Thank you to everyone that attended yesterday’s StoneX Digital Quarterly Digital Assets Webinar Series “Bitcoin and Its Impact on Investing and Society” hosted by our Head of Digital Asset Execution Eric Rose, featuring MICHAEL SAYLOR Executive Chairman of Strategy ($MSTR) and StoneX’s Chief Market Strategist KATHRYN ROONEY VERA, a replay will be available next week ***
The StoneX Digital team is attending Consensus 2025 in Toronto from May 14-16. We will be hosting several events and informal meetings throughout the conference. If you plan to attend, please do reach out to any of the team or via the StoneX Digital group email below to connect: [email protected]
Executive Summary
- Market trading color: Bitcoin outperforms with signs of decoupling, corporate treasuries embrace BTC and digital assets, and capital markets activity
- Links of the week: BTC bets, ETH worries, XRP futures, Cantor news, Ammous on Trump, and stablecoin updates
Market Trading Color
Bitcoin has demonstrated remarkable strength over the past month, significantly outperforming equities and showcasing its evolving role as a macro hedge. Since hitting a local low just below $75,000 on April 9, Bitcoin has surged approximately 25%, reaching a local high of $94,200 yesterday. This rally has been fueled by a combination of technical breakouts, a weakening U.S. dollar, and increasing investor interest in alternative stores of value amid stock market volatility and dollar weakness.
Notably, Bitcoin's recent performance has shown signs of decoupling from traditional equities. On Sunday and Monday, Bitcoin traded more like gold. Monday’s session saw BTC up nearly 3% on a day the Nasdaq was down 3%. However, as gold sold off on Trump’s softened tone with China and Powell, that confidence and momentum in Bitcoin continued. This behavior suggests a shifting narrative, with Bitcoin increasingly viewed as a resilient asset class capable of withstanding broader market pressures.
|
Asset |
April 9 Price |
April 24 Price |
Percentage Change |
|
Bitcoin (BTC) |
$74,000 |
$92,684 |
+25.3% |
|
S&P 500 (SPY) |
$500.00 |
$535.42 |
+7.1% |
|
Nasdaq-100 (QQQ) |
$420.00 |
$454.56 |
+8.2% |
|
Gold (GLD) |
$310.00 |
$303.65 |
-2.1% |
As of today, Bitcoin's 10-day realized volatility stands at approximately 43.86%, which is notably lower than the S&P 500's 47.29% and the Nasdaq-100's 51.26% over the same period. This marks a rare occurrence where Bitcoin's short-term price fluctuations have been less volatile than major U.S. equity indices. Another sign of Bitcoin’s evolving asset stability.
Source: StoneX Digital
Corporate treasuries are continuing to lean into digital assets, and the latest wave of activity makes it clear this trend is only accelerating. Metaplanet continues to climb the list of publicly-traded companies holding BTC as they added another $13.6 million of Bitcoin. While Bitcoin is the focus of many of these strategies, treasuries continue to evolve and add other digital assets. SOL Strategies is aiming to deploy up to $500 million more in Solana after the announcement of a convert facility. DeFi Dev Corp has also added $10 million more Solana this week bringing their total holdings above $50 million.
In the U.S., Riot Platforms locked in a $100 million credit facility from Coinbase showing how crypto-native firms are tapping traditional financial tools to scale. Tether and Softbank also announced the formation of 21 Capital where they plan to buy 42,000 BTC.
