Decentral Block Post

United States asset manager Canary Capital has filed to list an exchange-traded fund (ETF) holding the Tron blockchain network’s native token, TRX (TRX), regulatory filings show. 

The fund intends to hold spot TRX and stake a portion of the tokens for added yield, the filing said. 

According to CoinMarketCap, the TRX token has a total market capitalization of more than $22 billion. Staking TRX generates an annualized yield of approximately 4.5%, data from Stakingrewards.com shows.

The filing is the latest in an outpouring of submissions aimed at listing ETFs holding alternative cryptocurrencies, or “altcoins.” 

However, Canary’s proposed fund is relatively unique in requesting permission to stake its crypto holdings in its initial application. Other US ETFs, such as those holding the Ethereum network’s native token, Ether (ETH), have sought approval for staking only after successfully listing a fund holding the spot token. They are still waiting for a regulatory decision.

An Aptos community member submitted a proposal on April 18 to slash staking rewards for the network’s native token, Aptos (APT), by nearly 50%

The proposal, submitted by a community member called MoonSheisty, aims at reducing reward yields from 7% to 3.79% in a three-month period, aligning Aptos staking rewards with other layer-1 blockchains and encouraging capital efficiency.

The proposal has sparked curiosity on X, but early comments on GitHub show some initial resistance.

A community member going by ElagabalxNode noted that reducing the staking reward without “compensatory mechanisms like a robust delegation program” could push smaller validators out of the network, thus weakening the Aptos blockchain’s decentralization and long-term resistance.

Related: Aptos to accelerate innovation with new tech, investment in India

Ivan Soto-Wright, CEO of cryptocurrency payment firm MoonPay, is calling on US lawmakers to leave a path open to state-level regulators when passing legislation on stablecoins.

In an April 18 X post, Soto-Wright said he wanted Congress to “keep state-regulated issuers in the game” when it comes to stablecoin regulation, referencing efforts in the House of Representatives and Senate to create a federal regulatory framework. Lawmakers are considering whether to pass the Guiding and Establishing National Innovation for US Stablecoins, or GENIUS Act, in the Senate and the Stablecoin Transparency and Accountability for a Better Ledger Economy, or STABLE Act, in the House.

“While the cryptocurrency industry has called for federal legislation for years, it has been these state regulators who have provided and continue to provide regulatory clarity and supervision to ensure consumer protection and enable growth in the sector,” said Soto-Wright. “As federal legislation now approaches the finish line, it is essential to preserve viable state pathways for PSIs [permitted stablecoin issuers] that place the state regulators who meet the standards set out in GENIUS and STABLE on equal footing with federal regulators.”

April 17 letter from MoonPay CEO to congressional leadership. Source: Ivan Soto-Wright

The MoonPay CEO’s comment echoed those of the Conference of State Bank Supervisors (CSBS), which wrote to leadership on the House Financial Services Committee in an April 1 letter and recommended a similar state-level approach. Both the Senate Banking Committee and House Financial Services Committee voted to advance the bills in March and April, respectively, paving the way for a full floor vote.

Related: Lawmaker alleges Trump wants to replace US dollar with his stablecoin

Tokenized stocks are on track to exceed $1 trillion in market capitalization in the coming years as adoption accelerates, two industry executives said at the TokenizeThis conference in New York. 

The total addressable market for tokenized stocks — a type of tokenized real-world asset (RWA) —  is difficult to project but is “definitely a bigger trillion-dollar market,” Arnab Naskar, STOKR’s CEO, said during an April 16 panel at the event.

In 2025, demand for the instruments has “exploded” from institutions ranging from Web3 wallets to neobanks to traditional financial services firms, according to Anna Wroblewska, Dinari’s Chief Business Officer. 

“We've had an enormous influx of demand from a much broader scope of potential partners than you might even imagine [...] it's actually been really interesting,” Wroblewska said.

