It was a big week for institutional crypto. Hong Kong handed its first stablecoin licenses to HSBC and a Standard Chartered-backed venture, while BlackRock rolled out a new Bitcoin ETF designed to pay monthly dividends, a sharp pivot from simply holding BTC.
Meanwhile, Dogecoin’s three spot ETFs have raised just $7.6 million combined and seen zero inflows since mid-March, raising real questions about retail appetite for meme coin products. Across markets, a Bitcoin short squeeze looks increasingly likely as open interest hits multi-week highs with deeply negative funding rates.
Want the full breakdown? Read the complete recap below.
Mantle Brings Tokenized US Stocks to Ethereum L2
Mantle has launched xStocks on its Layer 2 network, letting users trade tokenized versions of major US equities, including Tesla, Nvidia, and Apple, 24/7 via the Fluxion DEX. Built with Bybit and BackedFi, the Swiss-compliant ERC-20 tokens are fully collateralized and support direct transfers between exchange accounts and self-custody wallets.
Circle Stock Slides 37% From Peak as Analyst Cuts Target
Circle’s stock has dropped from $134 to around $85 after Compass Point downgraded it, citing margin risks and a stretched 40x EBITDA valuation. Technically, CRCL may be forming an Elliot Wave or double-bottom pattern, both pointing to a potential rebound, though further downside toward $48 remains possible.
Hong Kong Hands First Stablecoin Licenses to HSBC and Standard Chartered Venture
Hong Kong’s central bank has awarded its first stablecoin licenses to HSBC and Anchorpoint Financial, a joint venture backed by Standard Chartered, Animoca Brands, and HKT, chosen from 36 applicants. Both are approved to issue HKD-backed stablecoins under strict reserve and redemption rules introduced in August 2025.
Venice Token Surges 800% on AI Boom and Rising Token Burns
Venice Token (VVV) has climbed nearly 800% from its December lows to $8.02, riding the broader AI investment wave sparked by OpenAI and Anthropic’s soaring valuations. Token burns hit $123k this month, up from $115k, with 42.3% of supply now destroyed. Bulls are targeting $10 next.
SEI Holds Support Near $0.056 as Upgrade Catalyst Builds
SEI is trading at $0.056, deep in bearish territory with its price 130% below the 200 EMA. Analysts flag $0.062 as the first real recovery test. Meanwhile, fundamentals are quietly improving, MetaMask now covers all gas fees on Sei, and the upcoming Giga upgrade targets 200,000+ TPS with post-quantum security.
Toncoin’s Biggest Upgrade in Years Does Nothing for Its Price
TON dropped 4% to $1.21 despite the launch of Catchain 2.0, which slashed block times from 2.5 seconds to 400ms. With Bitcoin dominance near 59% and altcoin capital drying up, buyers aren’t showing up. Key support sits at $1.02; a break there could trigger a 65% drop to $0.41.
Dogecoin Stalls as ETF Demand and Trading Activity Dry Up
Dogecoin is stuck near $0.091 with no real momentum. Its three spot ETFs have raised just $7.6 million total since launch, with zero inflows since March 16. Futures open interest has collapsed from $6 billion to $1.1 billion. Technically, DOGE is forming a symmetrical triangle; a breakout could push it to $0.117 or drop it to $0.08.
Federal Regulators Call Kalshi’s Sports Contracts Swaps, Not Bets
The DOJ and CFTC are now classifying Kalshi’s sports prediction contracts as regulated financial swaps rather than gambling products, escalating an Arizona court battle over which set of rules applies. If the swap label sticks, it could override state gambling bans, but would also force Kalshi into full federal derivatives compliance.
Solana Stares Down $52 as Bearish Pattern Repeats and ETF Money Walks
Solana is trading at $81.97, stuck below its 50-day SMA at $85.79, repeating a three-cycle bearish pattern that analysts say targets $52. Despite leading all blockchains in DEX activity with $71.9B in TVL, institutional money keeps leaving SOL spot ETFs, shedding $80M over the past three weeks.
BlackRock Plans Bitcoin ETF With Monthly Dividends
BlackRock is launching BITA, a Bitcoin covered call ETF designed to pay investors monthly income. Unlike its flagship IBIT fund, BITA sells call options to generate dividends. However, historical data suggests covered call ETFs rarely outperform simply holding Bitcoin, and come with higher fees.
Nebius Stock Eyes $150 After Cramer Endorsement and Market Rally
Nebius Group surged over 8% in premarket trading after Jim Cramer called it the data center company of tomorrow. Backed by a $2 billion NVIDIA investment and a $27 billion Meta order, revenue hit $529 million last year, up 479%. Analysts forecast $3.3 billion this year, with technicals pointing toward $150.
Crypto Rally Faces Political and Ceasefire Headwinds
Bitcoin climbed above $72,000 on optimism over a ceasefire, but the rally looks fragile. Kalshi odds of Trump’s removal via the 25th Amendment have jumped to 32%, while Polymarket now gives Democrats a 53% chance of flipping the Senate, either outcome potentially derailing pro-crypto legislation and rattling markets.
DOJ Pushes Back on Roman Storm’s Bid to Dismiss Tornado Cash Case
Federal prosecutors have rejected Roman Storm’s latest attempt to have his criminal case dismissed, arguing that a recent Supreme Court ruling his lawyers cited is irrelevant. A December jury found Storm guilty on one count. Prosecutors say he actively ran Tornado Cash, which laundered over $1 billion, including funds for North Korea’s Lazarus Group.
CME Plans Regulated AVAX and SUI Futures for May 4
CME Group is targeting May 4 to launch cash-settled futures for Avalanche and Sui, pending regulatory approval. Both assets get standard and micro-sized contracts, settled in USD via CF Benchmarks. The move expands CME’s regulated crypto lineup and gives institutions a compliant way to hedge or trade two major layer-1 networks.
Solana Foundation Launches STRIDE to Keep DeFi Protocols Safe
The Solana Foundation has launched STRIDE, a security program offering continuous protection for DeFi protocols, funded by the foundation itself. Managed by Asymmetric Research, it provides 24/7 threat monitoring for projects with $10M+ TVL and formal smart contract verification above $100M. A separate incident response network, SIRN, rounds out the initiative.
OpenAI Urges Governments to Act Before AI Wipes Out Jobs and Concentrates Wealth
OpenAI has released an industrial policy blueprint warning that without government intervention, AI could eliminate entire job categories and funnel wealth into a handful of companies. The plan proposes public wealth funds modeled on Alaska’s oil dividend, national investment in AI infrastructure, and stronger worker retraining programs.
