From the bond market to the SEC, pressure points flared across the financial system this week... and crypto was no exception. Between deepening ETF outflows and policy reshuffling in Washington, investors were left recalibrating fast.

Trump Implements 90-Day Tariff Pause Amid Market Turmoil

In response to escalating market volatility and recession concerns, President Donald Trump announced a 90-day suspension on most newly proposed tariffs, maintaining a 10% baseline tariff for most countries and increasing tariffs on Chinese imports to 125%. This strategic pivot aims to isolate China as the primary trade adversary while providing a window for bilateral trade negotiations with over 75 countries. The stock market responded positively, with the S&P 500 surging 9.5%. 

10-Year Treasury Yields Climb Amid Economic Uncertainty

The yield on the 10-year U.S. Treasury note has risen sharply, reaching 4.44% on April 10, 2025. This increase reflects investor concerns over potential inflation and economic instability stemming from recent trade policy shifts. The surge in yields indicates a significant shift in investor sentiment, with potential implications for borrowing costs and financial markets. 

Paul Atkins Confirmed as SEC Chairman

The U.S. Senate confirmed Paul Atkins as the new Chairman of the Securities and Exchange Commission (SEC) in a 52-44 vote. Atkins, known for his deregulatory stance and previous tenure as an SEC commissioner under President George W. Bush, is expected to influence the agency's approach to digital asset regulation. His confirmation has been met with both anticipation and concern within the financial community. ​

SEC Approves Options Trading on Ethereum ETFs

In a significant development for cryptocurrency investors, the SEC has approved options trading on several spot Ethereum ETFs. This decision allows for more sophisticated investment strategies involving Ethereum, potentially increasing market liquidity and attracting institutional investors. The approval marks a milestone in the integration of digital assets into traditional financial markets. 

It was a brutal week for Bitcoin ETFs, marking the one of the worst cumulative outflows since launch, with net redemptions accelerating day by day. The sharpest blow came on April 8, when BlackRock’s IBIT posted a staggering $252.9 million in outflows — its largest single-day bleed to date. That day alone saw total net outflows of $326.3 million across all issuers. Sentiment appears rattled by broader macro conditions, including the recent bond yield spike and policy shifts.

Ethereum ETFs also struggled this week, logging net outflows for the last three days. The most significant pressure came from Fidelity’s FETH, which saw $36 million in redemptions on April 10. Even with a rare inflow into BlackRock’s ETHA that day, the damage was done.

The weekly net outflow totaled over $50 million, reflecting continued hesitation around Ethereum exposure, despite the SEC’s approval of ETH ETF options trading earlier this month. Investors appear cautious as volatility remains high across broader markets.

Top Gainers – TDBN-Aligned Projects Lead the Week

In a choppy week for markets, Metallicus-aligned projects under the TDBN (The Digital Banking Network) umbrella posted standout performances. XPR Network led all gainers with a +31.7% jump, followed by LOAN Protocol (+20.1%) and Metal Blockchain (+15.5%), each showing strong momentum. Metal DAO (MTL) also added +8.5%, significantly outpacing broader market benchmarks. With Solana rounding out the list at just +1.3%, it’s clear these assets held a meaningful edge amid the week’s macro-driven volatility.

Rewards for Ripple XRP & Litecoin Lenders?

This week, Paul Grey introduced a new governance proposal on the LOAN Protocol aimed at expanding LOAN token incentives to all supported lending markets on Metal X Lending. If passed, the change would enable rewards for underutilized markets such as Ripple (XRP) and Litecoin (LTC), alongside existing incentives for Bitcoin, Ethereum, and USDC. The proposal outlines a balanced 40/60 supplier-to-borrower rewards ratio, designed to boost liquidity and participation protocol-wide. This marks a significant step toward making Metal X Lending the most inclusive multi-asset lending platform in DeFi. Vote Here.

Metallicus Named Finalist at NACUSO’s 2025 Next Big Idea Competition

As part of the competition we will be demonstrating our Crypto API—enabling credit union members to buy and sell crypto instantly from their checking or savings accounts.

Powered by Payfinia’s Real Time Payments and built on the Metal Blockchain, our solution is fast, secure, and fully compliant. Catch us at Reimagine, April 14–17 in Las Vegas!

Metallicus joins Circle Alliance Program

Metallicus is excited to share that we have joined the Circle Alliance Program, a global community of teams focused on bringing the world on-chain, powered by USDC. As members, we look forward to collaborating with innovative protocols and institutions to build with USDC and enable an on-chain economy. To learn more about the Alliance Program, visit: https://www.circle.com/alliance-program

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