Tokenized stocks are still a small portion of the total RWA market. Source: RWA.xyz

Related: Tokenization can transform US markets if Trump clears the way

The US Federal Reserve under Jerome Powell has developed a reputation for dragging its feet on implementing important policy changes. However, a top central banker has assured that the Fed is “absolutely” ready to do whatever it takes to avoid a financial crisis, whether triggered by the US-led trade war or other adverse developments.

Although the long-awaited “Fed pivot” could still be months away, policymakers appear poised to gradually ease financial conditions, beginning last month when they reduced the redemption cap on Treasurys by 80%. 

Fed policy exerts a gravitational pull on global markets through US dollar liquidity, which has a direct impact on Bitcoin (BTC) and the broader cryptocurrency markets. In fact, the Fed’s impact on crypto has only grown since the COVID-19 pandemic. Since then, Bitcoin has been highly correlated with liquidity — a fact that was reinforced by a 2024 academic paper by Kingston University of London. 

This week’s Crypto Biz newsletter highlights remarks from a senior central bank official and covers major developments in the Ethereum exchange-traded fund (ETF) market and the Bitcoin mining sector.

Fed’s Collins: Central bank will respond to liquidity constraints 

Boston Fed President Susan Collins said the central bank “would absolutely be prepared” to backstop markets if economic and financial conditions deteriorated rapidly. 

On April 7, the CBOE Volatility Index (VIX) posted a rare spike to 60, a level seen as a barometer of extreme market fear and uncertainty. According to Dan Tapiero, CEO of 10Tfund, the VIX has hit 60 only five times in the last 35 years, and data suggests a rebound for risk assets such as Bitcoin (BTC) in 6 to 12 months. CBOE Volatility Index. Source: Cointelegraph/TradingView

The VIX, which is widely considered a "fear gauge," reflects investor expectations of market turbulence based on S&P 500 options trading. As illustrated in the chart, extreme spikes were seen in 2008 and 2020, typically coinciding with market bottoms, where panic-driven sellers paved the way for generational market entries.

In light of that, Tapiero argued that the current spike is no different, with the worst of market fears likely "priced in," setting the stage for a positive future. Tapiero said that “odds favor better future.”

Likewise, Julien Bittel, head of macro research at Global Macro Investor (GMI), supported Tapiero’s claim and said that tech stocks are at their most oversold since the COVID-19 crash, with over 55% of Nasdaq 100 stocks posting a 14-day RSI below 30. Such a market signal has occurred only during major crises like the 2008 Lehman Brothers collapse and the 2020 COVID-19 pandemic.

American Association of Individual Investors survey. Source: X.com

Bittel explained that after the VIX touched 60 last week, it implied peak uncertainty, which breeds fear in investors’ minds. Briefly touching on the US Investors Intelligence Survey, Bittel compared the current bullish sentiment of 23.6% to the lowest reading since December 2008.

TRUMP tokenholders face steep losses as the first vesting unlock goes live on April 18, releasing 40 million tokens, worth roughly $309 million, into circulation at a 90% discount from its peak.

The unlocked tokens account for 20% of the current circulating supply and could introduce fresh volatility as a previously illiquid portion of the supply hits the market. According to CoinGecko, the TRUMP token price has fluctuated between $7.46 and $7.83 in the past 24 hours.

April 18 marks the first unlock event for the TRUMP token, with steady, smaller unlocks following from that date.

TRUMP emission schedule. Source: GetTrumpMemes

The TRUMP token is down 89.5% from its all-time high of $73.43 recorded on Jan. 19, just two days after launching ahead of US President Donald Trump's inauguration. The token's value collapsed in the weeks following its debut, with over 800,000 wallets suffering a total of $2 billion in losses, according to estimates from blockchain analytics firm Chainalysis

Gains or losses are only realized upon sale, meaning holders won’t incur actual losses unless they choose to sell their tokens. According to the token’s website, the unlocked tokens will belong to the “Creators and CIC Digital LLC.”

Cryptocurrency exchange Kraken introduced foreign exchange (forex) perpetual futures contracts to its Kraken Pro platform on April 18, giving traders further exposure to global currency markets.

The first two perpetual forex futures available on the platform will be the euro-US dollar (EUR-USD) and the British pound-US dollar (GBP-USD) contracts, according to a company announcement.

