Crypto markets spent the week reacting to swings in broader risk sentiment as traders tracked developments around the Iran conflict, higher oil prices, and shifting expectations for global growth. Bitcoin briefly steadied early in the week when de-escalation hopes surfaced, then slipped back toward the lower end of its recent range after tougher U.S. rhetoric renewed pressure on risk assets. Ethereum and other majors also moved lower during the sharpest risk-off sessions. That backdrop kept sentiment fragile, with the Crypto Fear & Greed Index sitting at 9 on April 3, firmly in Extreme Fear. For Metal Pay users, the takeaway is that macro headlines are still steering short-term price action even as institutional crypto infrastructure keeps advancing underneath the surface.
Coinbase Wins Conditional U.S. Trust Charter Approval
Coinbase said it received conditional approval from the Office of the Comptroller of the Currency for a national trust company charter, a move that would let it operate as a federally regulated crypto custodian once finalized. The company said the charter would not make it a commercial bank and that it would not take retail deposits, but it would give Coinbase a more standardized regulatory base for custody, payments, and related services. For the industry, this is another sign that regulated crypto infrastructure is moving closer to traditional financial plumbing. For the Metal Pay audience, it reinforces the direction of travel: custody, payments, and compliance are becoming core competitive layers, not side features.
Australia Tightens Rules for Crypto Platforms
Australia moved ahead with a new digital asset framework this week, passing legislation that brings digital asset platforms and tokenized custody platforms into the country’s financial services regime. The law requires many operators to hold an Australian Financial Services Licence and sets more formal standards around custody, disclosure, and consumer protection. That matters because it shows another major market leaning toward licensing and mainstream oversight rather than leaving crypto in a grey zone. For institutions and infrastructure providers, the global trend is becoming clearer: compliant custody and regulated distribution are increasingly the baseline for growth.
Bitcoin ETF Flows
Monday brought a net $69.4 million of inflows, led by ARKB with $33.0 million and FBTC with $28.9 million, with IBIT also adding $7.5 million. Tuesday saw flows strengthen to $117.5 million, driven mainly by IBIT at $98.4 million and FBTC at $16.2 million. The strongest day in the period was Tuesday, while the weakest was the prior Friday at a net $225.5 million outflow, led by IBIT at negative $201.5 million, BITB at negative $18.6 million, and ARKB at negative $5.4 million. Midweek then reversed sharply, with Wednesday posting a $173.7 million net outflow as IBIT and FBTC led redemptions. By the final reported session, flows turned slightly positive at $9.0 million, leaving the week as a choppy but still institutionally active stretch for spot bitcoin ETFs.
Ethereum ETF Flows
Monday saw a modest $5.0 million net inflow, led by FETH with $10.6 million and ETHB with $4.2 million, partly offset by a $9.8 million outflow from ETHA. Tuesday improved to a net $31.2 million, with ETHA contributing $24.7 million and smaller additions from TETH, FETH, ETHB, and ETHW. The strongest day in the period was Tuesday, while the weakest was the final reported session on Thursday at a net $71.2 million outflow, led by ETHA at negative $46.7 million, ETHE at negative $16.8 million, and FETH at negative $7.7 million. Wednesday had already turned soft at negative $7.1 million despite support from ETHE and ETH. Overall, spot ether ETF flows stayed uneven all week, with brief demand bursts unable to fully offset heavier redemptions at the start and end of the period.
Top Movers (Coins Available on Metal Pay - 7 Day Chart)
Metal DAO led this week’s list with a 6.0% gain, outperforming both the broader crypto market and many smart contract peers over the past seven days. Ethereum followed with a 3.3% rise, while Dogecoin and Bitcoin held onto smaller gains of 1.5% and 1.3% even as macro headlines kept risk appetite in check. Cardano finished flat, which still counted as relative resilience in a week where sentiment stayed pinned in Extreme Fear. The bigger read here is that these names were the ones that held up best during a volatile stretch, and some buyers may view that relative strength as a signal.
