Highlights

• U.S. spot Bitcoin ETFs saw $591M in net inflows on April 28, capping an 8-day, $4B streak before a $56.3M outflow broke the run; BlackRock’s IBIT set a new daily inflow record and now holds over 3% of all BTC1.
• Morgan Stanley is developing crypto trading for its 5.2M E*Trade clients, targeting a 2026 launch and expanding direct retail access to Bitcoin and Ethereum 2.
• Coinbase filed an amicus brief with the U.S. Supreme Court, challenging the IRS’s use of broad John Doe summonses for crypto user data, citing Fourth Amendment concerns3.
• Ripple ’s $4B–$5B bid to acquire Circle (USDC issuer) was rejected as too low, with Circle focusing on a potential U.S. IPO and maintaining its lead in the stablecoin sector4.
• Movement Foundation’s MOVE token faced a $38M dump after a controversial deal with Web3Port, leading to a Binance ban and raising concerns about insider dealing and market manipulation5.
• Hyperliquid ’s official X account was hacked, possibly via an inside job at X, underscoring persistent security risks on social platforms6.
• Crypto sector losses from hacks and scams hit $364M in April, pushing 2025’s total to $1.74B—already surpassing all of 2024—with DeFi exploits and phishing as major contributors7.
• Coinbase expanded its Bitcoin -backed loan service (up to $1M in USDC ) to all U.S. users except New York, powered by Morpho and now supporting $176M in outstanding borrows8.
• North Carolina House passed a bill allowing up to 5% of state funds to be allocated to a Strategic Bitcoin Reserve, signaling further institutional adoption at the state level9.
• Japan’s Metaplanet launched a $250M Florida subsidiary to expand its Bitcoin treasury operations, boosting its stock 5% and reinforcing corporate BTC accumulation trends10.
• Robinhood beat Q1 estimates, with crypto trading volume doubling and equities/options activity surging, as retail investors remain highly active amid market volatility11.
• 21Shares and Canary Capital filed for spot SUI and staked SEI ETFs with the SEC, driving SUI and SEI token prices higher and signaling growing institutional interest in Layer 1 altcoins1213.
• Over half (52.7%) of cryptocurrencies launched since 2021 have failed, with 1.8M tokens collapsing in Q1 2025 alone, highlighting extreme volatility and high project attrition14.
• Crypto-focused SPACs, including Pompliano’s ProCap ($200M IPO) and Wen Acquisition ($261M IPO), are seeking public listings amid a rebound in digital asset markets15.

Commentary

Institutional momentum in crypto continues to build, with U.S. spot Bitcoin ETFs attracting robust inflows and BlackRock’s IBIT now holding a significant share of total BTC supply1. The brief outflow on April 30 may reflect profit-taking or short-term rotation, but the overall trend underscores persistent institutional demand. This is further reinforced by Morgan Stanley ’s plans to open crypto trading to millions of E*Trade clients2 and North Carolina’s legislative move to allocate state funds to Bitcoin 9, both signaling deepening mainstream integration.

Retail activity remains buoyant, as evidenced by Robinhood ’s surging crypto volumes and Coinbase ’s expansion of Bitcoin -backed loans—enabling users to tap liquidity without selling core holdings811. However, the sector’s ongoing vulnerability is stark: April saw $364M in losses from hacks and scams, with DeFi particularly exposed7. The Hyperliquid X account breach6 and the MOVE token controversy5 highlight persistent risks around platform security and governance, which traders should factor into risk management strategies, especially in DeFi and newer token launches.

The Layer 1 ecosystem is seeing renewed institutional attention, with ETF filings for SUI and staked SEI driving token price rallies and expanding the investable universe for traditional capital1213. Meanwhile, the failed Ripple –Circle deal and Circle ’s IPO ambitions spotlight the competitive and regulatory complexities in the stablecoin sector—an area likely to see further consolidation and scrutiny4. The high failure rate of new tokens (over 50% since 2021) serves as a cautionary tale for altcoin traders: robust due diligence and a focus on quality projects remain critical14.

SPAC activity in crypto and fintech is heating up as traditional IPO routes remain constrained, offering new avenues for capital formation and public market entry15. This trend, combined with growing institutional and state-level adoption, suggests a maturing market structure but also raises the bar for compliance and transparency.

Traders should closely monitor ETF flow trends, regulatory developments (especially around privacy and tax reporting)3, and security incidents. Watch for continued divergence between blue-chip assets (BTC , ETH , select L1s) and the broader altcoin universe, where volatility and attrition remain high14. As institutional rails expand and regulatory frameworks evolve, expect both opportunities and risks to accelerate across DeFi, stablecoins, and emerging tokens.