Both contracts feature 20x leverage and no expiry date, meaning they do not have to be rolled or settled by a deadline, unlike traditional futures contracts, which have an expiry date.

Kraken’s move is the latest in a series of expansions from the company, as it seeks to blur the line between digital assets and traditional financial products — a trend reflected across the crypto industry.

EUR-USD price action. Source: TradingView

Related: Kraken secures restricted dealer registration in Canada

Bitcoin (BTC) has been trading in a tight range for a few days, but a minor positive is that the bulls have kept the price above $83,000. Usually, a low volatility period is followed by a range expansion, but it is difficult to predict the direction of the breakout with certainty.

Cryptocurrency analysts remain bullish on Bitcoin’s prospects because gold’s rally in 2017 and 2020 was followed by a sharp rise in Bitcoin's price. Theya head of growth Joe Consorti said in a post on X that Bitcoin follows gold with a lag of roughly 100 to 150 days. 

If Bitcoin moves as per Consorti’s expectations, a new all-time high could be hit between Q3 and Q4 of 2025. On similar lines, trading and analytics account Cryptollica projected a medium-term target of $155,000 for Bitcoin.

Crypto market data daily view. Source: Coin360

Along with Bitcoin, analysts are also bullish on altcoins. Swiss bank Sygnum said in its Q2 2025 investment outlook that improved regulations for crypto use cases have prepared the ground for a strong altcoins rally in the second quarter, as “none of the positive developments have been priced in.”

Could Bitcoin and the altcoins break above their respective overhead resistance levels and start a recovery? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Federal prosecutors said they will continue pursuing their case against Braden John Karony, the former CEO of crypto firm SafeMoon, despite the US Justice Department issuing a memo suggesting a policy of abandoning “regulation by prosecution” related to digital assets.

In an April 18 filing in the US District Court for the Eastern District of New York, US Attorney for EDNY John Durham said his office had reviewed the April 7 DOJ memo issued by Deputy Attorney General Todd Blanche and intended to proceed with a trial against Karony.

The former SafeMoon CEO faces securities fraud conspiracy, wire fraud conspiracy, and money laundering conspiracy charges for allegedly “divert[ing] and misappropriat[ing] millions of dollars’ worth” of the platform’s SFM token between 2021 and 2022.

April 18 notice that US prosecutors will continue to prosecute John Karony. Source: PACER

Karony, initially indicted in October 2023 under former US Attorney for EDNY Breon Peace, argued in February that his criminal trial should be delayed, hinting that securities laws enforcement under the Donald Trump presidency could see “significant changes.” The judge denied the motion and later ordered jury selection for the trial to begin on May 5. 

However, Karony’s legal team made its claims about securities laws under Trump potentially undergoing “policy changes” before the Securities and Exchange Commission (SEC) dismissed cases and dropped investigations into many crypto firms facing allegations of violating securities laws. Blanche’s April 7 memo also suggested that the DOJ under Trump would direct jurisdictions not to pursue many crypto enforcement cases.

Crypto investor sentiment took another significant hit this week after Mantra’s OM token collapsed by over 90% within hours on Sunday, April 13, triggering knee-jerk comparisons to previous black swan events such as the Terra-Luna collapse.

Elsewhere, Coinbase’s report for institutional investors added to concerns by highlighting that cryptocurrencies may be in a bear market until a recovery occurs in the third quarter of 2025.

Mantra OM token crash exposes “critical” liquidity issues in crypto

Mantra’s recent token collapse highlights an issue within the crypto industry of fluctuating weekend liquidity levels creating additional downside volatility, which may have exacerbated the token’s crash.

The Mantra (OM) token’s price collapsed by over 90% on Sunday, April 13, from roughly $6.30 to below $0.50, triggering market manipulation allegations among disillusioned investors, Cointelegraph reported.

While blockchain analysts are still piecing together the reasons behind the OM collapse, the event highlights some crucial issues for the crypto industry, according to Gracy Chen, CEO of the cryptocurrency exchange Bitget.

