implementation could boost stablecoin adoption
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MetaPlanet issues $50 million in zero-interest common bonds to increase Bitcoin holdings
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Canadian investment firm Captor Capital launches Bitcoin treasury strategy and completes its first BTC purchase
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BlackRock plans to subscribe to 10% of Circle’s IPO shares
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Telegram to raise $1.5 billion through bond issuance; receives $300 million in cash and equity from Musk’s xAI
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GameStop announces purchase of 4,710 BTC
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Futu subsidiary Moomoo to launch Moomoo Crypto for U.S. users
Project Highlights
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Hot Tokens: TON, SPX, MASK
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ETH/BTC ratio breaks 0.025; Ethereum’s strong performance drives broad gains in ETH ecosystem tokens such as UNI, LDO, ENS, ARB, and EIGEN
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TON: Telegram to raise $1.5 billion via bonds; receives $300 million in cash and equity from Musk’s xAI. Musk has not yet responded
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MERL: Listed on Binance Futures, driving a price surge
Weekly Outlook
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