Links of the Week
- StoneX Digital Top 10 Links of the Week
- Bitcoin ($BTC): Traders Bet Big on $110K by June as BTC Dominance Grows Amid Trade Turmoil (link)
- Bitcoin ($BTC): Bitcoin Traders Eye Long Term BTC Accumulation by Selling Put Options (link)
- Ethereum ($ETH): Institutions break up with Ethereum but keep ETH on the hook (link)
- Ripple ($XRP): CME Group to launch XRP Futures to expand crypto derivatives (link)
- Ether.fi expands to US, launches DeFi bank (link)
- Cantor strikes $3.6bn crypto venture deal with SoftBank and Tether (link)
- A tiny internet company's stock spiked 335% on plans to mimic Michael Saylor's crypto playbook (link)
- Trump fought the bond market, the bond market won: Saifedean Ammous (link)
- PayPal, Coinbase partner to eliminate trading fees on PYUSD in bid to boost adoption (link)
- Stablecoins might unbundle banking (and then rebundle it) (link)
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Cryptocurrency is a digital representation of value that functions as a medium of exchange, a unit of account, or a store of value, but it does not have legal tender status. Cryptocurrencies are sometimes exchanged for government backed currencies (known as fiat) or other currencies around the world, but they are not generally backed or supported by any government or central bank. Their value is completely derived by market forces of supply and demand, and they are more volatile than traditional currencies. Cryptocurrencies are not covered by either FDIC or SIPC insurance. Legislative and regulatory changes or actions at the state, federal, or international level may adversely affect the use, transfer, exchange, and value of cryptocurrency.
Purchasing cryptocurrencies comes with a number of risks, including volatile market price swings or flash crashes, market manipulation, and cybersecurity risks. In addition, cryptocurrency markets and exchanges may not be regulated with the same controls or customer protections available in equity, option, futures, or foreign exchange investing.
This material contained herein is intended for Institutional and Investment Professional Use Only and may not be distributed to the investing public. The views expressed are those of the author and are current only through the date stated. These views are subject to change at any time based upon market or other conditions, and StoneX Group Inc. disclaims any responsibility to update such views. Past performance is no guarantee of future results.
The StoneX Group Inc. group of companies provides financial services worldwide through its subsidiaries, including physical commodities, securities, exchange-traded and over-the-counter derivatives, risk management, global payments and foreign exchange products in accordance with applicable law in the jurisdictions where services are provided. StoneX Digital LLC is a subsidiary of StoneX Group Inc. and is dedicated to providing institutional clients with access to multiple products and services for digital assets.
StoneX Financial Inc. does not act as counterparty or custodian to any virtual currency transaction(s) offered through its affiliate StoneX Digital LLC and this content should not be construed as a solicitation for futures or securities accounts.
The authors responsible for the preparation of this commentary hereby certify that all the views Cryptocurrency is a digital representation of value that functions as a medium of exchange, a unit of account, or a store of value, but it does not have legal tender status. Cryptocurrencies are sometimes exchanged for government backed currencies (known as fiat) or other currencies around the world, but they are not generally backed or supported by any government or central bank. Their value is completely derived by market forces of supply and demand, and they are more volatile than traditional currencies. Cryptocurrencies are not covered by either FDIC or SIPC insurance. Legislative and regulatory changes or actions at the state, federal, or international level may adversely affect the use, transfer, exchange, and value of cryptocurrency.
Purchasing cryptocurrencies comes with a number of risks, including volatile market price swings or flash crashes, market manipulation, and cybersecurity risks. In addition, cryptocurrency markets and exchanges may not be regulated with the same controls or customer protections available in equity, option, futures, or foreign exchange investing. Cryptocurrencies are not regulated by the Securities Exchange Commission (SEC), FINRA, or the Commodity Futures Trading Commission (CFTC).
This material contained herein is intended for Institutional and Investment Professional Use Only and may not be distributed to the investing public. The views expressed are those of the author and are current only through the date stated. These views are subject to change at any time based upon market or other conditions, and StoneX Group Inc. disclaims any responsibility to update such views. Past performance is no guarantee of future results.
The StoneX Group Inc. group of companies provides financial services worldwide through its subsidiaries, including physical commodities, securities, exchange-traded and over-the- counter derivatives, risk management, global payments and foreign exchange products in accordance with applicable law in the jurisdictions where services are provided. StoneX Digital LLC (“SXD”) is a subsidiary of StoneX Group Inc. and is dedicated to providing institutional clients with access to multiple products and services for digital assets. SXD is not a registered broker-dealer or futures commission merchant subject to federal securities or commodity regulations and does not solicit securities or futures. SXD seeks to provide institutional clients the flexibility and tools to interact with markets on their terms and enable them to trade cryptocurrencies.
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