Bitcoin’s spot price could take a hit after the US Federal Reserve reported some of the worst manufacturing data in recent history, according to several cryptocurrency analysts.

On April 17, the Philadelphia Federal Reserve Manufacturing Index — a monthly survey of 250 US-based manufacturers — reported the sharpest declines in overall business activity since 2020. 

The data puts Bitcoin (BTC) “under short term pressure,” researchers at Bitunix, a crypto exchange, said in a post on the X platform. They added that Bitcoin could still see a “strong comeback” if its price holds above $83,000 per coin.  

As of April 18, Bitcoin has been trading at approximately $84,000 per coin, according to data from Google Finance.

The Federal Reserve’s bearish report comes as factories brace for the impact of US President Donald Trump’s plans to impose sweeping tariffs on US imports, potentially raising production costs for manufacturers.

“[I]ndicators for general activity, new orders, and shipments all fell and turned negative… suggest[ing] subdued expectations for growth over the next six months,” the report said. 

Bitcoin’s (BTC) richest traders and investors are increasingly bullish on BTC despite facing downside risks from unfavorable macroeconomic factors, the latest onchain data suggests.

Bitcoin whales absorbing 300% of new supply

Bitcoin whales and sharks are now absorbing BTC at record rates—over 300% of yearly issuance—while exchanges are losing coins at a historic pace, according to Glassnode.

Notably, Bitcoin’s yearly absorption rate by exchanges has plunged below -200% as outflows continue. This signals a growing preference for self-custody or long-term investment.

Bitcoin yearly absorption rates. Source: Glassnode

Meanwhile, larger holders (100–1,000+ BTC) are scooping up more than three times the new issuance, marking the fastest rate of accumulation among sharks and whales in Bitcoin’s history.

Bitcoin yearly absorption rates of whales and sharks. Source: Glassnode

This marks a structural shift as traditional finance increasingly adopts BTC, particularly with the approval spot Bitcoin ETFs last year. The result is less BTC supply on crypto exchanges and long-term bullish conviction among big holders.

Oregon Attorney General Dan Rayfield is planning a lawsuit against crypto exchange Coinbase, alleging the company is selling unregistered securities to residents of the US state, after the United States Securities and Exchange Commission's (SEC) dropped its federal case against the exchange.

According to Coinbase's chief legal officer, Paul Grewal, the lawsuit is an exact "copycat case" of SEC’s 2023 lawsuit against the exchange, which the federal agency agreed to drop in February. Grewal added:

"In case you think I’m jumping to conclusions, the attorney general's office made it clear to us that they are literally picking up where the Gary Gensler SEC left off — seriously. This is exactly the opposite of what Americans should be focused on right now."

The lawsuit signals that the crypto industry still faces regulatory hurdles and pushback at the state level, even after securing several legal victories on the federal level. Pushback from state regulators could fragment crypto regulations in the US and complicate cohesive national policy.

Source: Paul Grewal

Related: Coinbase distances Base from highly criticized memecoin that dumped $15M

Several US states drop lawsuits against Coinbase following SEC moves

The SEC reversed its stance on cryptocurrencies following the resignation of former chairman Gary Gensler in January.

South Korea kicked off 2025 with political chaos, regulatory heat and a crypto market finally brought to heel — or at least forced to grow up.

The nation closed 2024 in disarray following then-President Yoon Suk Yeol’s botched martial law stunt in December.

In the aftermath, authorities spent the first quarter drawing lines in the sand as financial watchdogs slapped cryptocurrency exchanges with probes and lifted the ban on corporate trading accounts. Meanwhile, crypto adoption hit record highs as trading volume cooled.

Here’s a breakdown of the key developments that shaped South Korea’s crypto sector in Q1 of 2025.

South Korea’s economy limped into 2025 as local currency tanked. Source: Ki Young Ju

South Korean crypto traders given yet another two-year tax exemption

Jan. 1 — Crypto tax postponed

A planned 20% capital gains tax on crypto did not take effect on Jan. 1 after lawmakers agreed to delay it until 2027. This was the third postponement: first from 2022 to 2023, then again to 2025.

