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Source: Coinbase; Compiled by Deng Tong, Bitchain Vision
The market continued to ease after 90 days of suspension of tariffs on non-retaliatory countries, with Bitcoin price fluctuating around $84,000 and now returning to around $87,000.
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SOL/ETH crossover hits a new high this week as cryptocurrency native investors continue to shift their positions from ETH to SOL or increase their holdings
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The major token event that occurred last week was 92% of Mantra’s OM tokens on April 13
After a 90-day suspension of tariffs on non-retaliatory countries (announced on April 9), we continue to see market tensions ease, with Bitcoin fluctuating around $84,000 in the past week.Sino-US trade relations remain a key factor affecting market sentiment. The White House expressed its willingness to reach an agreement, and China also expressed its willingness to negotiate.
Having said that,Fed Chairman Jerome Powell spoke at the Chicago Economic Club on April 16 about the economic impact of tariffs that “far exceed expectations”, suggesting that this could lead to stagflation in the United States.Uncertainty in macroeconomic conditions has led to a pullback in the market, but Bitcoin continues to outperform the S&P 500 and Nasdaq after risk adjustments.
Meanwhile, we see the SOL/ETH crossover rate hit a new high last week (0.0848 as of April 17) as more and more crypto-native investors move their positions from ETH to SOL or increase their SOL holdings.For market participants seeking diversified cryptocurrency beta investment, SOL’s decline in early April was seen as an attractive entry point.This strategic rotation is interesting because SOL still significantly outperforms ETH even in the context of the market’s positive response to the SEC’s approval of BlackRock, Grayscale, Bitwise and Fidelity’s Ethereum ETF options.
Having said that, we have seen,Regulatory progress in this cycle is not enough to offset the wider macroeconomic headwinds that put pressure on cryptocurrency performance.Recently, the SEC Cryptocurrency Task Force held a roundtable on transactions and announced that it will hold three roundtables on April 25, May 12 and June 6, 2025, focusing on custody, tokenization and DeFi respectively.Earlier, there were reports that the Securities and Exchange Commission (SEC) plans to reevaluate the Biden-era cryptocurrency guidelines amid the ongoing regulatory adjustments by the new administration.
Notably, data from the Global Centralized Exchange (CEX) show that despite a wide-scale sell-off in recent weeks, BTC volumes have remained relatively strong across products, which helped BTC outperform many altcoins affected by reduced demand and weakened liquidity.Of course, a major token-specific event—the “lightning crash” of Mantra’s OM token on April 13 (down from its peak on February 23) did not help.What caused the move is unclear, but on April 16, Mantra issued an official statement on the incident.
Overview of Cryptocurrencies and Traditional Assets
Coinbase and CES Insights
BTC performed relatively well this week, up about 6.6% in the past seven days.By comparison, the COIN50 index rose only 4.5% over the same period.The ongoing bid for BTC may be due to its “store of value” status, weakness in the U.S. dollar and the outstanding performance of gold in traditional markets.We continue to see BTC buyers coming from different customer groups.As Bitcoin’s role in the portfolio becomes clearer, the average transaction size has also increased.Meanwhile, we continue to see direct sellers of ETH and buyers of SOL/ETH cross currencies.Due to the recent uncertainty, small-scale and poorly liquid altcoins trading has slowed down.
Financing rate
