KEYTAKEAWAYS
- The SEC has delayed its decision on the Franklin Templeton XRP ETF until June 17, while BlackRock is leveraging blockchain technology for a new digital share class in its $150 billion Treasury fund.
- Tether has minted $1 billion in USDT on the Tron network, bringing its 2025 total to 12 billion, as El Salvador continues Bitcoin purchases despite its IMF agreement to scale back.
- Bitcoin ETFs recorded their eighth consecutive day of inflows with $173 million on April 29, while Bitwise CIO predicts major Wall Street wirehouses will offer Bitcoin ETF access by year-end.
CONTENT
Welcome to the CoinRank Crypto News Roundup. CoinRank will provide daily important crypto news in this column series, allowing readers to quickly obtain the latest crucial updates from the cryptocurrency market.
MORNING NEWS
1. SEC Delays Decision on Spot XRP ETF Applications
The SEC will need at least a couple more months before deciding on the slate of spot ETF submissions. The regulator has delayed its verdict on the Franklin Templeton-linked spot XRP ETF until June 17, 2025, according to a newly released notice.
According to the documents, the financial watchdog has extended the review period by an additional 45 days. This is standard procedure, and the SEC is allowed to extend reviews by up to 240 days from the initial publication in the Federal Register.
ETF analyst James Seyffart believes the XRP spot ETF could be approved by mid-October with a final decision deadline set for October 18. The SEC has also delayed its decision on Bitwise’s DOGE ETF application until June 15.
2. BlackRock Files for Blockchain-Based Digital Share Class for $150B Treasury Fund
BlackRock has filed with the SEC to introduce a new blockchain-based digital share class for its $150 billion Liquidity Funds Treasury Trust Fund. The proposed “DLT Shares” are designed to modernize how share ownership records are maintained.
These shares will utilize blockchain infrastructure to offer enhanced transparency, streamlined operations, and real-time verification of ownership. While operating on blockchain rails, they are not tokenized and will not involve cryptocurrencies.
BlackRock has named BNY Mellon as the exclusive distributor and recordkeeper for the new digital share class. The DLT Shares will target institutional investors, with an initial investment threshold of $3 million.
3. Tether Mints $1 Billion USDT on Tron Network
Tether has minted $1 billion in USDT on the Tron network, bringing its total minted tokens since January to 12 billion. This significant minting activity reflects growing demand for crypto and could signal bullishness in the market.
Major net issuances often reflect growing demand from institutions and OTC desks that need large blocks of stablecoins for cross-border settlements or build-up before buying digital assets. The Crypto Fear and Greed Index has been trending upward and is currently in Neutral.
Tether has a long history of using Tron’s blockchain for USDT mintings, and the two firms enjoy active cooperation today, which should help ensure these new tokens quickly reach exchanges and the broader market.
4. Fidelity Report Suggests Ethereum is Undervalued
Fidelity Digital Assets has released a report suggesting that Ethereum’s recent price decline may indicate the cryptocurrency is currently undervalued. The MVRV Z-Score dropped to -0.18 on March 9, entering the “undervalued” zone. Historically, such levels have marked market bottoms.
Despite Ethereum’s 45% decline in Q1, Fidelity noted that the short-term pain may swing in the altcoin’s favor. ETH’s realized price, averaging $2,020, sits 10% above its current value, showing holders face unrealized losses.
Ethereum’s ecosystem engagement has reached new highs, with 13.6 million active addresses interacting with layer 2 networks, up 74% over the past week. The BTC/ETH market cap ratio is at mid-2020 levels, which could suggest that Ethereum is currently undervalued compared to Bitcoin.
5. El Salvador Continues Bitcoin Purchases Despite IMF Agreement
El Salvador is continuing to buy Bitcoin even after agreeing to scale back purchases as part of a $1.4 billion deal with the International Monetary Fund.
“There’s a commitment of President Bukele to keep accumulating assets as a way to do precisely that. Bitcoin keeps being an important project. There is an asset accumulation that we’re seeing from the government perspective, from the private sector perspective,” Economy Minister Maria Luisa Hayem said in an interview with Bloomberg.
As of press time, El Salvador holds 6,162 BTC — worth over $580 million — according to Bitcoin Treasuries data. The country faces scrutiny over how it’s implementing its Bitcoin Law, as a report found that nearly 90% of the crypto firms registered in El Salvador are not operating.
NOON NEWS
1. Elon Musk Transitioning from DOGE Role, Working Remotely
Elon Musk, the world’s richest man, is starting to transition from his role with the Department of Government Efficiency (DOGE) and is no longer working regularly from the White House, according to a report from the New York Post.
His impending exit is no surprise, as the White House confirmed earlier this month that the plan was always for Musk to refocus on Tesla once he completed “his incredible work at DOGE.” The Tesla CEO was appointed as an unpaid special government employee and remains involved in the agency remotely.
Although the exact amount of money DOGE has recovered is unknown, Musk has said that he believes enough work has been done to reduce the deficit by a trillion dollars. White House Chief of Staff Susie Wiles told The NYP that Musk working remotely “really doesn’t matter much” when it comes to accomplishing goals.
