Crypto markets showed signs of recovery this week, with Bitcoin holding near recent highs as ETF demand stayed positive and several major tokens recovered from earlier weakness. The Crypto Fear & Greed Index rose to 39 on April 24, up from 21 last week and 14 last month, moving sentiment from Extreme Fear back into Fear. That suggests the market is stabilizing, but investors are still cautious after weeks of macro volatility and geopolitical uncertainty. For Metal Pay users, the key takeaway is that confidence has improved, but the broader market has not fully shifted into risk-on mode.
Stablecoin Regulation Stays in Focus
Stablecoins remained a major policy topic this week after the Bank for International Settlements called for stronger global coordination around stablecoin rules. BIS General Manager Pablo Hernandez de Cos warned that fragmented regulation could create market stress, regulatory arbitrage, and capital flight risks, especially in developing economies. Tether pushed back on the BIS comparison of stablecoins to ETFs, saying users treat USDT as a digital dollar rather than an investment product. The debate matters for payments companies, banks, and wallets because stablecoins are increasingly being discussed as financial infrastructure, not just crypto trading tools.
U.S. Crypto Perpetual Futures Move Closer
Crypto exchanges are preparing for a possible expansion of U.S.-regulated perpetual futures, a product that has historically been concentrated offshore. Reuters reported that Kraken is buying Bitnomial for up to $550 million, while Coinbase, Robinhood, and Gemini are also positioning around derivatives access as the CFTC works toward clearer rules. Perpetual futures are popular because traders can hold leveraged positions without expiry, but they also carry higher risk for retail users. The shift could bring more crypto activity into regulated U.S. venues, while increasing the need for clearer disclosures and risk controls.
Bitcoin ETF Flows
Monday saw Bitcoin ETFs bring in $238.4 million, led by BlackRock’s IBIT with $256.0 million, while Grayscale’s GBTC posted $24.9 million in outflows. Tuesday slowed sharply to $11.8 million, with IBIT adding $39.3 million while Fidelity, Bitwise, ARK, VanEck, and GBTC all saw outflows. The strongest midweek day came Wednesday at $335.8 million, led again by IBIT with $246.9 million, while Thursday remained positive at $223.3 million despite outflows from FBTC, BITB, and HODL. Overall, Bitcoin ETF demand stayed firmly positive across the week, with BlackRock continuing to drive the bulk of inflows.
Ethereum ETF Flows
Monday saw Ethereum ETFs bring in $67.8 million, led by BlackRock’s ETHA with $76.1 million and BlackRock’s ETHB with $13.2 million, while Grayscale’s ETHE and ETH posted outflows. Tuesday added $43.4 million, with ETHA and ETHB again leading despite outflows from Fidelity’s FETH and Grayscale’s ETHE. The strongest midweek day came Wednesday at $96.4 million, led by ETHA with $53.6 million and FETH with $40.6 million, while Thursday reversed to $75.9 million in net outflows as FETH, ETHA, ETHW, TETH, and ETHE all declined. Overall, Ethereum ETF flows were positive early in the week but weaker than Bitcoin, with Thursday’s reversal showing demand remains less consistent.
Top Movers (Coins Available on Metal Pay - 7 Day Chart)
LOAN Protocol was the strongest performer on the Metal Pay 7-day chart, rising 23.9% as XPR ecosystem tokens outperformed the broader market. XPR Network followed closely with a 20.6% weekly gain, while Metal Blockchain added 8.3%, showing strength across the Metallicus ecosystem. Litecoin was nearly flat at 0.1%, and Bitcoin slipped slightly by 0.3%, suggesting most of the upside this week was concentrated in smaller ecosystem-linked assets rather than the largest market leaders.
