The virtual asset market showed an overall rebound starting from remarks made by President Trump regarding tariff negotiations

Bitcoin recorded $84,940, up 6.7% from the previous week, while Ethereum saw a 4.1% increase to $1,584, partially recovering its losses.

The third week of April 2025 saw the virtual asset market showing signs of overall rebound starting from President Trump's remarks regarding tariff negotiations. Bitcoin recorded $84,940, up 6.7% from the previous week, while Ethereum saw a 4.1% increase to $1,584, partially recovering its losses.

This week, President Trump mentioned that the possibility of a U.S.-China tariff agreement might be reached in the next 3 to 4 weeks, attempting to ease tensions, and tariff exemptions for some sensitive items were also concurrently put in place. Additionally, Federal Reserve Chair Jerome Powell noted that "digital assets are increasingly becoming mainstream in the financial system," suggesting the potential for relaxing regulations related to banks' virtual asset businesses, which also raised positive institutional expectations in the market.

◇ Mantra token $OM crashes 90%... Response plan announced amid community chaos

The token $OM of the physical asset (RWA) specialized Layer 1 project Mantra experienced a situation on April 14 where it plummeted more than 90% within about an hour. The project clarified that "there were no insider sales," explaining that the large-scale forced liquidation of ERC-20 based $OM collateral led to a chain reaction of price collapse.

In the community, a $20 million deposit at OKX before the drop, along with movements of wallets linked to certain investment firms, were pointed out, raising concerns over the possibility of a rug pull and sparking significant controversy. In response, co-founder John Merlin proposed burning his team's allocation, and the project released a report analyzing the cause of the crash based on on-chain and off-chain data.

At the same time, measures to restore market confidence are anticipated, including the introduction of a $OM buyback and burn program, the disclosure of past transaction details through collaboration with relevant exchanges, and the launch of a real-time token distribution dashboard.

◇ SEC postpones decision on approving staking functions for Ethereum spot ETF

On the 14th, the U.S. Securities and Exchange Commission (SEC) announced it would postpone its decision on the approval of staking functions for the Grayscale Ethereum Trust ETF and the Mini Trust ETF until June 1. This decision came shortly after it had announced the approval for trading options on spot Ethereum ETFs.

Staking contributes to the operation of the blockchain network and can provide an annual yield of 2-7%, making it a key feature for enhancing ETF returns. The market has pointed out the absence of staking as a reason for the relatively poor performance of the Ethereum ETF. Since holders of the Ethereum ETF cannot stake their assets, they are at a disadvantage compared to investors who purchase Ethereum directly to earn staking interest, which contributes to the assessment that the trend of inflows into the ETF is significantly lower compared to Bitcoin ETFs.

Major asset management firms, including BlackRock, have also applied for approvals for similar staking services, and the SEC's final judgment is expected to serve as a turning point for the future dissemination of Ethereum ETFs and how far Ethereum can establish itself as an institutional asset in the existing financial system.

☞ CrossAngle is targeting companies and foundations adopting Web3 and providing on-chain data-based essential operational solutions and trust-based community building services. It operates the crypto data intelligence platform Jangle, and the Jangle research team is creating content to show trends in the virtual asset investment industry based on global virtual asset information and data.