Weekly Market Insight: May Week 1

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Market Updates

28 Apr 2025

Headline News

Bitcoin and S&P500 surged by 10.12% and 4.59% last week, driven by growing optimism over a potential trade deal between the US and China, as indicated by statements from the White House. Additionally, about 75% of companies reported better-than-expected quarterly earnings, further fueling the stock market rally. Bitcoin benefited from the improved risk appetite among short-term investors. Looking ahead, this week will be critical from a macro-perspective, with key events including a wave of earnings releases, Treasury refunding announcements, the release of Q1 GDP data, the jobs report, and a speech from President Trump.

Macro-Outlook

US durable goods orders in March increased by 9.2%, significantly higher than the market estimation of 2%.
The market also pays close attention to the upcoming Treasury Refunding announcement to determine the actual auction sizes, investor's demand and Treasury General Account (TGA) targets. The information will provide insight into the government's fiscal strategy and potential impacts on the market.
Trump stated he had no intention of removing the Fed Chair, Jerome Powell, shifting to a friendlier tone. The market estimated 91% probability the rate will remain unchanged in the next FOMC meeting, which is less than 9 days.

Upcoming Economic Calendar including,

Tuesday, April 29, 3:00am: US Treasury Refunding Financing Estimates
Wednesday, April 30, 6:00am: President Trump commemorates his first-100-days-in-office in Michigan rally
Wednesday, April 30, 8:30pm: US Treasury Refunding Announcement
Wednesday, April 30, 8:30pm: US Q1 Advance GDP
Wednesday, April 30, 10:00pm: US Core PCE Price Index, Personal Income and Personal Spending in March
Thursday, May 1, 10:00pm: US ISM Manufacturing PMI in April
Friday, May 2, 8:30pm: US Non-Farm Payrolls and Unemployment Rate in April

Weekly-Cryptos-Overview

The US Federal Reserve withdrew guidance for banks related to crypto-asset and stablecoin activities, which flagged crypto may pose risks to financial stability and disruption in the payment system.
US SEC Crypto Task Force met with Ondo to discuss proposal for tokenised US securities, and Grayscale to discuss staking in crypto ETF.
Paul Atkin has sworn into office as the Chairman of SEC.
World Liberty Finance has reportedly signed a letter of intent with Pakistan Crypto Council (PCC) to accelerate blockchain innovation in Pakistan.
Charles Schwab, the largest brokerage firm with AUM of $110.33 trillion, announced to launch spot crypto trading features within the next 12 months.
DeFi Development Corp filed with SEC, seeking to offer up to $1 billion in securities for the purpose of acquisition of Solana. The company has recently purchased 65,305 SOL for $48.2 million, increasing its total holding to 317,273 SOL.
SOL Strategies secured $500 million from convertible note facility with ATW Partners for SOL acquisition.
Tether, SoftBank, Bitfinex and Cantor (chair by Brandon Lutnick) announced the new company, Twenty One Capital, with Jack Mallers (CEO of Strike) as the company CEO. The company is expected to launch with more than 42,000 Bitcoin and aims to raise $585 million in convertible bonds and equities for further Bitcoin acquisition.
Coinbase partnered with Paypal to accelerate the adoption of PYUSD, providing 1:1 PYUSD to USD conversion on the platform.
Circle announced Circle Payment Network (CPN), allowing 24/7 real-time settlement for institutional use of stablecoins like USDC and EURC.

Layer 1 and Layer 2s

Hyperliquid announced its validator set to increase to 21 permissionless nodes. 21 largest by stake will form the active set, the self-delegation of 10,000 HYPE will be locked for 1 year for both active and non-active sets.
Initia mainnet is now live, together with its INIT token, which is currently valued at $670 million.
Sonic Labs introduced FeeM Vault, redirecting 90% of transaction fees from assets such as wS, USDC, USDT, EURC, WETH, WBTC to FeeM Vault, which later to be used as liquidity incentives and protocol integrations.
Polygon launched the Agglayer Breakout Program, helping incubate projects that are built on the Agglayer. Projects that successfully graduated will airdrop from 5% to 15% of token supply to POL stakers.
Everclear, the crosschain clearing and settlement protocol, is now live on Solana.

