The CRA Wrap

Bitcoin Buys, Stablecoin Boom & Strategic Shifts in DeFi

Contents

• The Wrap Up
• Overview in This Market
• Movement in the Top 8
• This Week’s Narrative
• Key Advancements
• DeFi Brief
• Memes in Motion
• Airdrop Buzz
• The Wrap Down

The Wrap Up

This week saw Bitcoin dominance strengthen, altcoins tread water, and institutional plays return to the spotlight. A surge in stablecoin supply quietly revealed new macro sentiment while DeFi volatility and security risks reminded investors of the space’s unpredictable edge.

Overview in This Market

Markets opened strong but cooled as the week progressed. Total crypto market cap ended at $2.64T, reflecting recent market dynamics.

• Bitcoin (BTC): $81,862.39 – still absorbing institutional demand.
• Ethereum (ETH): $1,796.46 – trailing behind Bitcoin’s relative performance.
• BTC Dominance: 61.47% – climbing as altcoins decline.
• Liquidations: Daily totals remained flat near $250M.
• Funding Rates: Mostly neutral to negative, reflecting a lack of risk appetite.

Traditional Markets:

• S&P 500: -1.43%
• Nasdaq: -2.59%

Notable Developments:

• Michael Saylor’s Strategy acquired 6,911 BTC at an average price of $84,529.
• Gamestop officially added Bitcoin to its treasury reserve.
• Fidelity filed a 19b-4 application for its Solana ETF with the SEC.

What This Means & The Impact:
Institutional conviction in Bitcoin continues to drive headlines, though overall risk sentiment remains mixed. The BTC-led rally hints at a possible altcoin rotation if conditions stabilize.

Movement in the Top 8

1. Bitcoin (BTC): $81,862.39 | -6.35%
2. Ethereum (ETH): $1,796.46 | -14.05%
3. Tether (USDT): $0.9998 | +0.02%
4. XRP (XRP): $2.06 | -16.09%
5. BNB (BNB): $592.59 | -5.39%
6. Solana (SOL): $124.96 | -10.78%
7. USD Coin (USDC): $1.00 | 0.00%
8. Cardano (ADA): $0.6411 | -11.87%

What This Means & The Impact:
The sharp pullback across altcoins despite Bitcoin’s strength suggests a defensive pivot in the market. Most top assets are seeing correction after recent gains, with stablecoins absorbing capital as traders seek safety.

This Week’s Narrative

Stablecoins Steal the Spotlight

• Stablecoin circulating supply grew by $1B in a single day
• USD1, a treasury-backed stablecoin, launched by Trump’s World Liberty Financial
• Wyoming’s WYST stablecoin launches across 7 testnets

What This Means & The Impact:
Stablecoins have quietly surged over 15% in supply this year, signalling rising demand for dollar-denominated stability in crypto. While major players are entering the space, access for retail investors remains limited, with most token opportunities still tied to private firms.

Key Advancements

• Crypto.com partners with Trump Media to offer “Made in America” ETFs
• Coinbase in advanced talks to acquire Deribit for $4–5B
• Movement Network recovers $38M from a rogue market maker for MOVE token buybacks
• Polymarket expands to Solana but suffers governance manipulation
• Hyperliquid bridges HyperCore and HyperEVM for seamless asset transfers
• MegaETH launches its public testnet after delays
• Arbitrum DAO considers clawback of unallocated gaming funds

What This Means & The Impact:
From exchange acquisitions to DAO treasury debates, the infrastructure race is heating up. Consolidation and cross-chain development remain central themes as projects mature amid greater scrutiny.

DeFi Brief

• Hyperliquid delists JELLY following a self-liquidation exploit
• dYdX launches a buyback program using 25% of protocol fees
• Spell (MIM issuer) exploited for 6,262 ETH (~$13M)
• Kraken launches kBTC on its L2 chain, Ink
• Mantle Bank debuts with a DeFi-first approach to fiat-crypto bridging
• Fidelity files for an Ethereum-based on-chain money market fund
• World Network (ex-Worldcoin) in talks with Visa for stablecoin payments

What This Means & The Impact:
The third major exploit on Hyperliquid underscores persistent risks in DeFi architecture. Still, institutional developments like Kraken’s kBTC and Fidelity’s fund point to a more robust and regulated DeFi frontier.

Memes in Motion

• Pump.fun launches PumpSwap, a native DEX for graduated memecoins

What This Means & The Impact:
By creating its own DEX, pump.fun now controls the full memecoin lifecycle, reducing reliance on external protocols like Raydium and streamlining liquidity migration.

Airdrop Buzz

• Particle Network opens claims for its PARTI airdrop (9% supply)
• KernelDAO launches Season 1 airdrop checker
• ApePro opens JUP airdrop to traders with $1K+ volume

What This Means & The Impact:
With restaking and abstraction layers at the core of these campaigns, April is shaping up to be a major airdrop season. Early adopters are well positioned for outsized rewards.

The Wrap Down

This week reaffirmed one thing – Bitcoin remains king, but capital is circling the wagons. From stablecoin momentum to L2 advancements and DeFi realignment, the next cycle is already laying its foundations.

Your Trusted Crypto Research Team,
Crypto Research Australia – CRA
"Volatility is the price you pay for an outsized opportunity. Position wisely."