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Top Stories
No Spot For You
The 30-day moving average (30DMA) of Bitcoin's spot-to-futures volume ratio has fallen to 0.17āits lowest level since May 2023āindicating a sharp drop in spot demand relative to futures trading. Just a month ago, the ratio stood at 0.3. Ethereum has mirrored this trend, with its ratio falling to 0.21, down from 0.33 at the end of February and marking the lowest level since December 2024. The rapid decline in both assets signals increased speculative activity via leveraged futures rather than spot buying, echoing conditions seen during the Silvergate crisis in March 2023. Analysts warn that such leverage-heavy positioning raises market fragility, as price action becomes increasingly sensitive to funding rates, liquidations, and external shocksāconditions that previously led to significant deleveraging.
Source: The Block
Tokenized Commodities Surge Past $1.3B as Gold Hits All-Time Highs
The tokenized commodities market has exceeded $1.34 billion in market cap, up 12% over the past month, as crypto traders increasingly turn to real-world assets (RWAs) to hedge against volatility. Monthly transfer volumes reached $712 million, led by Paxos Gold ($703M) and Tether Gold ($619M), amid a broader rally in physical gold, which hit a record $3,160/oz following Trumpās global tariff announcement. Analysts cite growing investor demand for on-chain exposure to safe-haven assets, with tokenized gold offering an accessible, trusted alternative for crypto natives. The total RWA market has reached $19.7 billion, highlighting the sectorās accelerating growth and its role in bridging DeFi with traditional asset classes. See similar: Tokenized Real-World Assets Cross $20 Billion in Onchain ValueĀ
Source: RWA.xyz
Flatulence and Finance: Gassing Up Your Trades During A Period of Market Indigestion
Amid a sea of red triggered by President Trump's sweeping tariffs, Fartcoin defied the chaos. Ā With Ethereum down 13% this week and major assets faltering, coins inspired by flatulence and anatomy are outperforming. Some suggest the resurgence is driven by nostalgia, sentiment speculation, and the low-stakes comfort of nonsense. Despite its AI-generated origins and chaotic swings, Fartcoin's simplicity has captivated traders seeking levity and risk in an otherwise tense economic climate. With major assets in retreat, the meme-driven momentum around "hot air" may be less irrational than it looks.
Solanaās Sticky Stablecoin Surge Signals Strategic Shift
Solanaās stablecoin supply has remained near all-time highsā$12.1 billion as of April 11ādespite memecoin hype cooling. We can potentially attribute the āstickinessā to bear market behavior, with users preferring stablecoins over riskier tokens, and leveraging positions via money markets like Kamino. USDC dominance remains at 76%, but newer entrants like USDG and M^0 are diversifying the stablecoin ecosystem. Blockworks researchers suggest Solana may strategically seek alternatives to USDC, given Circle shares 50% of its Treasury revenue with Coinbaseāoperator of Solana rival, Base.
Regulation
Trump Signs Historic Crypto Law, Repealing IRS DeFi Rule
President Donald Trump has signed the first-ever U.S. crypto bill into law, officially repealing a Biden-era IRS rule that would have required decentralized finance (DeFi) platforms to report user tax data like traditional brokers. The bipartisan move was praised across the digital asset industry, with advocates arguing the rule was technically unworkable and a threat to privacy. Supporters, including Trumpās digital asset czar David Sacks, framed the repeal as a win for innovation and regulatory sanity, ensuring the U.S. remains competitive in global crypto markets. Critics of the original rule, finalized just before Biden left office, said it would have overwhelmed the IRS and driven DeFi development offshore. The move signals a broader shift in U.S. crypto policy under Trumpās administration.
SEC Floats Regulatory Sandbox for Tokenized Securities Trading
The SEC is exploring the creation of a "regulatory sandbox" that would allow crypto exchanges like Coinbase to experiment with trading tokenized securities under conditional exemptions. Acting Chair Mark Uyeda and Commissioner Hester Peirce suggested that temporary, structured relief could help exchanges innovate and inform future rulemaking. The proposal, discussed during the SECās digital assets roundtable, signals a more open approach under new leadership following pro-crypto Chair Paul Atkinsā confirmation. While Peirce highlighted the sandboxās potential to foster innovation, Commissioner Caroline Crenshaw warned that crypto platforms' bundled services present systemic risks. If enacted, this could mark a turning point in U.S. policy toward integrating blockchain into traditional markets.
