ISLAM-ADEL

25 April 2025
Macro/TradFi
U.S. Treasury Secretary Scott Bessent stated that high tariffs with China are unsustainable, as President Trump's administration shows willingness to ease the trade war, offering some relief from recession fears.
Standard Chartered analysis suggests bitcoin is regaining favor as a hedge against systemic risk amid concerns over the U.S. Federal Reserve's independence.
Cantor Fitzgerald teams up with Tether and SoftBank to launch Twenty One Capital, merging with Cantor Equity Partners. Valued at US$3.6 billion, it holds over 42,000 bitcoins, ranking as the third-largest bitcoin treasury globally.
Crypto
L1/L2:
SOL Strategies secures up to US$500M in convertible notes to boost SOL holdings.
Upexi announced on April 21 that it is raising US$100 million, primarily to accumulate Solana cryptocurrency. The brand owner will allocate US$5.3 million for working capital and debt reduction, with the rest funding its Solana treasury operations.
Ethereum Layer 2 Scroll unveils the Euclid upgrade, which promises to slash fees by 90% and enhance throughput and security.
Others:
​​DWF Labs has invested $5 million in Mask Network, a decentralized platform connecting web2 and web3, to support user-owned internet technologies.
Truth.Fi, Trump Media’s fintech arm, partners with Crypto.com to launch "Made in America" ETFs, featuring digital assets and securities in sectors like energy, sold via Foris Capital US LLC.
The US Federal Reserve is lifting its 2022 guidance that discouraged banks from crypto and stablecoin activities. As of April 24, state member banks no longer need to provide advance notice of crypto-asset activities.
Deloitte projects real estate tokenization could dominate property financing and trading, reaching a US$4 trillion market by 2035.
Latest Binance Research Publications 
Check out our latest publications:
Pectra and Fusaka Upgrades: What does it mean for Ethereum?
Tariff Escalation and Crypto Markets: Impact Analysis
Monthly Market Insights - April 2025
That’s a wrap!
Binance Research
About Binance Research: Binance Research is the research arm of Binance, the world's leading cryptocurrency exchange. The team is committed to delivering objective, independent, and comprehensive analysis and aims to be the thought leader in the crypto space. Our analysts publish insightful thought pieces regularly on topics related but not limited to, the crypto ecosystem, blockchain technologies, and the latest market themes.
General Disclosure: This material is prepared by Binance Research and is not intended to be relied upon as a forecast or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities, cryptocurrencies or to adopt any investment strategy. The use of terminology and the views expressed are intended to promote understanding and the responsible development of the sector and should not be interpreted as definitive legal views or those of Binance. The opinions expressed are as of the date shown above and are the opinions of the writer, they may change as subsequent conditions vary. The information and opinions contained in this material are derived from proprietary and non-proprietary sources deemed by Binance Research to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. As such, no warranty of accuracy or reliability is given and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by Binance. This material may contain ’forward looking’ information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this material is at the sole discretion of the reader. This material is intended for information purposes only and does not constitute investment advice or an offer or solicitation to purchase or sell in any securities, cryptocurrencies or any investment strategy nor shall any securities or cryptocurrency be offered or sold to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the laws of such jurisdiction. Investment involves risks.

As we step into the heart of 2025, crypto ETFs (Exchange-Traded Funds) are taking center stage in conversations around institutional adoption, mainstream investment access, and the future of altcoins. From Bitcoin to Ethereum, the journey of crypto ETFs is evolving rapidly—and now, we're seeing interest extend beyond the leading assets to coins like XRP, BNB, and Solana.
What Is a Crypto ETF?
An ETF is a type of investment fund traded on stock exchanges, much like stocks. A crypto ETF allows investors to gain exposure to cryptocurrencies without directly owning the underlying assets. Instead, the fund tracks the price of the crypto asset and can be bought or sold just like shares on traditional exchanges.
Crypto ETFs can be:
Spot ETFs: Directly backed by the cryptocurrency.
Futures ETFs: Backed by derivatives or futures contracts rather than the actual asset.
The approval and introduction of these financial products provide institutional investors a regulated and simplified path into the crypto space.
Why Are Crypto ETFs Important for the Industry?
ETFs represent a bridge between traditional finance and crypto. Their significance lies in:
Mainstream adoption: ETFs simplify crypto exposure for traditional investors who may not be familiar with wallets, private keys, or blockchain.
Institutional trust: Large firms often prefer regulated products; ETFs reduce custody and regulatory concerns.
Market liquidity: ETFs can inject significant volume and interest into underlying assets, boosting price movement and overall ecosystem growth.
XRP, BNB, and Solana: ETF Momentum in 2025
The focus in 2025 has shifted to altcoins with strong communities, use cases, and on-chain volume.
XRP ETF Potential
Grayscale made headlines earlier this year by submitting an application for an XRP Spot ETF. Despite regulatory challenges in the past, Ripple’s partial win in its legal battle with the SEC in 2023 renewed optimism in XRP’s long-term legitimacy.
An XRP ETF:
Could restore retail and institutional confidence.
May bring increased liquidity to XRP markets.
Would position XRP as a leading settlement token in traditional finance.
BNB ETF in the Works
VanEck has taken steps toward launching a BNB ETF, filing for a Delaware Trust structure. BNB, Binance’s native token, is pivotal in the world’s largest crypto exchange ecosystem.
Implications of a BNB ETF:
Strengthens the credibility of exchange-based tokens.
Opens up BNB to investors wary of directly interacting with centralized exchanges.
Encourages U.S.-based institutional participation in BNB.
Check BNB Price on Binance
Solana: A Candidate in Waiting
Solana, known for its blazing-fast transactions and DeFi and NFT capabilities, is being watched closely as a potential ETF candidate. With multiple institutions integrating Solana-based solutions, ETF discussions are increasingly likely.
A future Solana ETF would:
Validate Solana’s place among top-tier layer 1s.
Drive interest from non-crypto-native investors into its ecosystem.
Amplify DeFi and NFT usage within the network.
What This Means for Investors
The rise of altcoin ETFs in 2025 signals a significant transformation:
Diversification: Investors can now diversify portfolios with ETF exposure to multiple coins.
Accessibility: Retail and institutional investors alike gain access to crypto via traditional brokerage accounts.
Price influence: Approval and listing of ETFs typically lead to strong price rallies due to new capital inflows.
However, it’s important to maintain a neutral and informed approach—while ETFs offer great promise, market dynamics, regulations, and investor sentiment can shift quickly.
Final Thoughts
Crypto ETFs have evolved from a niche concept to a critical driver of crypto’s institutional journey. As BNB, XRP, and Solana gain traction in ETF discussions, 2025 may go down as the year altcoin ETFs truly entered the mainstream.
Stay informed and explore the potential of the coins shaping this evolution.
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