Dapps

IO.net CTO Gaurav is appointed to be the new CEO of IO.net. The new CEO stated new products are coming over the next few months. IO.net also released Bare metal Kubernetes, removing virtual machines and layers of abstraction in between, allowing lower latency and improved performance of accessing IO's GPU/CPU machines.
OfficialTrumpMeme announced the top 220 TRUMP holders will be invited to a Gala dinner with President Trump on May 22. Additionally, the top 25 holders will be invited to an exclusive reception before dinner with Trump.
ZetaChain now supports Avalanche, enabling seamless cross-chain access with Bitcoin, Ethereum and Solana.
Morpho is now live on HyperEVM with front ends operated by Felix Protocol and HyperBeat.
LayerZero introduced vApps, powering developers to build applications with a Rust-based development framework with faster performance, verifiable logics and seamless cross-chain.
Virtuals Protocol launched Genesis Launches, the new launch method in which token allocations are determined after a 24-hour point-bidding period. If the funding goal isn't met, no token will be minted and all VIRTUAL tokens and points are fully refunded.
Euler Finance introduced Vault Swap, enabling easy swap between vaults without withdrawals.
Ether.fi announced plans to launch a non-custodial DefiBank with seamless liquid stake, on/off ramp and credit card service etc. The team forecasts a 150% 269% increase in revenue in 2025 and increases the revenue buybacks from 5% to 25%.
Helium partnered with AT&T to onboard AT&T subscribers connect to Helium Hotspots network.
Walrus, storage platform on Sui, partnered with LINE FRIENDS to store data including character designs, game assets and AI models of the new game, ROOM, on Walrus.
OpenServ, the interoperability layer of AI agents, framework and chains, announced launching Model Context Protocol (MCP) support soon, facilitating agents to connect with external tools, data sources and systems.
Fantasy.top introduced Clout points system, similar to Kaito's Yap, Clout rewards users that have higher X engagements and insightful contributions.
Zora, the social platform on Base, has launched its ZORA token with FDV at $175 million.
Pyse introduced tokenised EV fleets on Polygon. Investors are able to own fractional ownership of the EV fleet with on-chain tokens and earn revenue from renting for deliveries in Dubai.

Upcoming Alpha and Governance

Fuel Network is conducting a $1 million worth of FUEL buyback over 4 weeks from April 22 to May 22.
DefiApp, the trending crypto mobile app, will be integrating Hyperliquid this week.
Frax Finance will rename FXS to FRAX and be used as the gas token for Fraxtal on April 29. FRAX will also be the staking asset for Fraxtal in the future after transitioning to Layer-1.
Worldcoin is rumored to announce a new social media platform on April 30.
Sonic Summit will be held from May 6 to 8 in Vienna.
Ethereum is expected to implement the Pectra upgrade on May 7.
CME Group announced plans to launch XRP futures on May 19 upon regulatory review.
Kaito Connect is expected to undergo an upgrade within the next 2 weeks, enabling sKAITO holders to access token reward sharing from the project launchpad.
Pareto is launching USP, a private-credit-backed stablecoin, in May.
Fluid introduced DEX v2, singleton contract to improve capital efficiency while saving on gas, permissionless pool deployment as well as smart debt and collateral with range orders. The upgrade is expected between June and July.
Flare teased XRP restaking on Flare Network with Firelight Protocol.
Fetch.ai is launching Agentverse Launchpad, an AI agent meme launchpad soon.
Immutable announced the AAA game partnered with Ubisoft, Might and Magic Fates will be launching in 2025.

Token Unlock

GRASS token unlocked on April 30, amount representing 1.35% of the token supply.
OP token unlocked on April 30, amount representing 1.99% of the token supply.
SUI token unlocked on May 1, amount representing 2.71% of the token supply.
ENA token unlocked on May 2, amount representing 1.69% of the token supply.
JTO token unlocked on May 7, amount representing 3.54% of the token supply.
MOVE token unlocked on May 9, amount representing 2.04% of the token supply.
IO token unlocked on May 11, amount representing 2.00% of the token supply.
APTOS token unlocked on May 12, amount representing 1.83% of the token supply.
IMX token unlocked on May 16, amount representing 1.35% of the token supply.
ARB token unlocked on May 16, amount representing 1.95% of the token supply.
VANA token unlocked on May 16, amount representing 1.47% of the token supply.

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