Justin Sun Challenges First Digital to Court Over TUSD Dispute, Offers $50M Whistleblower Bounty
Tron founder Justin Sun said he welcomes legal action from First Digital Trust (FDT) amid an escalating dispute over the management of TrueUSD (TUSD) reserves. Sun accused FDT of misdirecting $456 million to a Dubai-linked firm in 2023ā2024 and claimed the firm was insolvent, citing financial documents showing negative net assets in mid-2024. FDT denied all allegations, calling Sunās statements a smear campaign to undermine its competing stablecoin, FDUSD, and pledged to sue. Sun, who previously provided a $500 million loan to stabilize TUSD, is now offering a $50 million whistleblower bounty and pushing for tighter oversight of Hong Kong trust firms, stating that a court case would bring needed transparency.
Congress Accelerates Crypto Regulation Push After DOJ Closes Enforcement Unit
U.S. lawmakers are ramping up efforts to pass comprehensive crypto legislation following the Department of Justiceās decision to shutter its crypto enforcement unit. During a House Financial Services Committee hearing, legislators stressed the need for regulatory clarity, with increased support for bills like FIT 21. While stablecoin legislation appears more achievable in the near term, broader market structure reforms face greater challenges due to their complexity. Some Democrats criticized the DOJās move, raising concerns about regulatory gaps and the adequacy of current legal frameworks in overseeing digital assets.
XRP ETF Debuts Strong as Ripple Acquires Prime Broker in $1.25B Deal
Ripple marked a major milestone on April 8 with the launch of the Teucrium 2x Long Daily XRP ETF (XXRP), recording over $5.4 million in first-day volume. Though small compared to BlackRockās BTC ETF debut, analysts called it a strong start, especially given market conditions. Meanwhile, Ripple announced the $1.25 billion acquisition of Hidden Road, a global prime brokerage clearing over $3 trillion annually. Ripple plans to integrate RLUSD as collateral and migrate post-trade activity to the XRP Ledger, boosting XRP utility. Additionally, a co-authored report with BCG forecasts tokenized real-world assets (RWAs) could hit $18.9 trillion by 2033. Rippleās momentum follows its partial legal win over the SEC last month and a $50 million settlement over XRPās classification in institutional sales. See similar: Magic Eden Acquires Slingshot Finance
Other Domestic Regulation Updates
- BlackRock adds Anchorage Digital as spot crypto ETF custodian
- SEC to host former crypto legal rivals at roundtable
- Magic Eden acquires crypto trading app Slingshot Finance
- Ripple and SEC pursue 'negotiated resolution'
Other International Regulation Updates
- Binance tax evasion trial in Nigeria adjourned until April 30
- Binance to launch LDUSDT for its futures platform
- Major Australian Bank CEO Apologises After Freezing Customer Funds Over Bitcoin Transfer
- Libra Investigation Moves Forward in Argentina as Celebrity Memecoins Continue to Decline
Pain & Gain
Pain
- Jack Dorsey's Block settles for $40 million over AML failures
- Dogecoin Is Down Bad, But Fartcoin Rises Above Markets Chaos
- Tariffs Are Just the Tip of the Iceberg, Warns Billionaire Investor Ray Dalio
- Fake Nvidia, Hedera Partnership News Sends HBAR's Market Cap up $2B
Gain
- Janover Acquires $9.6M in Solana for Treasury Strategy, Stock Soars 1,100%
- Conservative McDonald's shareholders push for a bitcoin treasury plan
- EigenLayer to Enable Mainnet Slashing on April 17
- Trade Tensions Could Fuel Bitcoin Adoption: Grayscale
- M^0 Launches Programmable Stablecoin Infrastructure on Solana
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This reflects the views MJL Capital LLC (āMJLā), but it should in no way be construed to represent financial or investment advice. Nothing in this correspondence is intended to constitute or form part of, and should not be construed as, an issue for sale or subscription of, or solicitation of any offer or invitation to subscribe for, underwrite, or otherwise acquire or dispose of any security, including any interest in any private investment fund managed by MJL. Any such offer may only be made pursuant to a formal confidential private placement memorandum of any such fund, which may be furnished to potential investors upon request and which will contain important information to be considered in connection with any such investment, including risk factors associated with making any investment in any such fund. Further, nothing in this correspondence is, or is intended to be treated as, investment or tax advice. Each recipient should consult their own legal, tax and other professional advisors in connection with investment decisions.
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