On Wednesday (April 30), Bitcoin slightly retreated amid chaotic trade war negotiations, but bulls remained firmly above $94,000. The Trump Media Technology Group (DJT) is set to launch a utility token for Truth Social as part of its rewards program. Tether minted an additional 2 billion USDT stablecoins, signaling increased demand in the market.
Trump: DJT is preparing to issue tokens, TRUMP dinner offers watches, USD1 market cap exceeds 1 billion
CoinDesk reports that the Trump DJT Group stated in a letter to shareholders on Tuesday: 'As part of our rewards program, we are exploring the introduction of a utility token in the Truth digital wallet, initially for paying Truth subscription fees, and later for other products and services within the Truth ecosystem.'
The letter reiterates that the company is also considering launching an ETF that combines stocks with cryptocurrencies. Over the years, Trump's team has released a series of crypto products, including meme coins, NFT digital collectibles, and decentralized finance (DeFi) protocols.
Trump is also preparing to host a dinner for holders of a large amount of TRUMP official meme coins, giving them the opportunity to meet with the President of the United States. As Trump empowers the TRUMP token, there has been strong questioning from the U.S. Congress, suggesting that this meets the criteria for impeaching the president.
According to official sources, the top 4 holders attending the TRUMP dinner can receive a Trump Tourbillon watch. Each watch is numbered, with only 147 pieces issued worldwide. President Trump owns watch number 1.
In addition to the positive news of DJT preparing to issue tokens and the TRUMP meme coin dinner, the Trump family-owned World Liberty Financial (WLFI) is also brewing a new dollar situation, namely the USD1 stablecoin.
According to CryptoSlate, the stablecoin USD1 from WLFI has surpassed a market value of $1 billion on the BNB Chain. On-chain data shows that USD1 has seen three rapid mints continuing to increase in supply on the BNB Chain, with USD1 worth hundreds of millions minted onto the BNB Chain.
Along with the existing supply on Ethereum, the total market capitalization of USD1 has now surpassed $1.02 billion. Analysts believe this move may be part of a broader promotional strategy aimed at expanding USD1's influence in DeFi protocols, cross-chain liquidity pools, and trading platforms.
Tether mints an additional 2 billion USDT, bullish signals emerge
According to WhaleAlert monitoring, Tether has minted an additional 1 billion USDT on the Ethereum chain, with a total of 2 billion USDT minted in a single day.
Tether CEO Paolo Ardoino stated that the newly minted USDT is a replenishment of inventory. This is an authorized but unissued transaction, meaning the amount will be used for the next issuance request and chain swaps.
Macroeconomics: U.S. JOLTS drives Bitcoin up
March's U.S. Job Openings and Labor Turnover Survey (JOLTS) report showed that the number of job openings plummeted from 7.57 million in February to 7.19 million, below the expected 7.48 million.
The lower-than-expected JOLTS data indicates that the labor market is cooling down, heightening expectations for a rate cut by the Fed, which would lead to a weaker dollar and boost risk assets like Bitcoin. Conversely, stronger-than-expected data suggests a robust economy, which may delay rate cuts and put pressure on cryptocurrency prices.
As the number of federal layoffs peaked in 2020, market expectations have slightly tilted towards a dovish stance. Economist and Bitcoin commentator Alex Kruger believes that JOLTS data is positive for Bitcoin in the short term, as Bitcoin as a 'risk/gold hybrid currency' is expected to benefit from tariff downgrades after Trump's 90-day pause period ends on July 8.
In the article, the analyst predicts that the market may focus on earnings guidance from companies like Caterpillar and tech stocks, while also paying attention to next week's Federal Open Market Committee (FOMC) meeting, where Fed Chair Powell may hint at an early rate cut.
Kruger warned that a slowdown in the economy in the third quarter could lead to market volatility, but he also stated that Bitcoin's unique risk-reward profile will outperform altcoins, as analysts noted that altcoins have been overbought.
Bitcoin outlook: Still in the undervalued zone?
According to Fidelity Digital Assets, Bitcoin's medium-term outlook has dropped to the 'optimistic' zone, as the investment company points out that Bitcoin is trending towards being 'undervalued.'
As evidence, the company cited the 'Bitcoin Standard' metric, which measures Bitcoin's market cap divided by its hash rate. A lower ratio indicates that Bitcoin is 'cheaper' relative to the energy security of its network.
In the first quarter of 2025, the indicator remained between -1 and 3 standard deviations, cooling down from the overheating levels of the fourth quarter of 2024. The number of days exceeding 2 standard deviations decreased from 22 days to 15 days, with no days exceeding 3 days, indicating that Bitcoin's price is low relative to its network strength.
The investment firm mentioned that Bitcoin is in an 'acceleration phase,' and reaching new highs is not uncommon; however, they warned that a crash could occur.
The non-liquid supply increased from 61.50% to 63.49%, while liquid supply decreased by 4%, indicating that holders are more willing to maintain long positions. The non-liquid supply shock ratio is currently 16% lower than the peak in 2017.
In line with this view, Cointelegraph reported that BlackRock's iShares Bitcoin Trust (IBIT) ETF recorded a massive inflow of $970.9 million on April 28, 2025, the second-largest single-day inflow since its launch in January 2024.
Since April 22, IBIT has accumulated net inflows of over $4.5 billion, standing in stark contrast to the market trend where competitors like Fidelity's FBTC and ARK's ARKB have experienced fund outflows. IBIT manages assets exceeding $54 billion, capturing 51% of the U.S. spot Bitcoin ETF market.
