Crypto markets finished the week on firmer footing as hopes for de-escalation in the Middle East improved broader risk sentiment and pushed oil prices sharply lower. That helped digital assets recover alongside equities, even though traders are still treating the move cautiously after several volatile weeks. The attached Fear & Greed Index still showed a reading of 21 on April 17, which remains in Extreme Fear territory, up from 16 a week earlier but still far from a full risk-on reset. For Metal Pay readers, the message is straightforward: price action improved, but sentiment is still fragile and macro headlines are still driving the tape.
Goldman Files for First Bitcoin ETF
Goldman Sachs filed plans this week for its first bitcoin ETF, adding another major Wall Street name to the growing field of institutional crypto products. The proposed fund would not just track bitcoin exposure, but also seek to generate income through bitcoin options strategies, showing how issuers are starting to experiment beyond plain-vanilla spot exposure. The filing came only days after Morgan Stanley launched its own spot bitcoin fund, underlining that large financial firms are still leaning into crypto even during a choppy market. For the Metal Pay audience, this is another sign that bitcoin access is becoming more embedded in mainstream brokerage and asset-management channels.
Europe Pushes Harder on Stablecoins
Stablecoins stayed at the center of policy and banking discussions this week in Europe. France's finance minister called for more euro-pegged stablecoins and urged banks to explore tokenized deposits, arguing that Europe needs stronger digital payment infrastructure to avoid falling further behind dollar-based systems. Separately, Britain's Financial Conduct Authority opened consultation on future crypto rules covering trading platforms, staking, dealing, and custody ahead of a broader regime expected in 2027. For Metal Pay readers, both stories matter because they show regulated digital money moving deeper into mainstream finance, especially around payments, compliance, and bank-issued value transfer.
Bitcoin ETF Flows
Monday saw a sharp reversal, with spot bitcoin ETFs posting $291.0 million in net outflows, led by redemptions from Fidelity's FBTC, ARK's ARKB, and Grayscale's GBTC. Tuesday flipped back into positive territory with $411.4 million in net inflows, driven mainly by BlackRock's IBIT and ARKB, with additional support from FBTC. Midweek, Wednesday added another $186.1 million as IBIT did most of the lifting, even with outflows from FBTC, ARKB, and GBTC, while Thursday slowed to a modest $26.1 million net inflow as IBIT gains were partly offset by fresh redemptions from those same issuers. Overall, the week showed demand was still there, but flows remained uneven and highly concentrated in a handful of products.
Ethereum ETF Flows
Monday was a quiet start for spot ether ETFs, with just $9.5 million in net inflows as gains in BlackRock's ETHB, Fidelity's FETH, and Grayscale's ETH were partly offset by small outflows from ETHA and TETH. Tuesday improved to $53.1 million in net inflows, led by Fidelity's FETH and BlackRock's ETHA. Midweek, Wednesday was the strongest day at $67.9 million, with ETHA, ETH, and ETHB all contributing, while Thursday cooled to $18.0 million as ETHA inflows were partly cancelled out by outflows from ETHE and ETHW. Overall, ether funds stayed positive through the week, but like bitcoin, demand was steady rather than explosive.
Top Movers (Coins Available on Metal Pay - 7 Day Chart)
LOAN Protocol led this week's Metal Pay leaderboard with a 15.7% gain, outpacing a strong group that also included METAL, XRP, XPR, and ETH. The broader backdrop looked supportive: risk appetite improved late in the week as Middle East tensions eased and oil prices dropped, while ETF flows stayed net positive on several sessions and helped keep attention on large-cap crypto. XRP and ETH appear to have benefited most directly from that broader rebound, while LOAN and METAL looked more like higher-beta catch-up moves inside the XPR and Metal ecosystem. In short, this week was less about one isolated token catalyst and more about improving macro tone lifting a concentrated group of names.