2. Senate to Vote on GENIUS Stablecoin Act Before Memorial Day
Senate Majority Leader John Thune announced behind closed doors that a vote on the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act will take place before Memorial Day, Politico reported Tuesday.
This means the Senate is likely to take up the landmark crypto legislation by Friday, May 23, which is the last working day before the holiday weekend. Introduced by Senator Bill Hagerty in February, the GENIUS Act would set up a regulatory framework for stablecoins.
The legislation cleared the Senate Banking Committee in mid-March by an 18-6 vote. The bill mandates reserve requirements, anti-money laundering protocols, and consumer protection measures to enhance stablecoin regulation and promote the US dollar’s strength.
3. Japanese Fashion Brand ANAP Adds 35 Bitcoins to Corporate Treasury
According to Bitcoin Magazine, Japanese fashion brand ANAP (ANAP Holdings Inc.) has added 35 bitcoins to its corporate treasury, worth approximately US$3.35 million. The company currently holds 51.6579 bitcoins.
4. U.S. Spot Bitcoin ETFs Record $173 Million Net Inflow on April 29
U.S. spot Bitcoin ETFs saw a combined net inflow of $173 million on April 29, marking the eighth consecutive day of inflows, according to Trader T on X. The day’s total was driven entirely by BlackRock’s IBIT, which attracted $216.95 million.
Meanwhile, Bitwise’s BITB lost $24.39 million, ARK Invest’s ARKB recorded a $13.32 million withdrawal, and Fidelity’s FBTC saw $6.24 million in outflows. Other funds reported no change in holdings for the day.
5. Ethereum ETFs Record $18.4 Million Net Inflow
On April 29, 2025, the Ethereum ETF market recorded a total net flow of $18.4 million. Among the tracked ETFs, FETH led with a significant inflow of $25.5 million. Conversely, ETHE experienced an outflow of $7.1 million.
Other ETFs, including ETHA, ETHW, CETH, ETHV, QETH, EZET, and ETH, showed no net flows. This mixed data comes amid a broader Ethereum price movement, with ETH trading at $3,250.45 on April 29, reflecting a 2.3% increase over the previous 24 hours.
EVENING NEWS
1. Yua Mikami’s Meme Project Raises $2.1 Million
According to @ai_9684xtpa monitoring, Yua Mikami’s Meme project $MIKAMI has raised 14,354 SOL, equivalent to about $2.1 million. A total of 10,461 addresses participated, with each address investing an average of 1.35 SOL (about $200).
Addresses that invested less than 1 SOL accounted for 94.4%, while only 0.1% of addresses invested more than 100 SOL, accounting for 17.8% of the total. The address with the highest investment, EH7ZU…3Pkvh, invested 574 SOL (about $84,000).
The analyst noted: “The project has attracted attention because Solana has not had a large pre-sale project for a long time and Yua Mikami has its own traffic, but most participants are on the sidelines, and even if they participate, they tend to invest a small amount to avoid missing out.”
2. Bitwise CIO Predicts Wall Street Surge in Bitcoin ETF Demand for 2025
Bitcoin ETFs are expected to witness a surge in demand from Wall Street in 2025, Bitwise CIO Matt Hougan said in a note to investors. Hougan stated that he expects the Big Four wirehouses — Merrill Lynch, Morgan Stanley, Wells Fargo and UBS — to be “open for business on Bitcoin ETFs by the end of the year.”
Hougan also predicted that Bitcoin ETFs will see a new inflow record by the end of 2025, beating 2024’s milestone of $35 billion. “I still expect Bitcoin ETFs to set a new record for net inflows this year, despite pulling in ‘just’ $3.7 billion so far in 2025, compared to $35 billion in 2024,” he wrote.
This follows a rebound in demand for Bitcoin ETFs in the past two weeks, with $3.18 billion in inflows last week and $763 million in the past two days, according to Farside Investors data.
3. Former Binance CEO CZ Predicts AI Systems Will Adopt Crypto Over Fiat
Changpeng Zhao (CZ), the former CEO of Binance, has predicted that artificial intelligence systems will abandon fiat currencies in favor of cryptocurrencies. Speaking at a blockchain conference in Singapore, CZ emphasized crypto’s attributes that align with AI’s operational needs.
“AI doesn’t think like humans—it’s logical, borderless, and efficient. The currency AI’s gonna use isn’t fiat; they’re gonna use crypto,” CZ declared, highlighting crypto’s decentralized nature, instant transaction capabilities, and global accessibility.
CZ argued that fiat systems, burdened by slow cross-border settlements and regulatory constraints, are ill-suited for AI-driven economies where speed and autonomy are paramount.
4. Binance Futures to Launch Three New Perpetual Contracts
According to Binance’s announcement, Binance Futures will launch AIOTUSDT, DOLOUSDT, and HAEDALUSDT perpetual contracts with a maximum leverage of 50 times. AIOTUSDT will be launched at 20:30 on April 30, and DOLOUSDT and HAEDALUSDT will be launched at 03:00 and 03:15 on May 1. The three are now traded on the Binance Alpha market.
5. Binance Alpha Launches BSquared Token
The Binance APP page showed that Binance Alpha has launched BSquared Token (B2).
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