Opinion by: Axel Schorn and Dr. Duc Au

Traditional stocks, bonds and commodities markets have long benefited from well-established standards governing the flow of information and data. These standards underpin the seamless functioning of trading, settlement and regulatory compliance, ensuring all participants can rely on the same consistent frameworks.

As the financial industry moves into decentralized finance (DeFi) with the introduction of digital assets, like crypto assets and tokenized securities, the lack of such standards presents a growing challenge. 

While digital assets promise transformative potential, their fragmented information landscape risks undermining their adoption and integration into the broader financial ecosystem.

Independent platforms like CoinMarketCap or CoinGecko provide information on various tokens, but this data varies significantly regarding market capitalization, total supply and other relevant reference data. Several global initiatives by private foundations and associations are working toward standardization. 

Early cypherpunk Adam Back, cited by Satoshi Nakamoto in the Bitcoin white paper, suggested that quantum computing pressure may reveal whether the blockchain’s pseudonymous creator is alive.

During an interview after a Q&A session at the “Satoshi Spritz” event in Turin on April 18, Back suggested that quantum computing may force Nakamoto to move their Bitcoin (BTC). That’s because, according to Back, Bitcoin holders will be forced to move their assets to newer, quantum-resistant signature-based addresses.

Back said that current quantum computers do not pose a credible threat to Bitcoin’s cryptography but will likely threaten it in the future. Back estimated that quantum computers may evolve to that extent in “maybe 20 years.”

Related: Bitcoin’s quantum-resistant hard fork is inevitable — It’s the only chance to fix node incentives

When the threat becomes real, Back said the Bitcoin community will have to choose between deprecating old, vulnerable addresses or letting those funds be stolen:

As gold prices break new highs, many Bitcoiners are seeking ways to obtain exposure to the precious metal, but have been met with hurdles along the way.

Although physical gold is accessible in the form of jewelry, gold bars and coins, many industry executives are concerned about aspects like its quality, liquidity when selling, and buying at a premium above spot prices.

Still, gold advocates are confident that the precious metal is much easier to buy than Bitcoin (BTC), given the complexities of storing private keys and a steep learning curve for new crypto investors.

Both Bitcoin and gold are available in the form of tokenized assets, exchange-traded funds (ETFs) and other equity instruments, but the question of owning these assets in their original form reveals some differences.

Community: Buying Bitcoin is easier and faster

“Buying Bitcoin is significantly easier and faster than buying physical gold,” Ross Shemeliak, co-founder of the tokenization platform Stobox, told Cointelegraph.

Blockchain firm Astar Network implemented changes to its tokenomics to reduce inflationary pressures in its ecosystem. 

On April 18, Astar Network announced that it reduced the blockchain’s base staking rewards to 10% from 25% to curb token inflation. 

The company said the change promotes a more stable annual percentage rate (APR) for users as staking inches closer to a more ideal ratio. The firm said this ensures that rewards “remain meaningful” without causing excessive inflation. 

“This change lowers automatic token issuance, reducing overall inflationary pressure while maintaining strong incentives for users to stake their ASTR,” Astar Network wrote. 

Astar Network highlights key changes to its tokenomics. Source: Astar Network

Astar Network implements inflation-control mechanisms

Unlike Bitcoin, which has a fixed total supply, the ASTR token operates under a dynamic inflation model without a cap on its maximum token supply. As the blockchain operates, it emits more tokens, increasing the supply. 

Bitcoin (BTC) speculators may spark “significant” BTC price volatility as a large tranche of coins moves onchain.

In one of its “Quicktake” blog posts on April 18, onchain analytics platform CryptoQuant warned that a Bitcoin market shake-up is due.

CryptoQuant: “Volatility is coming” for BTC price

Bitcoin short-term holders (STHs) are signaling that the current calm BTC price behavior may not last long.

CryptoQuant reveals that 170,000 BTC owned by entities with a purchase date between three and six months ago has begun to circulate.

“Around 170,000 BTC are moving from the 3–6 month holder cohort,” contributor Mignolet confirmed.