25 April 2025Macro/TradFiU.S. Treasury Secretary Scott Bessent stated that high tariffs with China are unsustainable, as President Trump's administration shows willingness to ease the trade war, offering some relief from recession fears.Standard Chartered analysis suggests bitcoin is regaining favor as a hedge against systemic risk amid concerns over the U.S. Federal Reserve's independence.Cantor Fitzgerald teams up with Tether and SoftBank to launch Twenty One Capital, merging with Cantor Equity Partners. Valued at US$3.6 billion, it holds over 42,000 bitcoins, ranking as the third-largest bitcoin treasury globally.CryptoL1/L2:SOL Strategies secures up to US$500M in convertible notes to boost SOL holdings.Upexi announced on April 21 that it is raising US$100 million, primarily to accumulate Solana cryptocurrency. The brand owner will allocate US$5.3 million for working capital and debt reduction, with the rest funding its Solana treasury operations.Ethereum Layer 2 Scroll unveils the Euclid upgrade, which promises to slash fees by 90% and enhance throughput and security.Others:DWF Labs has invested $5 million in Mask Network, a decentralized platform connecting web2 and web3, to support user-owned internet technologies.Truth.Fi, Trump Media’s fintech arm, partners with Crypto.com to launch "Made in America" ETFs, featuring digital assets and securities in sectors like energy, sold via Foris Capital US LLC.The US Federal Reserve is lifting its 2022 guidance that discouraged banks from crypto and stablecoin activities. As of April 24, state member banks no longer need to provide advance notice of crypto-asset activities.Deloitte projects real estate tokenization could dominate property financing and trading, reaching a US$4 trillion market by 2035.Latest Binance Research Publications Check out our latest publications:Pectra and Fusaka Upgrades: What does it mean for Ethereum?Tariff Escalation and Crypto Markets: Impact AnalysisMonthly Market Insights - April 2025Explore our Binance Research website for more project and macro research.For more frequent market updates and insights, follow us on Twitter @BinanceResearch.That’s a wrap!Binance ResearchAbout Binance Research: Binance Research is the research arm of Binance, the world's leading cryptocurrency exchange. The team is committed to delivering objective, independent, and comprehensive analysis and aims to be the thought leader in the crypto space. Our analysts publish insightful thought pieces regularly on topics related but not limited to, the crypto ecosystem, blockchain technologies, and the latest market themes.General Disclosure: This material is prepared by Binance Research and is not intended to be relied upon as a forecast or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities, cryptocurrencies or to adopt any investment strategy. The use of terminology and the views expressed are intended to promote understanding and the responsible development of the sector and should not be interpreted as definitive legal views or those of Binance. The opinions expressed are as of the date shown above and are the opinions of the writer, they may change as subsequent conditions vary. The information and opinions contained in this material are derived from proprietary and non-proprietary sources deemed by Binance Research to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. As such, no warranty of accuracy or reliability is given and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by Binance. This material may contain ’forward looking’ information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this material is at the sole discretion of the reader. This material is intended for information purposes only and does not constitute investment advice or an offer or solicitation to purchase or sell in any securities, cryptocurrencies or any investment strategy nor shall any securities or cryptocurrency be offered or sold to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the laws of such jurisdiction. Investment involves risks.
Alex
Miyuki
Kikyo
Weiliang
Catherine